Bitcoin surges above $106K on reserve hopes

Washington: Bitcoin surged to a record high above $106,000 on Monday after the US President-elect Donald Trump suggested he plans to create a bitcoin strategic reserve, stoking the enthusiasm of crypto bulls.

Bitcoin , the world’s biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.1 per cent at $104,493 at 0857 GMT. Ether rose 1.2 per cent to $3,952. Investor sentiment also got a lift from the inclusion of MicroStrategy into the tech-heavy Nasdaq 100 index that will likely lead to more inflows for the software firm turned bitcoin buyer, Reuters reported.

Bitcoin and crypto have been catapulted into the spotlight as investors wager the incoming Trump administration will usher in a friendlier regulatory environment, boosting sentiment around the alternate currency.

Bitcoin is up 192 per cent for the year.