Bitcoin surged to a record high above $105,000 in early Asian trade on Monday, extending gains made since Republican Donald Trump, who has promised to champion cryptocurrencies, was elected US president in November.
Bitcoin hit a high of $105,142 and last traded at $104,666.
The price rose on news reports over the weekend that Trump would go ahead with a Bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.
“We’re in blue sky territory here,” Sycamore said. “The next figure the market will be looking for is $110,000.”
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