Bitcoin hits all-time high as crypto industry notches political 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.

WATCH: White House weighs in on why Trump plans to attend memecoin dinner

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.