Bitcoin Soars Above USD 106,000 - The Cryptocurrency's Value Has Risen Over 50% Since The US Election
Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested that he plans to create a strategic reserve of the cryptocurrency in the US, similar to an oil reserve.
Bitcoin, the world's largest and most popular cryptocurrency, hit a high of $106,533 and last traded up 3.2% at $104,462.
Cryptocurrencies have been catapulted into the spotlight as investors feel that the incoming Trump administration will bring a more friendly regulatory environment to these alternatives. Bitcoin is up 192% for the year.
Governments around the world have held 2.2% of the total bitcoin supply since July, according to data provider CoinGecko, with the United States holding nearly 200,000 bitcoins worth more than $20 billion at current levels. China, Great Britain, Bhutan and El Salvador are the other countries with significant amounts of this cryptocurrency.
Russian President Vladimir Putin said earlier this month that the current US administration was undermining the US dollar's role as a reserve currency in the global economy, using it for political purposes and forcing many countries to turn to alternative assets, such as cryptocurrencies. .
Bitcoin is up more than 50% since the November 5 election that saw Trump return to the White House. The total value of the cryptocurrency market has nearly doubled in the year to date to reach a record over $3.8 trillion, according to CoinGecko.
Trump, who once called cryptocurrency a fraud, praised the digital asset during his campaign, promising to make the United States "the crypto capital of the planet."
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