Bitcoin Hits Record High
(MENAFN) Bitcoin extended its upward momentum in the early hours of Thursday, reaching a historic peak of $123,640 around 0345GMT.
This surge was fueled by unexpectedly mild inflation figures in the United States, which in turn strengthened optimism about the American economy and increased the likelihood of an earlier interest rate reduction by the Federal Reserve.
Following this new record, Bitcoin’s value slightly eased to approximately $121,870 by 0705GMT, marking a 2% rise on the day.
Insights from the analytics platform Coinmarketcap indicate that the total global cryptocurrency market — which includes Bitcoin — experienced a gain of around 2.45% over the past 24 hours, pushing its overall valuation to $4.15 trillion.
Bitcoin, the most dominant digital currency in terms of market capitalization, has appreciated by nearly 30.3% since the beginning of the year.
Ethereum, the second-leading cryptocurrency by market value, also saw an increase of roughly 2.78%, climbing to $4,757.60.
The surge in digital asset prices came on the heels of softer-than-anticipated U.S. inflation figures. In July, the annual inflation rate came in at 2.7%, while the monthly rate stood at 0.2%.
Following the release of this data, expectations for a Federal Reserve rate reduction in September have grown significantly, with many in the markets now viewing a cut as almost certain, according to Coinmarketcap.
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