Bitcoin reached a new record high Thursday morning in early Asian trading, surpassing $124,000 for the first time, driven by rising US stocks, interest from investment firms, and favorable US legislation.
The leading cryptocurrency smashed its previous record of $123,205 set on July 14.
Bitcoin even briefly surpassed $124,500 on Thursday morning before retreating.
At approximately 02:08 GMT, Bitcoin was trading at around $123,600.
US stocks ended Wednesday sharply higher on the New York Stock Exchange, with the S&P 500 hitting a new record high, as did the tech-heavy Nasdaq, which also contributed to the cryptocurrency's rise.
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