Bitcoin Breaks Past $124K to Hit New All-Time High
With most eyes on ETH's revenge rally, BTC is quietly reaching new heights.
Bitcoin notched a new all-time high of $124,457 late last night, with traders seemingly pricing in increasingly probable Fed rate cuts next month and spot ETF demand staying strong.
What’s the Scoop?
- Macro Tailwinds: Traders began anticipating overwhelming odds of a September Fed rate cut after July CPI data (released August 12) came in cooler than expected at 2.7% year-over-year.
- Fresh Record: Bitcoin briefly touched $124,457 on the evening of August 13 before retracing the week's gains by the following morning; a screaming hot PPI print of 0.9% month-over-month was assigned blamed for a 5%+ BTC slide.
- ETF Buildup: According to The Block's "Bitcoin ETF" dashboard, spot BTC ETFs interest is at all-time highs as measured by assets under management (AUM), with the figure swelling to $171B
Bankless Take:
Bitcoin joins the U.S. stock market, with both touching new all-time highs in the month of August. While an above expectations PPI print appears to have spooked crypto markets, just last night, traders were preparing for "price discovery mode."
Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
