Bitcoin hits new price highs as crypto industry scores wins

Bitcoin hit a new all-time high as the world’s most popular cryptocurrency reached price levels not seen since President Donald Trump’s inauguration.

The digital asset traded above $109,400 Wednesday morning, a huge increase from recent lows of about $75,000 last month.

Several other cryptocurrencies have seen similar large gains in recent days. That includes Trump’s official meme coins, which have jumped up about 75% in the last month. The president is set to have dinner Thursday with some of the meme coins’ biggest investors, a move that’s drawn intense criticism from some Democrats who say that Trump is improperly using the power of the presidency to boost his personal wealth.

Bitcoin’s price increase comes after the crypto industry scored a major win with the U.S. Senate advancing legislation that creates a federal framework to regulate the stablecoins, a fast-growing form of cryptocurrency whose values are often tied to the U.S. dollar.

The bipartisan vote was a major win for the politically powerful cryptocurrency industry, which spent heavily in last year’s election and has amassed a large war chest for next year’s contests.

A former skeptic turned enthusiastic booster, Trump has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December. His administration has established a “strategic bitcoin reserve” for the U.S. government and dropped or paused several enforcement actions against major crypto companies.