Buoyed by growing demand from institutional investors and by the pro-cryptocurrency policies of the administration of American President Donald Trump, Bitcoin soared to an all-time high on Friday.

The world's largest cryptocurrency hit a high of $116,781.10 in Friday's Asian session, bringing its annual gains to over 24%. At the last score, it traded at $116,563.11

According to Joshua Chu, co-president of the Hong Kong Web3 Association, “Bitcoin's new all-time high is fuelled by relentless institutional accumulation: big players are absorbing supply and drying up liquidity on exchange platforms.”
In March, Donald Trump signed an executive order to establish a strategic cryptocurrency reserve. He also named several figures in favor of cryptos, including Paul Atkins, chairman of the Securities and Exchange Commission, and David Sacks, head of artificial intelligence at the White House