Bitcoin has hit a new record high as it surged above the $125,000 mark.

Bitcoin hit a record high thanks to friendlier regulations from the Trump administration and strong demand from institutional investors.

Illustration of Bitcoin cryptocurrency. Photo: Reuters/TTXVN

On October 5, bitcoin hit a new record high when it surpassed the $125,000 mark. In the Asian market, the world's largest cryptocurrency by market capitalization jumped to $125,689 at one point.

Bitcoin's previous record was $124,480 in mid-August, helped by friendlier regulations from the Trump administration and strong demand from institutional investors.

The October 3 session marked the eighth consecutive increase for bitcoin, thanks to recent gains in the US stock market and money flowing into bitcoin exchange-traded funds.

Meanwhile, the US dollar fell on October 3, recording multi-week losses against other major currencies, as uncertainty surrounding the US government shutdown clouded the outlook and delayed the release of key data, such as non-farm payrolls figures, which are crucial to assessing the direction of the economy .

With many assets including stocks, gold and even collectibles like Pokemon cards hitting record highs, it's no surprise that bitcoin is benefiting from the dollar's falling value story, said Joshua Lim, co-head of markets at crypto prime brokerage FalconX.

Bitcoin will rally during a government shutdown, said Geoff Kendrick, head of digital asset research at Standard Chartered Plc, noting that the currency was “in a different place” during the previous government shutdown from 2018 to 2019, when it traded less in line with traditional risk assets.

According to VNA

Source: https://baohaiphong.vn/bitcoin-da-dat-muc-cao-ky-luc-moi-khi-vuot-tren-moc-125-000-usd-522673.html