Bitcoin hits a record high: it surpasses $124,000. The cryptocurrency star has been affected by the Trump effect.

Bitcoin hit a new record in early Asian trading , surpassing the $124,000 mark for the first time, driven by rising U.S. stocks, interest from institutional investors, and favorable U.S. legislation. The cryptocurrency star broke its previous record set on July 14 ($123,205), briefly surpassing $124,500 . Wall Street closed higher with new records for the Nasdaq Composite and S&P 500 , following yesterday's highs, boosted by gains in megacaps.

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The New York Stock Exchange was boosted by the prospect of monetary easing from the U.S. Federal Reserve (Fed) after inflation came in line with expectations. Meanwhile, Treasury Secretary Bessent called for a series of cuts, starting with a 50 basis point cut at the next meeting. The Dow Jones rose 1.04%, the S&P 500 0.32%, and the Nasdaq 0.14%.

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