Bitcoin Hits New High of $124,457 – Traders Ponder Why the Surge

Bitcoin’s price surged to a new all-time high on August 14th, surpassing $124,457.12, marking a significant milestone in the crypto market. Despite recent consolidation between $119,000 and $122,000, this surge has propelled Bitcoin beyond its previous records, currently trading at $123,380.75. CoinMarketCap reveals a rapid 3.04% intraday jump, with a market cap of $2.45 trillion and $96.28 billion in trading volume. Analysts are intrigued by the factors behind this sharp price rally. The recent CPI data released on August 12th, indicating softer inflation than expected, may have been a driving force behind the rise.