Bitcoin Hits $123,600 – Driven by Rate Cut Hopes & Institutional Investment

Bitcoin has smashed through its previous record price, surpassing $123,600 and setting a new high in the crypto world. This surge is largely attributed to optimism surrounding a potential September Fed rate cut, which would increase liquidity and fuel market activity. Recent inflation data shows prices are cooling down to 2.7%, further contributing to bullish sentiment. US Treasury Secretary Scott Bessent even suggested a possible 50-basis point rate cut, which could drive further investment.