Good morning. Bitcoin’s “undeniable bull market” is thriving as Donald Trump’s crypto ardor energizes the market. The fate of US stocks hinges on earnings as election risk clears. And China makes a U-turn on a nighttime biking craze. Listen to the day’s top stories.
Bitcoin is on fire, with the cryptocurrency surging above $88,000 as US election results drive traders. Donald Trump’s campaign pledges included creating a strategic Bitcoin stockpile and firing Securities and Exchange Commission Chair Gary Gensler, who has led a crackdown on digital assets. The president-elect became a crypto believer after falling in love with NFTs featuring flattering images of himself. What’s also propelling the rally? The prospects of a new Congress that includes pro-crypto lawmakers. For options traders, they’re setting their sights on $100,000 Bitcoin by the end of this year. But there are even bigger bets—watch the video to find out more.