Bitcoin reached record highs, supported by demand from institutional investors and the favorable policy of US President Donald Trump's administration.

The world's largest cryptocurrency peaked at $116,046.44 shortly after midnight, surpassing the previous record of $113,734.64 set earlier on July 10. Bitcoin has risen by about 24% since the beginning of the year.

In March, Trump signed an executive order to create a strategic reserve of cryptocurrencies. He also appointed several individuals who are sympathetic to cryptocurrencies, including Paul Atkins of the Securities and Exchange Commission and David Sax, the White House's artificial intelligence czar.

Trump's family business is also entering the world of cryptocurrencies. Trump Media & Technology Group (DJT.O) plans to launch an exchange-traded fund for investments in multiple cryptocurrencies, including Bitcoin.

Ethereum also rose 3.01% to $2,905.24. | BGNES