Bitcoin soared to a record high above $105,000 in early Asian trade on Monday, extending gains made since Republican Donald Trump, who has vowed to champion cryptocurrencies in November, was elected US president.
Bitcoin reached a high of $105,142 and last traded at $104,666.
According to IG analyst Tony Sycamore, prices rose on news reports over the weekend that Trump would move ahead with the Bitcoin Strategic Reserve Fund.
“We’re in blue sky territory here,” Sycamore said. “The next figure the market is looking for is $110,000.”
Bitcoin has gained more than 50% since Trump was elected along with several other pro-crypto candidates following the November 5th election.
The cryptocurrency industry has spent more than $119 million to support pro-crypto US congressional candidates in hopes of boosting those who pass crypto-friendly bills to promote digital assets.
Trump this month named the White House czar for artificial intelligence and cryptocurrency, former PayPal executive David Sachs, a Trump adviser and close friend of megadonor Elon Musk.
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