Bitcoin breaks $123K barrier, setting new record high
Bitcoin cryptocurrency continues to hit record highs on crypto exchanges (Photo: Getty Images)
On Wednesday, August 13, Bitcoin surpassed $123,500, exceeding its previous all-time high of $123,200 set on July 14, according to cryptocurrency exchanges and Bloomberg.
The record came shortly after the S&P 500 closed at its own all-time high for the second consecutive day, continuing a summer rally that repeatedly pushed the benchmark to new peaks.
According to cryptocurrency exchange Binance, as of 03:25, Bitcoin was trading at $123,934.17.
Bitcoin has steadily gained value over the past year, supported by a favorable regulatory environment in Washington following President Donald Trump’s rise to power.
According to Bloomberg, public companies led by Michael Saylor’s Strategy have driven demand by adopting the increasingly popular corporate tactic of accumulating Bitcoin. This approach has recently spread to smaller competitors, such as Ether, fueling overall growth in the digital asset market.
In July, Bitcoin set a series of rapid-fire record highs.
On July 13, the price of Bitcoin reached $119,000.
By July 14, it had climbed to $120,000.
In May, Bitcoin set a new record for that period, hitting $109,000.
