Bitcoin hits new record high of more than $106,000

Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency's price rise by more than 50% since Donald Trump's victory in the 5 November election.

The world's largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.

The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.

On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of the digital currency, similar to the country's strategic oil reserve.

Trump has also said he would nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC).

Last month, the SEC's current head, Gary Gensler, said he would resign from the role on the day of Trump's inauguration, on 20 January next year.

"I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour," Mr Gensler wrote on the social media platform X.

Trump had previously revealed plans to sack Mr Gensler on "day one" of his new administration after the SEC chairman took legal action against cryptocurrency firms, sparking controversy in some quarters.