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) and was trading at more than $105,000 in Asia trade on Monday morning.

Bitcoin continued its post-election rally Sunday, hitting a new record high above $106,000, days after President-elect Donald Trump again suggested the creation of a national strategic reserve of the cryptocurrency.

Bitcoin rose to a record high as it regained its upward momentum following a period of consolidation. The cryptocurrency rose to a high of $106,533 overnight, according to LSEG. Early Monday it was trading up 3.

The U.S. dollar hovered close to a three-week high versus other major currencies on Monday, ahead of a week of central bank meetings in which markets expect the Federal Reserve to cut interest rates but signal a measured pace of easing for 2025.

Bitcoin (BTC-USD) surged above $106K on Monday before paring some gains, as the Federal Reserve's interest rate cut decision is expected to come in the week.  The cryptocurrency had hit $106,449, but retreated back to $104K soon enough.

Bitcoin rallied to a new all-time high Sunday evening as investors awaited the Federal Reserve's final interest rate decision of the year.