Bitcoin hit a record high on Thursday, August 13, during early Asian trading, surpassing $124,000, driven by favourable US legislation and a rise in US equities.
The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating. US stocks ended higher on Wednesday, with the S&P 500 index and the tech-heavy Nasdaq reaching new heights this week, contributing to the cryptocurrency's rise.
Bitcoin's value has recently soared, fueled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. Its price has also been boosted by large holders of cryptocurrency, referred to as "whales."
Trump's media group and Tesla, the electric carmaker owned by tech billionaire Elon Musk, are among an increasing number of companies buying huge amounts of bitcoin.