Bitcoin rises above $124,500 early Thursday
Favorable US legislation and a rise in US equities have driven bitcoin to surpass $124,000 on Thursday, a new record high. The cryptocurrency rose above $124,500 before receding during early Thursday trades.
The rise has been attributed to the United States (US) stocks increase on Wednesday, US regulatory policies under US President Donald Trump and whales in the sector who hold large amount of crypto.
According to Samer Hasn, a market analyst at Xs.com, “The crypto market is enjoying a period of highly favorable fundamentals. President Donald Trump has moved to end restrictions that previously prevented banks from doing business with companies flagged for reputational risk concerns, a category in which crypto firms were often unfairly placed.”
Trump’s media group and the Tesla company are said to be among top buyers of huge amounts of bitcoin. “Trump may accelerate the integration of cryptocurrencies into the national financial system and lift additional restrictions, given his and his family’s growing involvement in the sector,” Hasn added.
Recall that major cryptocurrencies had experienced a depressing downturn over a week ago, after losing over $700 million, with bitcoin falling to $114,000 from $120,000.
The crypto saga led to the dismissal of the United States head of the Bureau of Labour Statistics (BLS), Erika McEntarfer, by US President Donald Trump, hours after the agency released a controversial job figures that rattled financial markets.
