Bitcoin hit a new peak during early Asian trading on Thursday, as the yen surged after the US Treasury Secretary said he expects Japan to hike interest rates.

The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating.

Bitcoin’s value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector.

“The crypto market is enjoying a period of highly favorable fundamentals,” said Samer Hasn, senior market analyst at XS.com.

Japan’s currency rose significantly against the dollar, climbing to its highest level since late July after US Treasury Secretary Scott Bessent said he had told the Bank of Japan (BoJ) governor that it was “behind the curve” in its fight against inflation.

“So they’re

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