Bitcoin rockets to all-time high of over $125,000 — rise fueled by increase in U.S. equities and interest in Bitcoin ETFs

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Bitcoin reached an all-time high today, when it hit $125,449.77 at 4:55 am UTC. Although it has since normalized to around $122,000, at the time of writing, this is still a greater than 20% increase in value from December last year, when the cryptocurrency broke the $100,000 milestone. According to Reuters, Bitcoin has been rising for eight consecutive days before it hit this record, owing to rising confidence in U.S. equities and interest in Bitcoin exchange-traded funds (ETFs).

The flagship cryptocurrency, abbreviated as BTC, previously hit $124,000 in August, driven by the White House’s crypto-friendly policies and consequential interest from institutional investors. On the other hand, this jump is believed to be investors’ reactions to the U.S. federal shutdown, with many looking for alternative assets while Washington is sorting out its mess.

Crypto tracking and analysis site CoinMarketCap also suggested that there is a dwindling supply of readily available Bitcoin in exchanges. There’s been news of some MegaWhales moving large amounts of Bitcoin into long-term storage. For example, one investor moved 80,000 BTC from one dormant wallet in July, while 54,000 BTC (worth approximately $6.6 billion) was transferred out of Binance yesterday.

At the moment, BTC’s total market cap is nearing $2.5 trillion — meaning it’s about to catch up with silver. Although it’s still distant from gold’s over $26 trillion market cap, this shows that Bitcoin is slowly turning from a niche investment vehicle into a mainstream financial asset.

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Jowi Morales is a tech enthusiast with years of experience working in the industry. He’s been writing with several tech publications since 2021, where he’s been interested in tech hardware and consumer electronics.

20 Comments Comment from the forums

alrighty_then

Still worthless to me. Can't buy things with it, but great for criminals to run scams with.
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KraakBal

alrighty_then said:
Still worthless to me. Can't buy things with it, but great for criminals to run scams with.
You can buy dollars with it, more in the future that you pay for it now. That is the point..
Reply
salgado18

KraakBal said:
You can buy dollars with it, more in the future that you pay for it now. That is the point..
So purely speculative, where profits of one come from the loss of others. No, thanks.
Reply
KraakBal

Everything is speculative. And crime is performed with $, a lot more as a matter of fact. Anyway, I'd rather keep buying something that can't be inflated away and doesn't need humans to be trusted
Reply
thisisaname

KraakBal said:
Everything is speculative. And crime is performed with $, a lot more as a matter of fact. Anyway, I'd rather keep buying something that can't be inflated away and doesn't need humans to be trusted
The price of Bitcoin very much is based on trusting humans, without trust they would be worth a lot less.
Reply
call101010

I dont get it how bitcoin is legal , while printing fake notes is illegal ? it is the same , both "print" currency ...

Currency should have a value , being GOLD , Silver or any goods in exchange , they dont get their value just from "printing" them , you need to exchange them for anytype of goods/production to get value ... bitcoins are fake , no value at all ! the same as printing fake notes which will end you in jail.
Reply
gg83

alrighty_then said:
Still worthless to me. Can't buy things with it, but great for criminals to run scams with.
Nailed it!!!! I think blackrock and Micro strategy are buying it all up so they can profit when Russia, North Korea, Iran, and China use it to fund their operations during heavy western sanctions.
Reply
derekullo

call101010 said:
I dont get it how bitcoin is legal , while printing fake notes is illegal ? it is the same , both "print" currency ...

Currency should have a value , being GOLD , Silver or any goods in exchange , they dont get their value just from "printing" them , you need to exchange them for anytype of goods/production to get value ... bitcoins are fake , no value at all ! the same as printing fake notes which will end you in jail.
Fake notes pretend to be something they are not ... real notes.
Bitcoin is more similar to bartering.

The best part about Bitcoin / alt coins is you can mine it yourself.
If the calculations ever come out to say it's unprofitable, you can just stop mining.
Regardless my old gaming PC's are still sitting here!

You can also use mining pc's to test large language models if you are interested in that!
Reply
American2021

I believe Bitcoin will proceed nicely, as it historically has, respite with the up-and-down money-making swings; assuming the mysterious Satoshi Nakamoto never decides to dump his 1.1 million bitcoins.
Reply
American2021

call101010 said:
I dont get it how bitcoin is legal , while printing fake notes is illegal ? it is the same , both "print" currency ...

Currency should have a value , being GOLD , Silver or any goods in exchange , they dont get their value just from "printing" them , you need to exchange them for anytype of goods/production to get value ... bitcoins are fake , no value at all ! the same as printing fake notes which will end you in jail.
In my understanding, some jurisdictions (e.g. United States, Japan, and the European Union) have accepted blockchain cryptocurrencies under the reasoning that they are not considered counterfeiting because they operate on a decentralized network called blockchain, which ensures the authenticity and uniqueness of each digital coin through complex mathematical verification.

It's not fake currency with the intent to deceive. But I can see how it can be viewed as a competing currency and generally speaking one cannot spend foreign currencies in the United States (at least not without a conversion process) as transactions must be conducted in U.S. dollars.

I suppose we can say that such jurisdictions have decided to regulate and tax blockchain cryptocurrency rather than treat it as a counterfeit currency. Just an opinion.
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