Bitcoin surpassed the $124,000 mark for the first time on Thursday. The world’s oldest and most well-known cryptocurrency rose to $124,517 (€106,410) in early trading on the Bitstamp exchange platform. As a result, Bitcoin gave back some of its gains and fell back to around $123,000.

“The tilt from the capital markets across the Atlantic is tipping the scales,” commented analyst Timo Emden of Emden Research. Since Bitcoin does not generate interest in the market, the prospect of a U.S. key interest rate cut is driving increased demand for cryptocurrencies.

Bitcoin’s market capitalization is around $2.5 trillion after the recent price surge, according to a list from provider CoinMarketCap. Bitcoin continues to dominate the digital currency market, with a current total value of just under $4.2 trillion. U.S. government plans give Bitcoin a boost Since the beginning of the year, Bitcoin has gained nearly 32 percent in value.

One of the strongest price drivers is the crypto-friendly U.S. government under Donald Trump. He has described himself as a “crypto president” and has campaigned for regulation that favors the cryptocurrency industry. Most recently, the U.S. government’s plans to open the private pension provision system to risky investments in digital currencies have given Bitcoin an additional boost. Trump had instructed authorities to review guidelines for the responsible handling of investments and revise them to include alternative investment options.