Benchmark cryptocurrency bitcoin (BTC) ran up a fresh all-time high of more than $106,000 in Monday’s early hours.
The BTC/USD pair climbed as high as $106,658 before sliding back below $105,000 at the time of writing.
Bitcoin, as the world’s largest cryptocurrency by market capitalisation, has been riding the waves of positive political and regulatory developments in the US.
Spot-bitcoin exchange-traded funds approved earlier in the year continue to see sizable inflows, with four of last week’s five trading sessions showing inflows of more than $40-0 million.
Farside data shows more than $2 billion entering the spot-bitcoin ETF market in the week.
Bitcoin is also being bolstered by incoming US president Donald Trump's pledge to sign off a raft of pro-crypto policies when he takes office.
Bitcoin’s previous ATH was achieved less than two weeks earlier, when it surpassed $104,000 on 5 December.
Technical indicators remain strong for the BTC/UD pair, with the 50-day moving average (MA) widening its gap to the upside from the 200-day MA. This is considered a bullish indicator by chart analysts.
Bitcoin is up 147% year to date – Source: tradingview.com