On August 13, Caixin reported (Editor: Xiaoxiang) that as investors further increased their risk investments in global markets, Bitcoin prices further hit historic highs during Wednesday's New York session, almost in sync with the upward trend of US stocks...
Market data shows that Bitcoin broke through $123,500 in the overnight New York trading session, surpassing the previous historical high of $123,205.12 set on July 14, and then during Thursday's Asian session, it briefly crossed the $124,000 mark.
This new milestone achievement occurred shortly after the S&P 500 index closed at record levels for the second consecutive trading day, continuing the trend of record highs this summer.
It is worth mentioning that with Bitcoin reaching a new high overnight, 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.
Holding assets is becoming a trend
Over the past year, Bitcoin's price has steadily risen, thanks to a friendly legislative environment formed in Washington after President Trump's administration came to power. Several publicly listed companies, represented by Strategy (formerly MicroStrategy), have further hoarded Bitcoin, boosting the demand for the world's largest cryptocurrency.
As shown in the chart below, as of Wednesday's close, Strategy's Bitcoin holdings have reached a record value of $77.2 billion.
This increasingly popular holding strategy among companies has recently even spread to some other cryptocurrencies—such as Ethereum, leading to an overall rise in digital assets.
The simultaneous rise of US stocks and Bitcoin also indicates that speculative market corners are beginning to draw strength from the same optimistic "source" as mainstream benchmark indices.
The US inflation data released this Tuesday broadly met expectations—strengthening bets within the industry that the Federal Reserve will cut interest rates in September, thereby loosening financial conditions and encouraging capital to flow from blue-chip stocks to more volatile digital tokens.
"Cryptocurrencies and stocks are beginning to show a positive correlation, and this correlation with Ethereum is even stronger than with Bitcoin," said Chris Newhouse, head of research at Ergonia. "The overall sentiment appears to be positive."
Ben Kurland, CEO of the cryptocurrency research platform DYOR, pointed out that "the combination of easing inflation, heightened interest rate cut expectations, and unprecedented institutional participation through ETFs has created a powerful tailwind. The difference this time is the maturity of the demand base—this rise is not just retail frenzy, but structural buying from asset management companies, corporations, and sovereign wealth funds."
(Caixin Xiaoxiang)
