Bitcoin surges above $106,000 on strategic reserve hopes

News Snapshot:

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls. Bitcoin, the world’s biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.1% at $104,493 at 0857 GMT. Smaller crypto ether rose 1.2% to $3,952. “We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG. “The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for...