The Bitcoin faithful have many reasons to rejoice. With what is widely seen as a crypto-friendly US administration on the horizon, the digital asset extended its rally and zoomed past $100,000 to set a new record. The latest jump was keyed by President-elect Donald Trump’s selection of Paul Atkins to run the Securities and Exchange Commission, replacing Gary Gensler, who cracked down on the crypto industry. The milestone pushed the market value of Bitcoin to just shy of $2 trillion and caps a monthlong rally in vindication for permabulls who held fast through the crash of 2022 and the scandals that followed. And they are hungry for more. “Bitcoin reaching $100,000 signals the next phase of the bull run,” said Fadi Aboualfa, head of research at crypto custodian Copper Technologies.
Stocks are peaking too. Global equities have been on the upswing and it looks like the Santa rally arrived just in time to give them another boost. Tech stocks powered gains in the US, which nudged a gauge of global stocks to a new high. Japan and Taiwan led in Asia, while Singapore’s benchmark flirted with a record close, driven by banks rising on optimism over their profit outlook and dividend payouts.
