Bitcoin Reaches Record High Above $105,000

Bitcoin made headlines once again as it surged to an unprecedented high above $105,000 in early Asian trade on Monday. This significant milestone extends the cryptocurrency's gains since the election of Donald Trump, a staunch supporter of cryptocurrencies, as the U.S. president in November.

The digital currency reached a peak of $105,142 before settling at $104,666. Analysts attribute this surge to recent news reports suggesting that Trump plans to establish a bitcoin strategic reserve fund, as noted by 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."