Price move gives renewed hope that the digital token can achieve a kind of escape velocity against almost any economic backdrop.

Bitcoin’s price increase comes after the crypto industry scored a major win with the U.S. Senate advancing legislation that creates a federal framework to regulate the stablecoins, a fast-growing form of cryptocurrency whose values are often tied to the U.S. dollar.

The crypto asset reached $111,886.41 at around 4am on Thursday morning, before levelling out at around $110,726.40 by mid-morning.