The cryptocurrency momentarily surpassed $124,500 before falling back, surpassing its previous July record.

The S&P 500 index and the tech-heavy Nasdaq all hit record highs this week, which helped propel the cryptocurrency’s ascent. US stocks closed Wednesday’s trading session higher.

Due to recent legislative changes implemented by US President Donald Trump, who is a fervent supporter of the cryptocurrency industry, Bitcoin’s value has skyrocketed.

Big cryptocurrency holders, known as “whales,” have also increased its value.
According to Samer Hasn, a senior market analyst at XS.com, “the crypto market is enjoying a period of highly favorable fundamentals.”

“President Donald Trump has taken steps to remove restrictions that previously blocked banks from doing business with businesses that were flagged for reputational risk issues, a category in which cryptocurrency firms were frequently unfairly placed,” he continued.

Given his and his family’s increasing interest in the cryptocurrency space, Trump might also be willing to “accelerate the integration of cryptocurrencies into the national financial system and lift additional restrictions,” according to Hasn.

A growing number of businesses are purchasing substantial quantities of bitcoin, including Trump’s media organization and Tesla, the electric vehicle manufacturer owned by tech billionaire Elon Musk.