As investors further increase their risk appetite in global markets, the price of Bitcoin hit a historic high during the New York session on Wednesday, nearly synchronously rising with U.S. stocks...

Market data shows that Bitcoin surged past $123,500 during the overnight New York trading session, surpassing the previous historical high record of $123,205.12 set on July 14, and during Thursday's Asian session, it even briefly broke through the $124,000 mark.

This new milestone in the market occurred shortly after the S&P 500 index closed at a record level for the second consecutive trading day, continuing the summer rally that has seen repeated new highs. It is worth noting that with Bitcoin reaching a new overnight high, its total market capitalization has now reached $2.45 trillion—surpassing Google and ranking among the top five global asset market capitalizations, currently only behind gold, Nvidia, Microsoft, and Apple.

Over the past year, the price of Bitcoin has steadily risen, thanks to the friendly legislative environment towards the cryptocurrency sector that emerged after President Trump took office. Many publicly listed companies, represented by Strategy (formerly known as MicroStrategy), have further hoarded Bitcoin, thus driving the demand for this largest global cryptocurrency.

As of the close this Wednesday, the value of Strategy's Bitcoin holdings has reached a record $77.2 billion.

This increasingly popular holding strategy among businesses has recently even spread to some other cryptocurrencies—such as Ethereum—leading to an overall rise in digital assets. The synchronous rise of U.S. stocks and Bitcoin also shows that corners of the speculative market are starting to draw power from the same optimistic 'source' as mainstream benchmark indices. The U.S. inflation data released on Tuesday was largely in line with expectations—enhancing industry bets that the Federal Reserve will cut rates in September, relaxing financial conditions and encouraging capital to flow from blue-chip stocks to more volatile digital tokens. 'Cryptocurrency and stocks are beginning to show a positive correlation, and the correlation of Ethereum is even stronger than that of Bitcoin,' said Chris Newhouse, head of research at Ergonia. 'Overall sentiment appears to be positive.'

Ben Kurland, CEO of the cryptocurrency research platform DYOR, pointed out that "the combination of easing inflation, increased expectations for interest rate cuts, and unprecedented institutional participation through ETFs has created a strong tailwind. The difference this time is the maturity of the demand base—this rally is not just retail frenzy, but structural buying from asset management firms, corporations, and sovereign wealth funds."

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