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Bitcoin rose to a new record high on Wednesday, surpassing the previous high it hit earlier this year.
The world’s leading cryptocurrency hit a peak of $109,359.59 Wednesday morning, according to Dow Jones Market Data. Its previous high-water mark came on President Donald Trump’s inauguration day in January.
Like many other cryptocurrencies, Bitcoin suffered through a prolonged slump in the months between, falling as low as $75,000 in March. Its price has climbed steadily ever since and is up 16% so far in May.
The rally comes as crypto becomes more accepted by U.S. regulatory bodies and the broader financial world. JPMorgan Chase (JPM-1.03%) CEO Jamie Dimon announced Monday that its customers will soon be able to buy Bitcoin through the bank. JPMorgan’s blockchain platform, Kinexys, conducted a test transaction on a public blockchain for the first time last week.
On Tuesday, the Senate voted to advance the GENIUS Act stablecoin regulation bill, which would create the U.S.’ first regulatory framework for stablecoins. Trump has said he wants crypto regulation ready to sign by the time Congress takes its August recess.
That news could be especially noteworthy for Bank of America (BAC-1.24%): The bank’ CEO Brian Moynihan said in February that Bank of America would issue its own stablecoin if a legal framework for doing so were to be established.
In August, Morgan Stanley (MS-1.00%) began allowing its financial advisors to pitch spot Bitcoin exchange-traded funds (ETFs) to certain clients. Morgan Stanley CEO Ted Pick told CNBC in January that the bank is looking for ways to get more involved in the crypto market.
Earlier this month, Coinbase (COIN-3.06%), the biggest crypto exchange in the U.S., joined the S&P 500 stock index, marking a big moment for the industry. The firm holds a reserve of Bitcoin estimated to be worth $750,000, according to CoinGecko. Tesla (TSLA-3.33%) is also a huge owner of Bitcoin, with an estimated $1.3 billion worth on its ledger.