Bitcoin’s (BTC) price briefly jumped to an all-time high of just over $124,000 U.S. in the past 24-hours before pulling back to currently trade at $120,850 U.S.
The brief spike to a new record high comes amid rising expectations that the U.S. Federal Reserve will lower interest rates by 25-basis points at its upcoming September meeting.
Futures traders are betting that there’s a greater than 80% chance the U.S. central bank lowers interest rates in September.
Lower interest rates are seen as a positive for risk assets such as cryptocurrencies and stocks.
Bitcoin and other crypto such as Ethereum (ETH) are also getting a boost as U.S. President Donald Trump prepares to meet with Russian President Vladimir Putin in Alaska on Aug. 15.
The meeting has raised hopes for a ceasefire in Ukraine, a development that would add to the positive sentiment towards financial markets and crypto.
Digital assets were already getting a lift from a friendlier regulatory climate in America and rising institutional and corporate adoption of Bitcoin and other cryptocurrencies.
Bitcoin treasuries, including exchange-traded funds (ETFs), have grown their holdings by around 3.36% in the past 30 days to 3.64 million digital tokens.
In addition to Bitcoin, Ethereum also continues to enjoy a strong rally that has its price up more than 50% in the past month and trading at $4,700 U.S., near a record high.
