Bitcoin reached a historic high during early trading in Asia, passing the $124,000 mark, supported by favorable legislative changes in the US and growth in US stocks, AFP reported.

The cryptocurrency briefly exceeded $124,500, surpassing its previous record set in July, before retreating slightly. The rise comes amid strong performance by the S&P 500 and Nasdaq indices, which hit new highs this week.

According to analysts, the value of Bitcoin is supported by regulatory changes introduced by President Donald Trump, a long-time supporter of the crypto sector, as well as by the activity of large cryptocurrency holders, known as "whales."

Trump removed restrictions that prevented banks from working with companies considered risky to their reputation, which often include crypto firms.

He is expected to accelerate the integration of cryptocurrencies into the national financial system, supported by his family's growing involvement in the sector. Among the big buyers of bitcoin are Trump's media group and Elon Musk's Tesla. | BGNES