Bitcoin hits another record high

Bitcoin rallied to another all-time high on Thursday helped by rising demand from institutional investors as well as friendly policies of the administration of U.S. President Donald Trump.

In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Paul Atkins and White House AI czar David Sacks.

Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund that will invest in multiple crypto tokens including bitcoin, according to an SEC filing on Tuesday.

The world's largest cryptocurrency rose to a fresh record high of $113,734.64. It is now up about 21% this year.