Most recently, Bitcoin (BTC-USD) traded at $97,942, just shy of a milestone price of $100,000. Naysayers who confused scam platforms with Bitcoin missed out on its meteoric rise over the last few years. This month, Trump’s election win solidified Bitcoin’s breakout.
Markets expect the incoming administration to loosen regulations for cryptocurrencies. In addition, markets expect the U.S. to spend heavily supporting its government programs. It also needs to pay interest on its debt. Long-term Treasury bonds declined while the U.S. dollar (UUP) strengthened. Gold stocks fell as investors shifted from the metal to Bitcoin.
MicroStrategy (MSTR), which kept taking debt to buy Bitcoin, traded near $550 before plunging by 16.16% on Thursday. The stock lost 16% after Citron Research disclosed a short position. Citron praised Michael Saylor for his visionary Bitcoin strategy. However, the analyst thinks that retail investors could get exposure to BTC by buying ETFs, Coinbase (COIN), or Robtinhood (HOOD).
Among the Magnificent 7, Alphabet (GOOG) lost 4.56% on Thursday. The FCC reportedly wants Google to sell its Chrome browser. In addition, markets are speculating that due to the DOJ antitrust case, Google will need to unwind its generative AI deal with Anthropic.
The government will have difficulty breaking up the AI monopoly. ChatGPT and Microsoft (MSFT) would get stronger, while Apple’s (AAPL) Safari browser will benefit from a Chrome browser sale.
