Bitcoin Smashes Past $124K For The First Time

 

Bitcoin has climbed past $124,000 on Thursday, August 14.

 

This is the first time Bitcoin is crossing the $124k mark.

 

Analysts say the latest peak was fueled by growing demand from U.S. retirement accounts, institutional investors, and treasury firms. The move coincided with a rally in American stocks, reflecting heightened global risk appetite.

 

The world’s largest cryptocurrency by market value rose 0.9% from its July peak, while Ethereum hit $4,700 — its highest level since late 2021. Bitcoin is now trading near $121,500, having broken decisively above the $120K mark after a strong rally from $116K.

 

Analysts say the breakout signals strong momentum, supported by President Donald Trump’s pro-crypto policies, increased certainty of Federal Reserve rate cuts in September, and sustained exchange-traded fund inflows. Bitcoin’s market capitalization now stands at around $2.5 trillion, while Ethereum’s has climbed to nearly $575 billion. Together, the two account for roughly 70% of the global crypto market.

 

A recent executive order from Trump allows 401(k) retirement accounts to invest directly in cryptocurrencies — a potential multi-trillion-dollar pool of capital. Even a modest allocation could deliver a significant boost to Bitcoin prices.

 

Institutional and treasury buying has added further fuel to the rally, with steady payroll contributions in retirement accounts creating consistent purchasing pressure. Large custodians and asset managers are now expected to source more Bitcoin directly, bolstering its legitimacy as a mainstream investment.

 

Trump, who calls himself the “crypto president,” has overseen sweeping regulatory changes, including stablecoin legislation and securities reforms to accommodate digital assets. His administration’s stance, combined with a favorable macroeconomic outlook, has driven Bitcoin up nearly 32% in 2025.

 

Analysts suggest that if Bitcoin sustains its momentum above $125,000, it could be on track to hit $150,000, cementing its position as a cornerstone of institutional and retail investment portfolios.