The price of bitcoin surged to a new record high Wednesday as the digital currency extended a rally fueled by renewed investor risk appetite and optimism about a favorable regulatory backdrop.

While people in the crypto space celebrated Bitcoin Pizza Day, the crypto king price shot up hitting a new all time high of $111,889.

Bitcoin prices jumped 1.5% Wednesday to an all-time high of $108,671.62. The cryptocurrency has been climbing since a recent low set in early April, when investors were selling all types of risky assets during the height of President Trump's trade war.