The price of the flagship cryptocurrency was last higher by nearly 3% at $106,126.74, according to Coin Metrics. Earlier it rose as high as $107,229.38, a new record. Ether rose 3% to break through the key $4,000 level. The broader crypto market, as measured by the CoinDesk 20 index, traded more than 1% higher.

Megacap tech shares muscled the S&P 500 and the Nasdaq to higher closes on Monday as U.S. Treasury yields paused and investors readied for a busy central bank week. Bitcoin surged, touching a new high after U.

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. BTC was up 2.1% to $104,495 as at 5:35 am ET.