Bitcoin reached a new all-time high on August 14, in an optimistic crypto market and amidst rising global adoption. The general crypto market is up by over 2% in the past 24 hours, surpassing $4.14 trillion.
On the same day, Bitcoin surpassed Google and briefly became the fifth asset in the top assets by market cap in the world.
Bitcoin Hit a New ATH Above $124,000
Bitcoin recorded a price surge from $118,000 levels on August 13, reaching a new ATH above $124,000 on August 14.
At the moment of writing this article, BTC is trading above $121,000, and the digital asset is up by almost 2% in the past 24 hours.
BTC price rise took place in a bullish crypto market, amidst continued accumulation and institutional interest.
August 13 marked the sixth consecutive day of inflows in BTC ETFs, and the total net assets locked in the crypto products are over $158 billion. The cumulative net inflow in the US BTC ETFs is above $54.76 billion as of August 13, SoSoValue data shows.
On August 13, Michael Saylor, one of the biggest Bitcoin supporters, announced that Strategy's Bitcoin holdings value reached a new ATH above $77.2 billion. Strategy, formerly known as MicroStrategy, is a Bitcoin-centric company that started accumulating the digital asset in 2020.
Bitcoin's price surge came amidst strong support for crypto from the World Liberty Financial (WLFI) co-founders. World Liberty Financial is the crypto project backed by the Trump family and other important names.
World Liberty Financial Co-Founders' Crypto Support
On August 13, the Trump brothers and Zach Witkoff were live on Fox News, expressing their support for the crypto industry and saying that crypto can fix a broken traditional financial system.
During the interview, Eric Trump addressed the fact that the whole Trump family was de-banked, along with other conservatives, before his father won the election, and that was the moment that marked their entry into the crypto industry.
He also explained how the big banks weaponized their platforms against the American people.
Optimism Remains Strong in the Crypto Industry
The crypto industry has plenty of reasons to stay optimistic in a bullish market that saw Bitcoin reach new highs.
One reason also worth mentioning is the prospect of the US Fed cutting rates in September, an event that usually represents a catalyst for Bitcoin's price rise.
CMEGroup data shows that there's a probability of almost 96% for a rate cut on September 17 when the next FOMC is set to take place.
