🚀 Bitcoin Hits New Highs

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Bitcoin soared to a record high of $109,350.72 yesterday, buoyed by market optimism ahead of Donald Trump’s inauguration and the launch of meme coins by the incoming first couple. While Bitcoin traded just above $106,000 on Monday, the “Official Trump” coin skyrocketed to a $10.6 billion market cap before retreating, and the newly launched “Melania” coin hit $1.3 billion. Analysts suggest the Trumps’ embrace of crypto signals a supportive stance on digital assets, fueling speculation about a possible executive order declaring cryptocurrency a national interest. Despite Bitcoin's gains, broader crypto markets remained subdued, with capital flowing into the Trump tokens.

2. U.S. stock futures climbed on Martin Luther King Day as investors anticipated pro-business policies and executive actions from Donald Trump’s administration, with the Dow, S&P 500, and Nasdaq futures rising 0.4%. Reports suggest Trump will delay tariffs and prioritize energy expansion, deregulation, and trade investigations targeting China, Canada, and Mexico. Stanley Druckenmiller, a legendary investor, described the shift as a move from "anti-business" to "pro-business" policies, fueling optimism. Despite rising interest rates, markets are buoyed by hopes for economic growth.

3. The World Economic Forum (WEF) in Davos, Switzerland, convenes this week with prominent figures like China’s Vice Premier Ding Xuexiang, Ukraine’s President Volodymyr Zelenskyy, and European Commission head Ursula von der Leyen in attendance. U.S. President-elect Donald Trump will address the forum via video, though notable absences include India’s Narendra Modi, China’s Xi Jinping, and other G7 leaders. Despite criticisms of elitism and reduced participation by major players, WEF remains a key platform for addressing global issues such as economic fragmentation and climate action, drawing nearly 3,000 leaders from over 130 countries under the theme “Collaboration for the Intelligent Age.”

4. Headlines

   1. President Biden pre-emptively pardoned Dr. Fauci and others ahead of Donald Trump’s inauguration due to concerns about political targeting.

   2. Phoenix is becoming a fast-growing tech hub as the city seems to have perfected the combination of favourable business policies, local talent, a university with a strong engineering program and an ecosystem of existing businesses.

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