Bitcoin breaks through the symbolic $124,000 barrier, galvanized by a favorable regulatory climate and the arrival en masse of major players in the economy. The backdrop of Trump's tariffs does nothing to dampen the spirits of the crytomoney market.
The flagship cryptocurrency has just set an all-time high, surpassing $124,000 in an unprecedented economic and regulatory context. This new ATH(All Time High) is being driven by strong financial flows from ETF funds backed by the virtual currency, by regulations extending the market's boundaries, and also by hopes of an economic rebound following Donald Trump's tariff battle since the start of the year.
Why Bitcoin is reaching new heights
Bitcoin's rise of over 32% since the start of the year is mainly due to the alignment between macroeconomics and regulatory policy. Donald Trump's return to the helm of the United States is accompanied by favorable measures: inclusion of cryptos in retirement plans (401(k)), easing of constraints for financial institutions, and modernization of the legislative framework. The federal government's support dispels uncertainties and frees up investment potential.
The same Trump pushes the Federal Reserve to lower rates and blows a wind of optimism into risk markets, including the crypto sector, even if the Fed boss is putting up resistance. In addition, the Bitcoin Spot ETF funds authorized since the beginning of the year have generated massive capital flows, consolidating the sector.
In short, all the planets seem to be aligned for Bitcoin, which has surpassed last July's record and even dethroned Google as the world's fifth-largest capitalization.
The trend is benefiting all cryptocurrencies. Ether, the market's second-largest virtual currency, is not far from reaching the mythical $5,000 barrier. The renewed confidence of investors, large and small, is driven by the ease of access to cryptocurrencies, and not just the most high-profile ones.
There are many lesser-rated virtual currencies, such as XRP, which can explode at any time depending on how they are promoted. But you need the right Ripple wallet to take advantage of them.
The institutional wave: who's really buying?
The emergence of large corporations as Bitcoin holders is transforming the perception of this digital asset. By 2025, more than a hundred public companies are recording the asset on their balance sheets - more than double the number in 2024.
Flagship brands like Trump Media and GameStop have announced massive investments, rivaling pioneers like MicroStrategy, which now holds over 582,000 BTC, valued at over $62 billion.
Crypto-currencies remain a means of diversifying assets in a context of currency volatility and the risk of inflation on the economy, with Bitcoin playing the role of a safe-haven asset, on a par with gold (which is also soaring).
There's also themimicry effect provoked by the purchase of crypto-currencies by high-profile players, encouraging other companies to do the same so as not to risk missing out on an opportunity. But it's also often the starting point of a speculative bubble.
In fact, most groups are still cautious: Meta and Amazon have turned their backs on building up a Bitcoin treasury. Debates about volatility and security persist, but the momentum is building.
Technical indicators and the market behind the scenes
From a technical point of view, the regular breaking of new records is based on a dynamic that many analysts describe as a "profound transformation" of the market.
The crossing of key thresholds and the overactivity of "whales" (the very large holders of bitcoins) are upsetting the balance. SpaceX keeps over 8,000 BTC on its balance sheet, proof of the growing conviction of major accounts.
Other signs confirm the market's maturity, with a certain stability in crises and portfolios held over the long term. As a result, market liquidity remains under control, reducing the risk of a sharp correction as seen in the early 2020s.
Bitcoin's future: prospects and risks
Could the current euphoria continue? Many analysts expect the rally to continue, with projections of up to $135,000 or even $150,000 in the short term. Rising institutional interest, favourable regulation and the arrival of new tools, such as ETFs, are solidifying the foundations.
However, history shows that volatility remains at the heart of crypto: profit-taking, investor psychology and possible regulatory adjustments can reverse the trend, even in the face of more robust market structures.
The recomposition of the financial landscape is underway: for businesses, Bitcoin is becoming a management tool, a diversification asset and, for some, the ultimate bulwark against economic vagaries. The $124,000 milestone is perhaps just one step on a trajectory destined to bring about a lasting upheaval in the global economy.
