Bitcoin shatters records after progress on US legislation

The progress has clearly boosted hopes for regulatory clarity under the Trump administration

Bitcoin, the world's largest cryptocurrency, recorded a 2.6% increase to reach a record level of $109,730, surpassing its previous all-time high that it had nearly reached at the time of Trump's inauguration on January 20. Other cryptocurrencies like Ether and Ripple also rose

This increase comes after weeks of upward momentum in the cryptocurrency market thanks to positive regulatory developments, including the advancement of a stablecoin bill in the US Senate after a group of Democrats dropped their opposition to it on Monday

The industry-backed bill is expected to be presented for discussion in the Senate this week, with support from both the Republican and Democratic parties.