Bitcoin set a new historical record and immediately fell in price
14 August 10:08
Bitcoin has updated its all-time high, moving in sync with the rally in the US stock market as investors around the world are more actively investing in risky assets. on August 13, the price of the cryptocurrency rose above $123,500. This is evidenced by data from crypto exchanges and Bloomberg, "Komersant Ukrainian" reports
On Wednesday evening in New York, the cryptocurrency rate exceeded $123,500, breaking the previous record of $123,205.12 set on July 14. On Thursday at 8:38 a.m. Singapore time, Bitcoin was trading at $124,000. This jump came shortly after the S&P 500 index closed at a record high for the second consecutive day, extending its summer rally.
As of 10:00 a.m., the cryptocurrency has fallen in price. Its value was $211,815 per unit. At night, it cost 124.1 thousand.
Over the past year, Bitcoin has been growing steadily amid a favorable legislative environment in Washington, D.C., shaped by the policies of U.S. President Donald Trump. Demand is also fueled by public companies, primarily Michael Saylor’s MicroStrategy, which are actively buying up cryptocurrency as part of their corporate capital preservation strategy. This trend is spreading to other digital assets, including Ethereum.
According to CoinGecko, Bitcoin’s market capitalization has reached about $2.5 trillion, and Ethereum’s market capitalization is almost $575 billion. Together, these two cryptocurrencies account for about 70% of the total trading volume in the digital asset market.
Positive investor sentiment is fueled by economic data from the United States. Inflation came in line with expectations, which strengthened forecasts of a rate cut by the Federal Reserve in September. This stimulated capital outflows from blue chips to more volatile crypto assets.
In July, Bitcoin already demonstrated a number of price breakouts: on July 13, quotes rose to $119,000, and on July 14, the previous record of $123,200 was set.
