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 3.2% to $104,462. Smaller crypto ether rose 1.5% to $3,965.

"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." (Reuters)