Bitcoin Hits New All-Time High, Surges to $125,689

Driven by Strong U.S. Stock Market
Up Over 30% So Far This Year

Bitcoin, the leading cryptocurrency, has resumed its upward trend, reaching a new all-time high.

According to Bloomberg News, Bitcoin surged to as high as $125,689 (approximately 117 million won) during Asian trading on October 5th.

This surpasses its previous record high of $124,514, set on August 14th this year according to Bloomberg's data, and marks an increase of over 30% since the beginning of this year.

On July 15th, the Bitcoin price was displayed on the electronic billboard of the Upbit Customer Center in Gangnam-gu, Seoul. Photo by Kang Jin-hyung

Until September 28th, Bitcoin had not yet reached the $110,000 mark, but it has since entered a rally, accelerating its upward momentum.

Bloomberg explained that this recent surge was driven by the strong performance of the U.S. stock market, as well as capital inflows into Bitcoin-linked exchange-traded funds (ETFs).

Investors are increasingly favoring safe-haven assets, expecting them to become more attractive due to the recent temporary shutdown of the U.S. federal government.

In particular, Bitcoin is also being highlighted as a representative asset for the "debasement trade," which aims to hedge against currency devaluation.

Joshua Lim, co-head of markets at cryptocurrency brokerage FalconX, commented, "Given that stocks, gold, and even collectibles like Pok?mon cards are reaching all-time highs, it is not surprising that Bitcoin is benefiting from narratives related to the decline in the value of the U.S. dollar."