Bitcoin surges above $106,000 on strategic reserve hopes
Donald Trump suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil 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% at $104,493 at 0857 GMT. Smaller crypto ether rose 1.2% to $3,952.
«We're in blue sky territory here,» said Tony Sycamore, an analyst at IG. «The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news.»
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.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details» 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% for the year.
Stock Trading
Options Scalping Made Easy
By —
