Bitcoin reached a new all-time high on Wednesday, surpassing the previous record set in January during Donald Trump's inauguration.

See more: The price of Bitcoin breaks a new record after regulatory advances in the United States.

The upward movement has been driven by structural, political, and regulatory factors that reinforce the narrative of institutional legitimization of the crypto ecosystem.

Legislative progress in the United States has been one of the main catalysts. This week, Congress overcame a procedural blockade in the debate over the GENIUS Act, a proposal that seeks to establish a federal framework for the regulation of stablecoins. It will now be voted on in the full Senate.

The shift in political stance became evident after the withdrawal of opposition from a group of Democratic senators, clearing the way for bipartisan approval.

The project includes new restrictions on money laundering, controls for foreign issuers, and greater consumer protections, elements that point to a more mature and homogeneous regulation for local and global issuers.

The legislative approval is seen as a sign of political and institutional support for the use of digital assets, especially in the traditional financial sphere,” said Antonio Di Giacomo, Financial Markets Analyst for LATAM at XS.

This political dynamic is joined by signals of strong institutional inflow. Investment in Bitcoin ETFs in the U.S. surpassed $3.6 billion just in May, while open interest in BTC futures on the CME recovered by 23% from its April low, according to Bloomberg data.