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Bitcoin Breaks Past $124K to Hit New All-Time High
With most eyes on ETH's revenge rally, BTC is quietly reaching new heights.
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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."