Bitcoin Skyrockets as Trump Eyes US Crypto Reserve

Bitcoin reached record highs following President-elect Donald Trump's hints at establishing a U.S. bitcoin strategic reserve. This move is anticipated to foster a more favorable regulatory environment under the incoming administration, further boosting investor sentiment and elevating Bitcoin's role as a strategic global asset.

Bitcoin soared past $106,000 on Monday, fueled by President-elect Donald Trump's suggestion of a U.S. bitcoin strategic reserve. Such a reserve, akin to the strategic oil reserve, has sparked excitement among crypto enthusiasts.

Bitcoin, the world's leading cryptocurrency, hit $106,533, rising 2.6% to $103,917 by 1215 GMT. The market buzz was further amplified by cryptocurrency Ether's gains and the inclusion of MicroStrategy in the Nasdaq 100 index, which strengthened investor optimism.

The crypto sector is under the spotlight as Trump's administration hints at a friendlier regulatory approach, potentially positioning the U.S. as the global crypto leader. Bitcoin's value has surged 192% this year, with expectations of further growth amid evolving global currency dynamics.

(With inputs from agencies.)