• Notification Date: 06-12-2024
• Notification No: N/A

Bitcoin Surpasses $100,000 as Global Stocks Hit Record Highs

Bitcoin surged past $100,000 on Thursday, driven by investor confidence over a potential shift in U.S. cryptocurrency management. This milestone came as global stock markets also reached new record highs, strengthened by positive comments from Jerome Powell, the head of the U.S. Federal Reserve. Powell's remarks about a stronger-than-expected economy significantly boosted investor confidence, contributing to the strong performance of both stock markets and Bitcoin.

In Europe, the French government lost a key confidence vote, marking the first time since 1962 this has occurred. However, this was broadly expected and had little influence on the market, with French and Euro stocks remaining steady. Meanwhile, U.S. stock futures showed little change after all three major U.S. indexes closed at record highs.

Bitcoin's price hike was further supported by the nomination of Paul Atkins, a former SEC commissioner, to head the U.S. Securities and Exchange Commission (SEC). Atkins, an advocate for cryptocurrency, reassured investors. The rise in Bitcoin is also attributed to increased institutional investment, particularly through exchange-traded funds (ETFs). Optimism in the markets was bolstered by expectations of a possible U.S. interest rate cut in December, with investors betting on further rate cuts in 2025. The chance of a December rate cut is currently around 75%.

Meanwhile, oil prices slightly increased ahead of an OPEC+ meeting, where an extension of oil production cuts is expected. Gold prices dipped slightly, and the Australian dollar fell after disappointing growth data. Overall, the market is riding high, though some experts caution that future economic policies and political changes could bring risks to this optimism.