Bitcoin hits record high above $106,000 on Trump's strategic reserve plans
Bitcoin (BTC), the world's largest cryptocurrency by market value, soared to a record high above $106,000 on Monday after US President-elect Donald Trump proposed creating a Bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto investors.
BTC reached an all-time high of $106,533 and was trading 2.2% higher at $104,646 in the past 24 hours as of 10:07 AM IST. Ethereum, the second-largest cryptocurrency, also rose 1.5%, trading at $3,954 during the same period.
«This remarkable surge is largely attributed to recent comments from U.S. President-elect Donald Trump, who confirmed plans to explore Bitcoin as a potential reserve asset for the United States. The announcement has sparked interest and optimism in the market, contributing to a nearly 5.56% increase over the past week,» said Shivam Thakral, CEO of BuyUcoin.
Meanwhile, Vikram Subburaj, CEO of Giottus, said, «Bitcoin set a new high above $106,000 today and is consolidating above $104,000 currently. The top crypto asset continues to be bullish on lower timeframes and with a US interest rate cut announcement likely this week, it can take out $110,000 before any retracement. This will be helped by spot ETF inflows which were considerably solid
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