Bitcoin hit a new all-time high on Wednesday, according to prices on top crypto exchanges Coinbase and Binance.
It’s now trading at more than $109,000.
The last time the asset, which has a $2.1 trillion market value, traded near this altitude was just before the pro-crypto president took office in January.
The surge should cap an especially stormy period for Bitcoin. After Trump hit dozens of nations, including Canada and Mexico, with steep tariffs in April, Bitcoin sank to $76,300.
In the last few weeks, the cryptocurrency reversed course and rebounded, according to CoinGecko.
The upshot of this white knuckle ride: crypto investors now have to watch Trump’s every move.
Trump’s tumultuous ride
In addition to his trade war, the president threatened to fire Jerome Powell, the chair of the Federal Reserve, and is seeking a massive tax cut that would decrease government revenue by $4.5 trillion and put further pressure on the dollar.
Indeed, last week Moody’s downgraded the US’s triple-A credit rating, and yields on Treasuries spiked in a sign investors are concerned about the fiscal health of the world’s biggest economy.