Bitcoin surged to an all-time high in early Asian trading on Thursday, breaking past $124,000 as optimism grew over supportive US policies and strong performances in American stock markets. The digital currency smashed its previous record from July, momentarily touching $124,500 before easing slightly. On Wall Street, the S&P 500 and Nasdaq indices both set fresh records this week, closing higher on Wednesday and adding momentum to bitcoin’s rally. Much of the cryptocurrency’s recent momentum has been attributed to regulatory shifts under US President Donald Trump, who has long championed the crypto industry. “The crypto market is enjoying a period of highly favorable fundamentals,” said a senior market analyst at XS.com, Samer Hasn. “President Donald Trump has moved to end restrictions that previously prevented banks from doing business with companies flagged for reputational risk concerns, a category in which crypto firms were often unfairly placed,” he added. Hasn further noted that Trump may seek to “accelerate the integration of cryptocurrencies into the national financial system and lift additional restrictions, given his and his family’s growing involvement in the sector.” In addition, major corporations — including Trump’s media group and Elon Musk’s Tesla — are joining the wave of large-scale bitcoin purchases, further boosting market confidence.