Price of the largest cryptocurrency reaches record $123,640 as of 0345GMT
Bitcoin continued its rally early Thursday, hitting a new record of $123,640 as of around 0345GMT, as the lower-than-expected inflation data in the US boosted optimism for the US economy and an earlier Federal Reserve rate cut.
After hitting another all-time high, the price of Bitcoin is around at $121,870 as of 0705GMT, rising 2%.
According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, rose approximately 2.45% over 24 hours, reaching $4.15 trillion.
The price of Bitcoin, the largest cryptocurrency by market capitalization, is up almost 30.3% since the start of this year.
The price of Ethereum, the second-largest cryptocurrency by market capitalization, gained around 2.78% in value, rising to $4,757.60.
The rally followed the tamer-than-expected US annual inflation data, which was at 2.7% in July, with a monthly rate of 0.2%.
After the figures, the markets see a rate cut by the Fed in the September meeting nearly certain.
