preCharge News BUSINESS — Bitcoin hit a fresh record on Wednesday afternoon as an Nvidia-led rally in equities helped push the price of the cryptocurrency higher into the stock market close. Just before 4:00 p.m. ET, it hit a high of $112,052.24, surpassing its May 22 record of $111,999.

The flagship cryptocurrency has been trading in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds and public companies racheting up their bitcoin purchases.

“The same fundamentals of a scarce asset are at play amid record-breaking budgets and debt ceilings,” said Chris Kline, chief operating officer and cofounder of BitcoinIRA. “There is a friendly regulatory environment, and bitcoin has gained legitimacy from institutional adoption. Additionally, the rumor mill has continued to accelerate speculation that Fed Chair Jerome Powell may either step down or be removed, which has crypto bulls excited about a potential rate cut.”

“This is a perfect storm for even the smallest catalyst to springboard bitcoin and crypto overall to new price discovery levels and … more volatility,” he added.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.