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."

This content was produced with the assistance of AI translation services.