The price of bitcoin (BTCUSD) surged to a new record high Wednesday as the digital currency extended a rally fueled by renewed investo🔯r risk appetite and optimism a🍎bout a favorable regulatory backdrop.

Bitcoin jumped to nearly $109,500 this morning, surpassing its previous high of around $109,300 set in January and up from an overnight low of jus♉꧃t under $106,000.

The digital currency had slumped in April to around $76,000 as investors fled risky assets such as cryptocurrencies and stocks amid concerns about tariffs and their potential impact on the economic outlook. Concerns about global trade tensions have subsided, at least for now, while investors remain hopeful that the Trump administration and crypto-supportive lawmakers will implement policies that benefit the asset class.

Shares of crypto-related firms—including major bitcoin buyer Strategy (MSTR), crypto exchange Coinbase Global (COIN), and bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT)—all were higher around midday.