Bitcoin hit a record high on Thursday, August 13, surpassing $124,000, on the back of favorable US legislation and advancing US stock markets

The value of the cryptocurrency surged above its previous peak in July, briefly topping $124,500 before falling. The rise in bitcoin's value was underpinned by regulatory changes in the US under President Donald Trump, a strong supporter of the crypto sector. The price has also been boosted by large cryptocurrency holders, known as 'whales'. Trump's media group and Tesla, the electric car maker owned by billionaire Elon Musk, are among a growing number of companies buying huge amounts of bitcoin.