Bitcoin climbed to a record high of roughly $124,400 during early Asian trading on Thursday, surpassing the previous July peak of $123,205 and extending a month-long rally that has added about 32 % to the token so far this year. The world’s largest cryptocurrency briefly eased below $122,000 after the spike but remained up more than 3 % over 24 hours. Traders cited growing certainty of a Federal Reserve rate cut in September, a softer U.S. inflation backdrop and a risk-on mood in equities as immediate catalysts. The dollar touched a two-week low while the S&P 500 and Nasdaq notched fresh records on Wednesday, reinforcing demand for higher-beta assets such as crypto. Regulatory developments are also feeding the advance. An executive order signed last week by President Donald Trump opens the door for crypto holdings in 401(k) retirement plans, adding to earlier measures that eased banking restrictions on the sector. Asset-management giants that run spot-bitcoin exchange-traded funds have continued to attract sizable inflows, analysts said. The broader digital-asset market is following bitcoin higher. Ether traded near $4,780—its strongest level since late 2021 and within 3 % of its all-time high—while the industry’s total market value has grown to about $4.18 trillion. Some strategists, including IG’s Tony Sycamore, say a sustained break above $125,000 could push bitcoin toward $150,000, though they warn that further macro data could still sway the Fed’s policy path.