Bitcoin surpasses 122,000 Dollar, eyeing new all-time high - Ethereum approaches all-time high, just 3% away | CoinDesk JAPAN

• Bitcoin approached a new all-time high during trading hours on August 13 in U.S. time.
• Ethereum is also rising and has approached within 3% of its all-time high set in the second half of 2021.
• "The conditions for a sustained rise are being put in place," stated 10x Research.

Bitcoin (BTC) showed a movement towards a new all-time high during the trading hours on August 13 in US time, rising to nearly $123,000, which is a high not seen in four weeks.

The last two attempts, namely the surge to $122,300 on the 11th and the breach of $123,000 on July 14, both encountered intense selling pressure, with prices being pushed down below $120,000 during the day on both occasions.

Ethereum (ETH) was gradually approaching its all-time high of 4865 Dollar recorded in 2021, trading at 4750 Dollar, just 3% away from that record. Ethereum has maintained its excellent performance recently, rising 4.5% in the past 24 hours, while Bitcoin saw a 2.3% increase.

The rise of the cryptocurrency market has spread to major altcoins as well, with Solana (SOL) rising 5% to over 200 Dollar, and Uniswap (UNI) and Hyperliquid (HYPE) also increasing by 5-6%.

Joel Kruger, a market strategist at LMAX Group, stated that the S&P 500 and Nasdaq are hovering near all-time highs, supported by "the softening of inflation signals and speculation about the Fed's easing measures," with a broader capital market providing "supportive momentum."

10x Research pointed out in a report on the 13th that the current macroeconomic situation is more favorable than ever for risk assets.

The authors of the report stated, "As credit spreads narrow and lending growth improves, the conditions for a sustained rise are being established."

The report pointed out that while the Federal Reserve (FRB) has been reluctant to cut rates so far, if the FRB shifts its policy, investors will quickly redirect funds to risk assets with higher beta values.

Currently, market participants see a probability of more than 90% for a 25 basis point rate cut at the September meeting, but the Fed is under pressure to consider deeper easing.

The report pointed out that "both Bitcoin and stocks are reacting early, but the market has not fully priced in what is yet to come."

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