Bitcoin hovered around $90,000 on Thursday, a level it first breached overnight, as Tokyo’s stock market rebounded, aided by the yen’s weakening against the dollar. The leading cryptocurrency stood at $90,184 by 02:30 GMT, having surpassed the $90,000 mark for the first time on Wednesday at 14:30 GMT, briefly climbing above $93,000 shortly afterward.
Since Donald Trump’s victory in the November 5 U.S. presidential election, Bitcoin’s value has surged over 30%, setting new records. The president-elect, who will take office in January, has promised to make the U.S. “the global cryptocurrency capital” by drastically relaxing regulatory frameworks and even discussed creating a strategic national reserve of Bitcoin.
Meanwhile, the dollar continued its rise in Asian trading on Thursday, buoyed by the prospect of inflationary policies under Trump’s second term, including tariffs, tax cuts, and an expanded budget deficit. These policies are expected to keep U.S. interest rates high, further boosting the dollar’s appeal.
At 02:00 GMT, the U.S. dollar surged to ¥155.91, its highest level since July 24, and strengthened against the euro, reaching $1.0554, a level unseen in over a year. The yen particularly suffered due to the growing disparity between Japanese and U.S. bond yields, which have increased due to expectations of a ballooning U.S. debt.
In Tokyo, the Nikkei index rose by 0.10% to 38,761.02 points, and the broader Topix gained 0.46% to 2,720.93 points at 02:30 GMT. However, in Hong Kong, the Hang Seng index dropped by 0.64% to 19,696.78 points, while the Shanghai Composite and Shenzhen indices lost 0.26% and 0.91%, respectively, due to the looming threat of escalating Sino-U.S. trade tensions.
Stock markets in Seoul and Taiwan were also under pressure, having fallen more than 2% on Wednesday, dragged down by plunging technology stocks, a sector vulnerable to trade wars. Oil prices, meanwhile, saw modest declines, with the strengthened dollar making crude oil purchases less attractive. Concerns over demand persisted.
At 02:30 GMT, Brent crude oil was down by 0.19% to $72.14 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 0.28% to $68.24 per barrel.
