Cryptocurrency News! Woop woop!!!
Bitcoin surges above $106,000 on strategic reserve hopes
By Reuters
December 16, 20249:13 AM GMT+8
Bitcoin hits record high amid Trump's pro-crypto stance
Bitcoin up over 50% since Nov US election
Last traded at $105,309
Dec 16 (Reuters) - Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve.
Bitcoin , the world's biggest and best known cryptocurrency, hit a high of $106,533 and last traded at $105,688. Smaller crypto ether rose nearly 3% to 4,014.
"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."
"We're gonna do something great with crypto because we don't want China or anybody else - not just China but others are embracing it - and we want to be the head," Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: "Yeah, I think so."
Other countries have also been considering cryptocurrency strategic reserves.
Russian President Vladimir Putin earlier this month questioned the need to hold state reserves in foreign currencies, saying that domestic investment of such reserves was more attractive.
Putin said the current U.S. administration was undermining the role of the U.S dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.
