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Bitcoin surged to a record on Thursday, fueled by growing expectations of a September Federal Reserve interest rate cut and increased corporate buying. The world’s largest cryptocurrency briefly touched $124,436.8 before easing slightly to $123,164.1, up 3.2% by 00:47 ET (04:47 GMT).
Corporate Interest and Rate Cut Optimism Drive Bitcoin
Bitcoin’s recent rally has been supported by both mild U.S. inflation data and corporate demand. Markets currently price in a nearly 97% probability of a 25-basis-point Fed rate cut in September, according to CME FedWatch. Lower rates typically free up liquidity, encouraging investment in speculative assets such as cryptocurrencies.
Corporate adoption of Bitcoin treasury strategies, popularized by Michael Saylor’s MicroStrategy Incorporated (NASDAQ:MSTR, now Strategy), has added further momentum. Metaplanet Inc, ranked the sixth-largest corporate Bitcoin holder globally, disclosed a $60 million Bitcoin purchase this week and is raising billions in capital for additional acquisitions. Strategy itself also reported a major purchase earlier in August, bringing total holdings to 628,946 coins.
Investor sentiment was further bolstered by the strong NYSE debut of Peter Thiel-backed crypto exchange Bullish Inc (NYSE:BLSH), whose shares jumped nearly 90% from their IPO price, valuing the company at over $10 billion.
Ether Near Record Levels, Altcoins Surge
Ether, the world’s second-largest cryptocurrency, also advanced, trading just under $100 from its November 2021 record high of $4,868.8. Ether gained nearly 4% to $4,786.54, driven by corporate buying mirroring Bitcoin strategies. Standard Chartered raised its 2025 price target for Ether from $4,000 to $7,500 in response to these trends.
Other major altcoins saw strong gains this week. XRP rose 2.6% to $3.3038, Solana climbed 6.5%, and Cardano surged 19.5%, supported by Grayscale Investments’ plans for a spot Cardano ETF. Among memecoins, Dogecoin gained 6.8%, while $TRUMP added 7.1%.
Overall, cryptocurrencies are benefiting from a combination of anticipated monetary easing, expanding corporate adoption, and renewed investor appetite for risk.
