According to CoinGecko data, Bitcoin reached a fresh high of $124,200, slightly surpassing its July record of $123,100. This surge comes amid a more favorable macroeconomic environment, boosting traders’ risk appetite.
It’s not just cryptocurrencies that are soaring — U.S. stock markets are also on the rise. The S&P 500 and Nasdaq both set new records, while the Dow Jones moved closer to its all-time high. Investors are betting that the U.S. Federal Reserve (Fed) will cut interest rates soon.
Over the past seven days, Bitcoin has gained 6%, bringing its year-to-date increase to around 30% from its opening 2025 price of $94,384. The long-awaited $100,000 milestone was first achieved in December last year, fueled by President Donald Trump’s victory in the November election and surging interest in U.S.-based Bitcoin exchange-traded funds.
Historically, Bitcoin has often traded like a “risk-on” asset, similar to tech stocks, performing strongly in low interest rate environments. The Trump administration — known for its pro-crypto stance — has been increasing pressure on Fed Chair Jerome Powell to lower rates. Trump has publicly called Powell a “major loser” and a “fool,” even threatening to fire him, and recently hinted at possible legal action to force rate cuts — despite the Fed’s independence and the White House’s usual reluctance to interfere directly.
Alongside Bitcoin, Ethereum is also making impressive strides. The second-largest cryptocurrency is trading around $4,728, just 3% shy of its record high of $4,878 set in November 2021. While ETH has lagged behind Bitcoin during past record runs, it is now showing strong upward momentum, raising investor expectations that a new all-time high could be just around the corner.
