Bitcoin extends rally, hits record high above $124,000
By Mike MurphyWider acceptance by institutional investors has helped boost the price of bitcoin.Bitcoin topped the $124,000 level for the first time Wednesday, extending a months-long rally.The price of bitcoin (BTCUSD) hit a record high of $124,496 on Wednesday night, according to CoinDesk data. The world's largest cryptocurrency has surged about 33% year to date, and nearly 120% over the past 12 months. At last check, bitcoin had retreated back below the $124,000 level.The Trump administration's looser regulatory stance and the wider adoption by institutional investors, including the approval of crypto ETFs, have been a boon to bitcoin and other cryptocurrencies. Ether (ETHUSD) is also closing in on a record high, rallying about 87% over the past three months.Read more: What's driving ether's 'catch-up trade,' as it nears record high after bitcoin's streak of peaksBitcoin has also been aided by bullish sentiment over its upcoming halving event, and optimism that the Fed will cut interest rates in September. Lower rates tend to boost investors' appetite for riskier assets, including cryptocurrencies.And last week, President Donald Trump, who has pushed a crypto-friendly agenda, signed an executive order allowing 401(k) plans to invest in cryptocurrencies.The crypto surge has also help boost a number of newly public companies, including CoinDesk parent Bullish (BLSH), which soared 84% on Wednesday after its IPO. Shares of stablecoin issuer Circle Internet Group Inc. (CRCL) and crypto-trading company eToro Group Ltd. (ETOR) have also jumped since the companies went public in recent months.-Mike MurphyThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.