Bitcoin has climbed a new historically high on Wednesday, as promoted Stablecoins market legislation has hoped for a clearer regulatory framework for the Cryptocurrency under the Trump government.

The largest cryptocurrency on the planet jumped above $ 109,500, breaking its previous high to $ 109,241 recorded in late January, just hours before Donald Trump’s swearing -in.

At this time, Bitcoin is moving around 109,120having slightly retreated from his new top. Strong profits also record other cryptocurrencies, with Ether rising more than 4.4%, Xrp to earn over 3.2% and the Cardano to record a jump of more than 5.7%, according to Coinmarketcap.

The cryptocurrency market has been on an upward orbit in recent weeks, as investors are optimistic that the bill that has been submitted to the Senate is allegedly gathered the necessary bipartisan support to be voted on.

As Michael Novogratz, founder and chief executive of Galaxy Digital in an interview on Bloomberg TV on Wednesday, explains, the market rise is due to the shift recorded “by the stance of Gary Gensler and the Sec -giving approach to our Trump government.” “This (the turn) released animal instincts both inside and abroad,” he added.

The bill promoted by the Trump government has been reviewed to include stricter restrictions on money laundering, foreign publishers, technology companies and the increase in consumer protection measures. It will also ensure that both domestic and foreign publishers are subject to the same rules.