Less than 24 hours before President Donald Trump was set to host a gala for crypto investors, the price of bitcoin hit a new all-time high — a confluence of events likely to bolster Trump's reputation as a champion of digital assets even as the dinner has raised ethical concerns.

The cryptocurrency has been on a months-long tear thanks to the pro-crypto Trump administration and April's tariff chaos.

Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month's tariff-induced selloff.