By ALAN SUDERMAN

Associated Press

Bitcoin hit a new alltime 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. 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.

Bitcoin hit a new alltime 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.