Bitcoin briefly hit an all-time high after the advancement of stablecoin legislation in the US stoked hopes of regulatory clarity under President Donald Trump.

The largest cryptocurrency climbed as much as 2.7% to a record $109,856, before paring much of the gain while broader financial markets retreated. The previous high was set at roughly the time of Trump’s inauguration on Jan. 20. Smaller tokens such as Ether and XRP also gave back modest increases.