Bitcoin powers above $105,000 for first time
(Reuters) -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 U.S. 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."
(Reporting by Kevin Buckland in Tokyo and Lincoln Feast in Sydney; Editing by Lisa Shumaker)
Shandor Brenner is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.