Pakistan, Oct. 5 -- Bitcoin surged to a new all-time high on Sunday, crossing the $125,000 milestone for the first time. The cryptocurrency traded at $125,689, surpassing its previous August peak of around $124,500.

The strong rally comes as investors turned to safe haven assets amid uncertainty surrounding a potential US government shutdown. Gains in American equities also provided support, boosting confidence in bitcoin's continued upward momentum.

Analysts note that US President Donald Trump's open embrace of cryptocurrencies has significantly influenced the sector. His administration has overseen the passage of three major cryptocurrency bills in July, reversing years of government skepticism.

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