Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year.

Bitcoin reached a new record high on Thursday, amid increasing speculation that the US Federal Reserve will slash interest rates in September. The crypto token reached an all-time high of $124,496 early on Thursday morning, surpassing its previous record of $123,193.63 that it hit back in July.

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