Bitcoin has reached yet another all-time high, surpassing $118,000 for the first time on Friday — as a flood of money continues to move into spot bitcoin ETFs, all while U.S. President Donald Trump's crypto-friendly influence makes its way through Washington.

Investors are betting that a slew of long-sought policy wins for the industry, expected next week, could invite new investment in the asset class.

Data from CoinMarketCap shows bitcoin peaked at $118,856 early Friday before dipping slightly below the $118,000 mark in the afternoon. Despite the minor decline, it remained near its record, up roughly $8,000 from a month ago and more than double its value from a year earlier.

Expanded tax cuts and spending in the “big, beautiful bill” underscore why investors should hold Bitcoin, says Matt Hougan.

The Dow, S&P 500 and Nasdaq retreat from record highs as President Trump rolled out a fresh tariff against Canada, following Brazil hit. Meanwhile, the Federal Reserve and Chairman Powell are under fire for spending on renovations.

Sen. Cynthia Lummis (R-WY) introduced a bill Thursday that would codify many Bitcoin and crypto tax perks industry leaders have hoped for.

This week, bitcoin hit a new all-time-high (above $118K) on the back of strong ETF flows and at least $280 million in new bitcoin treasury investments.

Bitcoin ( BTC-USD) vaulted to a fresh all-time high Thursday, breaking above $113,000 amid a wave of bullish momentum across risk assets.

The industry’s courtship of Donald J. Trump resulted in one of the great lobbying free-for-alls in recent Washington history.