Bitcoin hits record above 124,000 as Ethereum nears peak

Bitcoin surged to a new record above 124,000 as investors embraced higher risk in markets already riding a wave of optimistic macro signals. The apex cryptocurrency briefly traded beyond 124,500 in early Asia trading before giving back part of the move, while Ethereum inched toward its own near-term peak. The breakout comes amid expectations of a Federal Reserve rate cut in September, a friendlier regulatory backdrop for crypto under the current administration, and sustained demand from institutional and corporate buyers.

Trading activity reflected the fervor behind the rally. Bitcoin’s price hovered around the 124,000 level, with heavy intraday swings and a notable jump in volume as traders repositioned for what many see as a sustainable uptrend. In the last 24 hours, the market saw a surge in open interest and a wave of short-covering, underscoring shifting sentiment as traders bet on continued upside. The breadth of participation was evident in the strength of related indicators, with the broader crypto market enjoying a multi-trillion-dollar surge in value and continued flows into crypto exchange-traded products.

Several factors are cited by analysts as catalysts for the...