#BTCBreaksATH Bitcoin has recorded a new historical leap, surpassing the level of $124,000 for the first time in its history during trading on Friday, supported by increasing expectations of a reduction in US interest rates in September, along with record investment inflows into spot cryptocurrency index funds.
According to data from crypto.news, the price of the largest cryptocurrency rose by more than 8.5% over the week to reach $124,128 in morning trading in Asia, before retreating slightly to $123,197 at the time of publication, maintaining annual gains exceeding 32% and more than 62% compared to the lowest level recorded this year.
This increase came after the release of US inflation data for July, which showed the annual rate stabilized at 2.7%, matching the June reading and lower than the expectations of 2.8%, while monthly inflation slowed to 0.2% compared to 0.3% in the previous month.
After the data, the chances of an interest rate cut at the September meeting jumped to 95.8%, according to the CME FedWatch tool, which enhanced investors' appetite for high-risk assets such as digital currencies.
Data from SoSoValue also showed that 12 spot Bitcoin funds attracted more than a billion dollars over five trading days, while spot Ethereum funds recorded nearly a billion dollars in one day, adding strong momentum to the market.