Bitcoin has reached a record high amid optimism about cryptocurrency regulation in the US.

The cryptocurrency rose 2.6% to a record high of $109 730, surpassing the previous high set around the time of Trumpʼs inauguration on January 20.

Bitcoin hit a record high on Friday amid optimism over cryptocurrency regulation in the US, Bloomberg reported.

The cryptocurrency rose 2.6% to a record high of $109 730, breaking the previous high reached around the time of Trump’s inauguration on January 20. Other cryptocurrencies such as Ether and XRP also rose in price.

Bitcoin and the broader crypto market have been on a tear in recent weeks, buoyed by positive signals from regulators. In particular, the stablecoin bill has advanced through the Senate. The bill is now preparing for Senate debate, with the bipartisan group hoping to pass it this week.

The terms of the proposed bill have been adjusted to include stricter restrictions on money laundering, foreign issuers, technology companies, and increased consumer protection. The law is also intended to ensure the same rules for both domestic and foreign issuers.

Overall, Bitcoin has risen by about 17% since the beginning of the year, outperforming other risk assets such as US stocks.