Bitcoin's price surpassed the $100,000 mark on Thursday as investors bet on a friendly regulatory shift in the US, while Asian stocks remained firm after Wall Street indexes recorded new highs. The rise in Bitcoin's value is largely attributed to the industry's institutionalisation and ETF inflows.
SINGAPORE – Bitcoin broke $100,000 on Thursday as investors bet on a friendly regulatory shift in the US, while Asian stocks were firm after Wall Street indexes notched record highs on growing confidence in US interest rate cuts."At the end of the day, it's just a number," said Geoff Kendrick, global head of digital assets research at Standard Chartered.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in morning trade as selling in Hong Kong offset gains in Australia and Japan. Japan's Nikkei rose about 0.6% to hit a three-week high.The closely watched US ISM survey showed services sector activity slowed in November after posting big gains in recent months. Benchmark 10-year Treasury yields fell three basis points to 4.182%. They were steady in Asia trade.
"Generally data in the US has continued to be pretty resilient," said RBC Capital Markets' chief economist in Sydney, Su-Lin Ong, noting measures such as the Atlanta Fed's GDPNow estimate are for solid growth at 3.2% in the fourth quarter.S&P 500 futures slipped a tad while European futures fell 0.3%. German stocks are up 4% in a week and at record-high levels.The dollar tracked US yields lower in the foreign exchange market, although not by much. The euro was pinned at $1.
BITCOIN PRICE REGULATORY OPTIMISM ASIAN STOCKS WALL STREET ETF INFLUENCE
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