Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.<\/p>\n
Bitcoin, the world\u2019s biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.1 per cent at $104,493. Smaller crypto ether rose 1.2pc to $3,952.<\/p>\n
\u201cWe\u2019re in blue sky territory here,\u201d said Tony Sycamore, an analyst at IG. \u201cThe next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn\u2019t happen, because now we\u2019ve got this news.\u201d<\/p>\n
Investor sentiment also got a lift from the inclusion of MicroStrategy into the tech-heavy Nasdaq 100 index that will likely lead to more inflows for the software firm turned bitcoin buyer.<\/p>\n
Bitcoin and crypto have been catapulted into the spotlight as investors wager the incoming Trump administration will usher in a friendlier regulatory environment, boosting sentiment around the alternate currency. Bitcoin is up 192pc for the year.<\/p>\n
\u201cWe\u2019re gonna do something great with crypto because we don\u2019t want China or anybody else \u2014 not just China but others are embracing it \u2014 and we want to be the head,\u201d Trump told CNBC late last week.<\/p>\n
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: \u201cYeah, I think so.\u201d Governments around the world held 2.2pc of bitcoin\u2019s total supply as of July, according to data provider CoinGecko, with the United States possessing nearly 200,000 bitcoins valued at more than $20 billion at current levels.<\/p>\n
China, UK, Bhutan and El Salvador are the other countries with significant amount of bitcoins, data site BitcoinTreasuries showed.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls. Bitcoin, the world\u2019s biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.1 per […]<\/p>\n","protected":false},"author":1,"featured_media":3951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/3950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3950"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/3950\/revisions"}],"predecessor-version":[{"id":3952,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/3950\/revisions\/3952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/3951"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}