Bitcoin Reaches Unprecedented Heights Amid Pro-Crypto Presidency

Bitcoin soared above $105,000, driven by support from President Trump, who backs cryptocurrencies. The market anticipates further growth as Trump's policies, including a strategic reserve fund and appointments, aim to bolster digital assets. This rise underscores a substantial $119 million political investment by the crypto industry.

In a remarkable surge, Bitcoin has broken past the $105,000 milestone, marking a historic high in early Asian trade on Monday. This spike comes in the wake of Republican President Donald Trump's ascent to office, a presidency noted for its pro-cryptocurrency stance.

The digital currency reached an unprecedented $105,142 before settling at $104,666. Market analysts, including IG's Tony Sycamore, attribute this rise to weekend reports confirming Trump's plans for a Bitcoin strategic reserve fund.

The past month has seen Bitcoin's value climb by more than 50%, influenced by a $119 million investment by the cryptocurrency sector to support pro-crypto U.S. congressional candidates. Notably, Trump has appointed David Sacks as a White House czar for artificial intelligence and cryptocurrencies, solidifying his administration's commitment to digital innovations.

(With inputs from agencies.)