Bitcoin surges above $106,000 on strategic reserve hopes

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a US 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 3.2% to $104,462.

Smaller crypto ether rose 1.5% to $3,965.