Bitcoin rallies past $107,000

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SINGAPORE:

Bitcoin's record rally topped $107,000 on Monday after President-elect Donald Trump reiterated that he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

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.

Bitcoin, the world's biggest and best known cryptocurrency, extended gains to a session high of $107,148 and was most recently at $106,877, up 5.43% from late Friday. The Number 2 digital currency ether was up 1.85% at $3,975.70.

"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 just didn't happen, because now we've got this news."