NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto moves from the Trump administration.

The world’s largest cryptocurrency was last trading around $122,000 on Monday, extending its year-to-date gains by over 25 percent.

The rally comes as President Donald Trump continues to embrace digital assets. In March, he signed an executive order to create a strategic cryptocurrency reserve. He has also appointed crypto-friendly figures to key roles, including Paul Atkins at the Securities and Exchange Commission and David Sacks as the White House AI czar.

Trump’s own business interests are deepening their crypto involvement. Trump Media & Technology Group is planning to launch an exchange-traded fund that would invest in multiple crypto tokens, including bitcoin, according to a SEC filing at the beginning of this week.