Bitcoin hits a new record and surpasses $124,000

Bitcoin reached a new high Thursday morning in early Asian trading, surpassing the $124,000 mark for the first time, fueled by favorable legislation and rising U.S. stock markets.

The cryptocurrency surpassed its previous record high of $123,205 set on July 14, briefly reaching $124,500 before pulling back.

By 10 p.m. ET, it was trading at around $123,400 per unit.

U.S. stocks closed sharply higher Wednesday on Wall Street, with the broader S&P 500 and the tech-heavy Nasdaq hitting record highs, a rally that also supported the cryptocurrency’s rise.

A favorable legislative climate

Bitcoin has been rising for several months, also accompanied by the cryptocurrency-friendly legislative climate established during President Donald Trump’s administration.

"The cryptocurrency market benefits from very favorable fundamental conditions," Samer Hasn, market analyst at XS.com, recently recalled.

On the regulatory front, major legal battles involving the industry’s U.S. regulator have also been resolved.

According to Hasn, Trump may be inclined to accelerate the integration of cryptocurrencies into the national financial system and ease additional restrictions, given his and his family’s increasing involvement in the sector.