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 price of bitcoin rose to a fresh peak near $112,000, extending a recent rally. The digital token rose as high as $111,875 in overnight trading, according to the CoinDesk Bitcoin Price Index. It had set new records for both end-of-day and intraday levels on Wednesday.

Options data shows traders are increasingly betting the bitcoin price will climb to $300,000 by June—a level that would give bitcoin a market capitalization of around $6