Bitcoin has surged to a new all-time high of $US123,624, marking a 3.6 per cent increase. This surpasses the previous peak of $US123,236 set a month ago, according to IG Markets analyst Tony Sycamore. Ethereum is also nearing record territory, trading around $US4766, which is just below its November 2021 high of $US4867.
Sycamore attributes the rally to significant institutional investment flows and supportive macroeconomic conditions. Corporate treasuries, including those of Strategy and Block, are continuing to increase their bitcoin holdings. In addition, expectations of looser US monetary policy are growing following Treasury Secretary Scott Bessent’s call for a half of one percentage point interest rate cut in September.
Further bolstering the gains are pro-crypto measures from the Trump administration. These include the GENIUS Act and a new executive order that allows cryptocurrencies to be included in retirement investment plans.
Sycamore noted that if Bitcoin sustains trading above $US125,000, it could potentially move toward $US150,000. Similarly, Ethereum could target $US5500 if it manages to surpass its record high. IG Markets is a provider of online trading platforms giving access to financial markets.
