Bitcoin Breaks Records Amidst Political Waves

Bitcoin surged past $105,000, marking a new record high during early Asian trading on Monday. This spike is linked to Donald Trump's election as U.S. president and his pro-cryptocurrency stance, including reports of a bitcoin strategic reserve fund. Analysts eye the next milestone: $110,000.

Bitcoin has soared to record heights, surpassing $105,000 during early Asian trading on Monday. This remarkable upward trajectory traces back to the election of Republican Donald Trump as U.S. president, who has voiced strong support for cryptocurrencies.

Reaching a peak of $105,142 before settling at $104,666, Bitcoin's rise was fueled by reports that Trump is considering establishing a strategic reserve fund dedicated to the cryptocurrency. These developments were analyzed by Tony Sycamore at IG, highlighting the significant impact of political moves on crypto markets.

As investors revel in this 'blue sky territory', the market's attention now shifts to the potential of Bitcoin reaching $110,000, a target that seems increasingly attainable with the current momentum.

(With inputs from agencies.)