Bitcoin hits new price highs as crypto industry scores wins

Bitcoin hit a new all-time high as the world s bulk popular cryptocurrency reached price levels not seen since President Donald Trump s inauguration The digital asset traded above Wednesday morning a huge increase from latest lows of about last month Several other cryptocurrencies have seen similar large gains in latest days That includes Trump s official meme coins which have jumped up about in the last month The president is set to have dinner Thursday with selected of the meme coins biggest investors a move that s drawn intense criticism from a few 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 law 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 electoral process 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 in December His administration has established a strategic bitcoin reserve for the U S executive and dropped or paused several enforcement actions against major crypto companies Source