Bitcoin rose to over $110,800 for the first time on record as the deregulation of cryptocurrencies by the US government magnified the positive momentum since mid-April.

Democrats in Congress dropped their opposition to a bill aiming to regulate stablecoins, paving the way for legislation to be passed by the end of the week.

The move strengthened expectations that government regulation of cryptocurrencies pegged to the US dollar could stimulate the adoption of the asset class.

Bitcoin had already rallied this year despite the lingering economic uncertainty that can typically pressure riskier assets, seemingly benefitting from investors who pivoted out of dollar-denominated assets amid unpredictable economic policy in the US. The world’s most trade cryptocurrency was also supported by continuous buying from institutional cryptocurrency holding funds, especially Michael Saylor’s Strategy with its special focus on Bitcoin.