Bitcoin reportedly hit an all-time high of $109,730 Wednesday (May 21), driven in part by the Monday (May 19) news that a stablecoin bill advanced in the U.S. Senate.

The cryptocurrency reached its previous record high around the Jan. 20 inauguration of President Donald Trump, which heightened the market’s hopes for regulatory clarity around crypto, Bloomberg reported Wednesday.

Bitcoin has also benefited from some investors’ belief that it offers a haven from financial market turmoil, from some companies stockpiling the token, and from the greater variety of bitcoin exposure available to investors, according to the report.

The crypto industry-backed bill in the Senate is set for debate and could pass as soon as this week, per the report.

“It’s the shift of approach from [former Securities and Exchange Commission Chair Gary Gensler and the SEC] to this Trump administration, which has embraced our industry,” Michael Novogratz, founder and CEO of Galaxy Digital, told Bloomberg TV Wednesday. “That freed up the animal spirits both here and abroad.”

The Senate voted to advance the country’s first stablecoin legislation, the GENIUS Act, an acronym for Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, on Monday after weeks of political back-and-forth, PYMNTS reported Tuesday (May 20).

“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,” Senate Banking Committee Chairman Sen. Tim Scott, R-S.C., said in a press release. “After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security.”

After hitting its previous record high in January upon Trump’s inauguration, the price of bitcoin fell by as much as 30% when new tariffs led to a market downturn.

However, it rose back above the $100,000 mark for the first time in three months on May 8 amid anticipation for a relaxation of global tariff-related tensions following a new trade deal.

“It just speaks to the large amount of demand for digital assets in the industry, and especially bitcoin,” Cosmo Jiang of Pantera Capital told Bloomberg at the time.