Bitcoin tops $106,000 for first time

Bitcoin surged to an all-time high above $106,000 in early Asian trading on Monday, boosted by comments from US President-elect Donald Trump suggesting he plans to create a US strategic reserve for bitcoin similar to the strategic oil reserve.

Bitcoin, the world’s largest and most popular cryptocurrency, hit a high of $106,533 and was last trading at $105,688, according to Reuters.

“We’re at the record level now,” said Tony Sycamore, an analyst at IG. “The next one that the market is looking for is $11,000. The pullback that a lot of people were waiting for just didn’t happen.”

“We’re going to do something great with crypto,” Trump, the US president-elect, told CNBC last week. Asked if he planned to build a cryptocurrency reserve similar to an oil reserve, Trump said, “Yes, I do.” Other countries are considering creating strategic reserves of cryptocurrencies.a