Bitcoin hits record high over $123k on rate cuts, corporate treasury cheer

Investing.com-- Bitcoin briefly hit a record high on early-Thursday, as the world’s largest crypto was underpinned by growing expectations of a September interest rate cut by the Federal Reserve.

Bitcoin was also buoyed by increased corporate buying in recent weeks, amid more companies adopting a treasury strategy popularized by Michael Saylor’s MicroStrategy Incorporated (NASDAQ:MSTR) (now Strategy).

Bitcoin rose 3% to a record high of $123,588.4, surpassing peaks last seen in mid-July.

The crypto has been on a tear since last week, aided by increased corporate buying, and as mild U.S. inflation data ramped up bets for a September rate cut.

Sentiment towards crypto was also boosted this week by Peter Thiel-backed crypto exchange Bullish Inc (NYSE:BLSH) logging a stellar debut on the NYSE. Shares of the firm jumped nearly 90% from their initial public offering pricing, pricing the company at over $10 billion.

World no.2 crypto Ether traded less than $100 below a record high on Thursday, having also benefited from increased corporate buying in recent weeks.

Ether rose 3.8% to $4,783.10–  close to a $4,868.8 record high hit in November 2021.