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Stock Market Hits Pause as Investors Eye Jobs Data; Bitcoin Surges Past $100,000

                                         US stock futures stalled on Thursday as investors awaited fresh jobs data, causing the Nasdaq, Dow, and S&P 500 to hit a pause on their recent rallies. Meanwhile, Bitcoin continued its impressive run, surpassing the $100,000 mark. Market Movements Dow Jones Industrial Average (YM=F): Futures were little changed, signaling a pause in the record-setting rally that saw the Dow close above 45,000 for the first time. S&P 500 (ES=F): Contracts hovered below the flat line, with investors counting down to Friday's monthly jobs report. Nasdaq 100 (NQ=F): Also saw little movement, with futures hovering below the flat line. Bitcoin's Surge Bitcoin (BTC-USD) reached around $102,500 after breaking through the key $100,000 level late on Wednesday. This surge is driven by hopes for a crypto-friendly administration under President-elect Donald Trump, ...
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Bitcoin Surges to New Heights Before Swift Retreat

 

In a thrilling rollercoaster ride, Bitcoin recently scaled dizzying heights, briefly touching an all-time high of over US$69,000. However, the euphoria was short-lived as the cryptocurrency swiftly retreated, shedding thousands of dollars within hours.

The Record-Breaking Moment:

  • Historic High: On Tuesday, Bitcoin achieved a milestone by surpassing its previous peak from November 2021. Back then, it had soared before plummeting below US$17,000 due to rising interest rates and the collapse of major crypto exchange FTX.
  • ETFs Fueling Momentum: The debut of Bitcoin-focused exchange-traded funds (ETFs) in the U.S. has been a game-changer. These ETFs provide an accessible avenue for investors who want exposure to Bitcoin without the complexities of crypto wallets or centralized exchanges. The influx of institutional buyers has also contributed to the recent surge.
  • Resilience and Staying Power: Despite being declared “dead” multiple times, Bitcoin continues to defy setbacks. Its resilience has caught the attention of institutions worldwide, making it increasingly difficult to ignore.

Market Dynamics:

  • Institutional Interest: Notably, more institutional players are entering the crypto arena, drawn by the allure of digital assets.
  • WonderFi’s Surge: Toronto-based WonderFi, owner of Coinsquare, witnessed a staggering 300% increase in trading volumes as Bitcoin’s price soared to a record high in Canadian dollars last week.

As we navigate this volatile landscape, all eyes remain on Bitcoin’s next move. Will it reclaim its throne or face another twist in the crypto saga? Only time will tell.


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