JUST IN: 🇺🇸 US Treasury compares Bitcoin to digital gold.
The "primary use case for Bitcoin seems to be a store of value aka digital gold."
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📊 Wall Street opens higher after November job growth soars
Wall Street's main indexes opened higher on Friday as traders increased bets on a Federal Reserve rate cut this month after the November payrolls report.
The Dow Jones Industrial Average $DJI rose 58.6 points, or 0.13%, at the open to 44,824.29.
The S&P 500 $SPX rose 6.3 points, or 0.10%, at the open to 6,081.38, while the Nasdaq Composite $IXIC rose 43.2 points, or 0.22%, to 19,743.959 at the opening bell.
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JUST IN: 🇺🇸 President-elect Trump says his new crypto Czar David Sacks will "work on legal framework so the crypto industry has the clarity it has been asking for."
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📱 MicroStrategy: Hedge Funds Ride Bitcoin Volatility on Wall Street
On Wall Street, hedge funds are capitalizing on MicroStrategy's volatile stock through convertible bond arbitrage, taking advantage of Michael Saylor's $40 billion Bitcoin holdings.
The company has issued $7 billion in low-interest notes to fund its Bitcoin purchases. This strategy has become a popular play on Wall Street.
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JUST IN: Over $100,000,000 liquidated from the cryptocurrency market in the past 60 minutes.
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🇷🇺 Russian President Putin says "who can ban Bitcoin?"
"Nobody"
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Tesla Lawsuit: Lawyers Awarded $345M, Musk Loses
Lawyers seeking $5.6 billion for challenging Elon Musk’s $55.8 billion pay package were awarded $345 million. Musk’s bid to reinstate the pay was denied, a win for Tesla shareholders.
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❗️UnitedHealth CEO Shot in Midtown
Brian Thompson, CEO of UnitedHealthcare, the largest private health insurer in the U.S., was fatally shot in midtown Manhattan on Wednesday morning.
The company canceled its investor day following the incident.
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JUST IN: Citadel CEO Ken Griffin says he regrets not buying crypto a few years ago.
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JUST IN: Virgin Voyages becomes the first cruise line to accept Bitcoin for payments.
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💎BlackRock Bets Big on Private Credit
BlackRock is acquiring HPS Investment Partners for $12 billion, boosting its private credit assets to $220 billion. The deal, set to close by mid-2025, capitalizes on the booming private credit market.
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⚠️Market Shake-Up: US Steel & Tesla Hit Headlines
US Steel shares dropped as Trump vowed to block its sale to Japan's Nippon Steel. Tesla plans to appeal a court’s rejection of Elon Musk’s $56 billion pay package.
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📱 Meta's Stock Gains Amid TikTok Troubles
An Appeals Court upheld a law that might force ByteDance to sell TikTok or face a US ban.
If the ban proceeds, TikTok's users and creators could shift to Instagram Reels, boosting Meta's revenue.
Meta’s stock jumped 2% on the news, with potential gains for YouTube Shorts as well.
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⚠️ OpenAI Aims to Ditch 'AGI' Provision With Microsoft in Bid to Raise More Funding, FT Says, Citing Sources
• OpenAI is weighing ditching a provision on artificial general intelligence that currently keeps Microsoft out of its most advanced models, the FT reports, citing sources.
• Removing the provision could unlock billions of dollars of future investments from Microsoft, which would be able to access OpenAI's artificial general intelligence, or AGI when the ChatGPT maker attains it. AGI is defined as a highly autonomous system that outperforms humans at most economically valuable work.
Microsoft declined to comment to the FT.
• OpenAI declined to comment on the specifics but Bret Taylor, chair of OpenAI's board, said the board "is focused on fulfilling [its] fiduciary obligation by ensuring that the company is well-positioned to continue advancing its mission of ensuring AGI benefits all of humanity.
Traders Now See An 85% Chance Of A Fed Rate Cut In December Vs 67% Before The Jobs Report.
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Buffett Bets on Kroger Amid Merger Moves
Kroger missed sales expectations and paused stock buybacks to focus on its Albertsons merger, narrowing its 2024 profit forecast.
Warren Buffett’s Berkshire Hathaway recently boosted its stake to 50 million shares, showing confidence despite the hurdles.
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JUST IN: $450,000,000 liquidated from the cryptocurrency market in the past 60 minutes.
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🇺🇸 President-elect Trump congratulates Bitcoin holders on surpassing $100,000
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JUST IN: Michael Saylor's MicroStrategy Bitcoin investment surpasses $18 billion profit.
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Tech Stocks Soar as Fed Hints at Rate Cut
Tech giants like Amazon, Apple, and Nvidia powered the Nasdaq up 1% on Wednesday. Investors cheered Fed Chair Powell’s signal that a December rate cut is likely.
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JUST IN: 🇺🇸 FED Chair Jerome Powell says Bitcoin "is a competitor with Gold, not the US Dollar."
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BREAKING: 🇺🇸 President-elect Trump officially selects pro-crypto Paul Atkins to replace Gary Gensler as SEC Chair.
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JUST IN: 🇷🇺 Russia's President Putin says Bitcoin & digital assets will continue to develop.
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JUST IN: $443 million liquidated from the cryptocurrency market in the past 12 hours.
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📉Won Plunges After Emergency Alert
South Korea’s won on Tuesday fell sharply against the U.S. dollar shortly after President Yoon Suk Yeol declared a state of emergency.
The U.S. dollar was last seen trading up 1.9% against the won, which notched a fresh two-year low on the news.
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