TOKYO — Bitcoin achieved a milestone by exceeding $100,000 for the first time ever, as most Asian stock markets experienced gains on Thursday, influenced by a record surge in Wall Street markets.
U.S. futures showed slight declines while oil prices experienced a modest rise.
The cryptocurrency Bitcoin has seen an extraordinary climb from $69,374 recorded on November 5, coinciding with Election Day, to a significant leap late Wednesday in U.S. time, following President-elect Donald Trump’s appointment of crypto supporter Paul Atkins as the new head of the Securities and Exchange Commission. By 11 p.m. ET, Bitcoin was valued at $103,308.27, reflecting an increase of 4.7%.
In South Korea, the Kospi index dropped 0.4% to 2,452.34, extending a prior day’s decline of 1.4%. This downturn occurred amid President Yoon Suk Yeol facing potential impeachment due to his unexpected martial law declaration on Tuesday, which he rescinded six hours later.
Yoon accepted the resignation of his defense minister on Thursday while opposition factions moved toward impeachment for both. A joint motion for impeachment was filed by the principal opposition Democratic Party alongside several smaller parties in response to the martial law incident.
Other Asian markets displayed mixed results: Japan’s Nikkei 225 index rose by 0.4% to 39,435.89, while Australia’s S&P/ASX 200 index increased slightly by 0.2% to 8,480.80. Conversely, Hong Kong’s Hang Seng index fell by 1.1% to 19,516.98, and the Shanghai Composite saw a marginal uptick of 0.2% to 3,370.18. Taiwan’s Taiex climbed 0.3%, with India’s Sensex edging up by 0.2%.
Commenting on the situation, Stephen Innes, a managing partner at SPI Asset Management, noted, “As the dust settles and a fragile calm returns to the Korean markets, Asia braces for a bouncy Thursday. The mood is buoyed further by a fresh wave of record highs on Wall Street.”
On Wednesday, market optimism was bolstered by positive statements from tech companies regarding the growing artificial intelligence sector. The S&P 500 index rose by 0.6% to 6,086.49, continuing what is expected to be one of its strongest years since the millennium, with the index marking its 56th all-time high this year after having increased in 11 of the last 12 trading sessions.
Additionally, the Dow Jones Industrial Average experienced a gain of 0.7%, reaching 45,014.04, while the Nasdaq composite advanced by 1.3%, closing at a record of 19,735.12. Salesforce played a critical role in driving market momentum with an 11% increase after reporting revenue that surpassed analysts’ expectations, even though its profit marginally fell short.
In his remarks, CEO Mark Benioff emphasized the impact of the company’s artificial intelligence solutions, stating, “The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.” Such positive sentiments also fueled Nvidia’s stock, known for supplying chips integral to the AI movement, which rallied by 3.5%, becoming a notable driver behind the S&P 500 uptick.
Retailers have shown mixed signals regarding consumer spending resilience, which has been a primary factor in the U.S. economy avoiding a recession, especially after the Federal Reserve’s interest rate hikes aimed at combating inflation. However, consumers continue to face high prices and a weakening job market.
Wall Street’s highlight for the week is expected to be the upcoming government jobs report on Friday, detailing the net hires and layoffs for the previous month. There are growing anticipations that the Fed may lower its main interest rate again during its meeting in two weeks. After commencing a reduction from a two-decade high in September, the Fed’s aim is to bolster the job market amid concerns of slowing growth.
The central bank, led by Chair Jerome Powell, indicated that it could afford to make cautious rate cuts due to a decrease in inflation from its peak two years prior coupled with a stable economy.
In the bond market, the yield on the 10-year Treasury note declined to 4.18% following a previous rate of 4.23%.
As trading commenced on Thursday, benchmark U.S. crude oil prices rose by 6 cents to $68.60 per barrel, while the international Brent crude also saw a 6 cent increase, pricing at $72.37 per barrel.
In foreign currency trading, the U.S. dollar slipped to 150.29 Japanese yen from a previous rate of 150.62 yen. The euro was priced at $1.0525, a slight increase from $1.0510.
