Latest News

MORNING Quote AMERICAS-Bitcoin: to $90,000 and beyond?

A look at the day ahead in U.S. and global markets from Dhara Ranasinghe Nearly a week on from the U.S. election and investors are wasting no time at all betting on who they believe will be the most significant winners (and losers of course) of a new Donald Trump administration.

Say no more than the word bitcoin. The cryptocurrency, described by some as digital gold has surged more than 25%. given that Trump's win and stood on the verge of $90,000 on Tuesday .

Its year-to-date gain stands at more than 100%.

At the heart of the current rise is the understanding that a. brand-new Trump administration will introduce a more crypto-friendly. environment, with financiers seeing an end to increased examination. under U.S. Securities and Exchange Commission Chair Gary. Gensler, whom Trump has stated he will replace.

Trump accepted digital properties throughout his campaign, promising. to make the United States the crypto capital of the planet and. to accumulate a nationwide stockpile of bitcoin.

Crypto miner Riot Platforms jumped almost 17% on. Wall Street overnight, pushing greater still in after-hours. trade. Fellow miners MARA Holdings and CleanSpark. jumped almost 30%.

With the focus on the winners of Trump's election win last. week, Tesla shares likewise stand out with the automaker up practically. 40% in the past week.

As markets evaluate what's to come under Trump 2.0, economic. data could play 2nd fiddle for now.

Still, the Federal Reserve's Senior Loan Officer Viewpoint. Survey on Bank Loaning Practices, which offers a sense of how. credit conditions are faring, need to get some attention.

The last study, launched in August, revealed U.S. banks. reported the same need for business and commercial loans in. the 2nd quarter, the first time in two years that require did. not compromise.

Any more signs that credit conditions are in fairly. strong shape may contribute to the perception that U.S. interest rates. may not need to fall as quickly as awaited - specifically if. tax cuts and tariff hikes under a Trump administration fuel. inflation.

Markets price in roughly 80 basis points of U.S. rate cuts. by end-2025, compared with just over 100 bps a week back.

No surprise then that the dollar is increasing to near four-month. peaks versus other huge currencies, and the euro is languishing. at seven-month lows around $1.0617.

The single currency, down nearly 3% in the past week, is. distinctly in the losers' camp post the U.S. election.

Capital Economics anticipates the euro to fall to parity. versus the greenback by the end of 2025, believing that tariffs. will be imposed next year and the ECB will reduce by more than. financiers expect. Secret advancements that need to offer more instructions to U.S. markets later on Tuesday:. * German ZEW index. * Federal Reserve's Senior Loan Officer Viewpoint Survey on Bank. Providing Practices. * Fed speakers Christopher Waller, Thomas Barkin, Neel Kashkari. and Patrick Harker

(source: Reuters)