Bitcoin crossed $124,000 for the first time on Wednesday, marking a new milestone in its months-long rally. According to CoinDesk, it briefly reached a record $124,496 before slipping back below the $124,000 mark later in the night. The cryptocurrency is up around 33% so far this year and has gained nearly 120% over the past 12 months.
Bitcoin’s rise has been fueled by a friendlier regulatory approach under the Trump administration and growing interest from big investors, helped by the approval of crypto ETFs. Ether has also been on a strong run, climbing about 87% in the past three months and now approaching its own record high.
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Bitcoin’s momentum is also getting a lift from excitement around its upcoming halving and hopes that the Federal Reserve will cut interest rates in September, a move that often drives more interest in riskier assets like crypto. Adding to the boost, President Donald Trump last week signed an executive order permitting 401(k) retirement plans to include cryptocurrency investments, reinforcing his pro-crypto stance.
Crypto exchange Bullish made a striking market debut on Wednesday, surging over 90% and prompting several trading halts amid sharp volatility. By Thursday morning’s pre-market session, the stock was trading around $77 still more than twice its listing price giving the company a valuation of over $10 billion.
Bullish, a digital asset exchange focused on institutional traders, had first planned to list in 2021 via a SPAC deal that would have valued it at $9 billion. After years of delay, the company finally went public, pricing its IPO at $37 a share and raising $1.1 billion, for an initial valuation of about $5.4 billion. Within a day, the stock opened at $90, shot up to $118, and later eased back, according to Yahoo Finance.
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“We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” said Thomas Farley, Bullish CEO. “I believe that the digital assets industry is at the inflection point of institutional adoption, and Bullish is uniquely positioned at the center of this market. The compliant, institutional-focused market infrastructure model is time-tested and works, and Bullish is proud to be the one bringing this proven framework to the crypto landscape”, as per the report.
Bullish also owns CoinDesk, a leading name in crypto journalism, giving it influences beyond trading and into shaping market narratives. Its IPO wasn’t just a routine listing. It attracted strong institutional attention even before launch. According to securities filings cited by Yahoo Finance, heavyweight investors such as BlackRock and Cathie Wood’s Ark Invest signaled plans to buy up to $200 million worth of shares.
