Bitcoin surged to a new all-time high on Wednesday, climbing past $109,400 — a price not seen since the early days of Donald Trump’s presidency. The sharp increase marks a dramatic rebound from last month, when the digital currency dipped to around $75,000.
Other cryptocurrencies have also seen strong gains recently. Among them are the meme coins officially endorsed by former President Trump, which have spiked by about 75% over the past month. Trump is expected to host a dinner Thursday with major investors in these meme coins — a move that’s sparked criticism from Democrats who argue he’s using his political influence to enrich himself.
This latest surge in crypto prices follows a significant legislative win for the industry. The U.S. Senate recently advanced a bipartisan bill that would establish federal regulations for stablecoins — cryptocurrencies whose values are typically pegged to the U.S. dollar. The legislation is viewed as a major victory for crypto advocates, many of whom contributed heavily to political campaigns last election cycle and are preparing for even larger involvement in upcoming races.
Trump, once skeptical of digital assets, has become one of their loudest champions. He previously celebrated Bitcoin passing the $100,000 milestone in December, crediting his influence for the rise. His administration has since launched a “strategic bitcoin reserve” for the U.S. government and pulled back on enforcement efforts targeting some of the largest crypto firms.