An analyst from one of the largest asset managers in crypto is outlining the key drivers behind Bitcoin's (BTC) historic bull run.

Bitcoin (BTC-USD) gained 0.6% to $118K in Wednesday morning trading, lifting crypto-related stocks, after President Donald Trump said he persuaded some conservatives that were blocking a vote on crypto legislation to let the bills proceed.

Bitcoin has hit a new all-time high, surpassing $123,000 on Monday. This marks a sharp rise from $108,000 just a week ago.

The cryptocurrency has extended its rally as lawmakers consider legislation that would bring digital tokens further into the mainstream.

An officer from the National Crime Agency (NCA) has been jailed for five and a half years after stealing nearly £60,000 worth of the cryptocurrency Bitcoin. Paul Chowles, 42, from Bristol, used the dark web to transfer Bitcoin belonging to a drug trafficker into his various accounts.

Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.

The cryptocurrency market is relatively calm on Wednesday as Bitcoin (BTC) attempts to extend its recovery above $119,000, following a sell-off to $115,736 the previous day. Altcoins, including Ethereum (ETH) and Ripple (XRP), offer bullish cues, reflecting steady interest from both institutional and retail traders.

Now, as U.S. president Donald Trump sees the bitcoin price and crypto going “through the roof,” the chief executive of crypto exchange Coinbase has issued a shock “10x” artificial intelligence crypto prediction.