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.”
Bitcoin has surged more than 50% since the Nov. 5 election that saw Trump elected along with many other pro-crypto candidates.
The cryptocurrency industry spent more than $119 million backing pro-crypto U.S. congressional candidates, hoping to boost those who would pass crypto-friendly bills to promote digital assets.
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
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Jaishankar, India’s External Affairs Minister, believes that finding an equilibrium between India and China is important for both countries. He also emphasizes the value of India’s relationships with countries like Russia, Canada, and the US, and the need to navigate these partnerships carefully.
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