Bitcoin broke $100,000 for the first time Thursday as traders cheered Donald Trump’s decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new president will push through measures to deregulate the sector.The cryptocurrency soared through the mark to a peak of $103,800, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world”.The digital unit has jumped more than 50 percent since the tycoon’s poll win — and around 140 percent since the turn of the year.However, the unit’s advance stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts to buy in.That came with news that Trump has fingered major crypto proponent Paul Atkins to take over as chair of the Securities & Exchange Commission.Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.”Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to “robust, innovative” capital markets.”He also recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before,” Trump added.He would replace Gary Gensler, who led a crackdown on the sector after a 2022 market rout. Even so, the SEC this year authorised the trading on the American market of two new financial products allowing a wider public to buy cryptocurrencies, called ETFs.One is backed by the price of bitcoin and the other by ether, the second most popular unit by capitalisation.”Atkins, a conservative legal eagle with a track record of critiquing the SEC’s tough stance on cryptocurrency firms, is expected to steer a more crypto-friendly course,” said Stephen Innes at SPI Asset Management.”This strategic move has electrified the crypto community, fueling investor optimism about a potentially more accommodating regulatory landscape under Atkins’ watch, aligning with broader Republican advocacy for a lenient approach to the flourishing digital asset market.”- Trump’s U-turn -Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and has been a major advocate of the unit during his election campaign.In September, he announced that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial. He has also become a close friend of tycoon Elon Musk, who he said would lead a new US government-efficiency group tasked with cutting federal waste.Musk reportedly spent more than $100 million to help Trump regain the White House, repeatedly boosting his candidacy on his X social media platform.Reacting on X to the news of Bitcoin hitting the $100,000 mark, Musk wrote: “Wow”.”Layer on top expectations he will strip back regulations on the crypto industry and you begin to understand why investors have piled into the digital currency and related stock,” said Dan Coatsworth, an analyst at investment group AJ Bell.Among the measures expected from the sector is the creation of a strategic reserve of bitcoins in the United States, consisting mainly of tokens seized by the courts, which could push other countries to grant more legitimacy to the virtual currency.And Samer Hasn, of XS.com, added that the prospect of relaxed regulation was fuelling “the hope of seeing cryptocurrencies integrate more deeply into the economic life” of the country.Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.The digital currency is created — or “mined” — as a reward when powerful computers solve complex problems to validate transactions made on a meddle-proof register known as the blockchain.Bitcoin has long been criticised for being the currency of choice for making untraceable payments on the dark web, the hidden part of the internet used for criminal activities.  The asset has often come under attack for facilitating money laundering and allowing extortion through ransomware attacks.

Equities extended losses in Seoul on Thursday, while the won stabilised as South Korea entered a period of uncertainty with President Yoon Suk Yeol clinging to power after his brief imposition of martial law this week.And Bitcoin broke past the $100,000 mark for the first time Thursday on hopes US President-elect Donald Trump will push through measures to deregulate cryptocurrencies when he takes office next month.The digital unit hit $100,010 in early Asian trade, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world”.On Wednesday, the crisis in East Asia kicked off a day of high drama, as hours later the three-month-old government of French Prime Minister Michel Barnier was brought down in a no-confidence vote linked to a controversial budget proposal.The news out of the eurozone’s number-two economy had been expected and the euro saw no major impact, but the move injected fresh uncertainty into an already fraught political situation in France after divisive elections earlier this year.All eyes in Asia are on Seoul, where the opposition has pushed for Yoon’s impeachment, accusing him of declaring martial law to stop criminal investigations into himself and his family.But while the leader of Yoon’s People Power Party (PPP) called for the president to resign from the party and stressed he was “not trying to defend the president’s unconstitutional martial law”, a key PPP member vowed all its lawmakers would “stay united” to reject the impeachment motion.Also Thursday, it emerged that Defence Minister Kim Yong-hyun had resigned over the issue.The upheaval comes as Asia’s number-three economy struggles to gain traction and worries build on the possible impact of Donald Trump’s presidency as he prepares to reignite his hardball trade policy when he takes power next month.But analysts saw some optimism.”The silver lining we think is that the swift reversal of the martial law underscores the resilience of South Korea’s institutions,” said analysts at BMI, a unit of  Fitch Solutions.”For now, we expect limited implications for the economy and financial markets as the Bank of Korea and the ministry of finance have responded swiftly by reassuring investors.”Notably, the central bank committed to boosting short-term liquidity and enacting measures to stabilise the forex markets, which aligns with our view that risks around the South Korean won should remain contained for now.”And Trinh Nguyen, senior economist for emerging Asia at Natixis CIB, said: “We believe this is a growth shock rather than a sovereign risk given the political reverberation of the martial law, which was short-lived.”The incident shows the strength of Korean institutions that prevented it and will indeed raise the questions of how Yoon will govern (already a lame duck) and whether he can continue to govern (impeachment or resignation very likely).”In early trade, Seoul’s Kospi was down 0.3 percent, having finished more than one percent down Wednesday — itself an improvement on the initial drop.And the won remained at around 1,415 to the dollar, slightly up from its levels before the crisis erupted when it sank about three percent.Elsewhere in Asia was mixed as investors struggled to track a record for all three main indexes on Wall Street, where tech firms led the charge.Tokyo, Sydney, Singapore and Taipei rose but Hong Kong, Shanghai, Wellington and Manila slipped.Oil prices edged up after their gains of around two percent Wednesday that came after Washington sanctioned 35 companies and ships it accused of involvement with Iran’s “shadow fleet” illicitly selling Iranian oil to foreign markets.Major producers at the OPEC+ grouping led by Saudi Arabia and Russia were set to meet Thursday to discuss extending output limits.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.5 percent at 39,488.51 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 19,521.29Shanghai – Composite: DOWN 0.1 percent at 3,362.65Seoul – Kospi Index: DOWN 0.3 percent at 2,457.60 Euro/dollar: UP at $1.0513 from $1.0510 on WednesdayPound/dollar: DOWN at $1.2698 from $1.2702Dollar/yen: DOWN at 150.26 yen from 150.56 yen Euro/pound: UP at 82.79 from 82.71 penceWest Texas Intermediate: UP 0.2 percent at $68.70 per barrelBrent North Sea Crude: UP 0.2 percent at $72.42 per barrelNew York – Dow: UP 0.7 percent at 45,014.04 (close)London – FTSE 100: DOWN 0.3 percent at 8,335.81 (close)

Afghanistan’s economy continues to face significant challenges despite showing signs of modest growth, the World Bank warned on Wednesday, with the future “uncertain.”The economy’s challenges include “fiscal constraints, trade imbalances, and a limited capacity for public investment,” the bank said in its Afghanistan Development Update.Critical factors for long-term recovery include enabling women’s participation in the economy, maintaining price stability and dealing with key deficits in human capital — such as education and healthcare, the multilateral development lender said.While Afghanistan has seen GDP growth of 2.7 percent, driven by private consumption, this has “recouped only about 10 percent of past economic losses,” the World Bank said.Afghanistan has been ruled by the Taliban since 2021, when their forces capitalized on the withdrawal of the US military under a peace deal to overthrow the country’s government. The Taliban’s government has not been officially recognized by any country, and the economy remains largely isolated, with many Afghans living under the poverty line. “Afghanistan’s long-term growth prospects depend on tapping into the substantial potential of the domestic private sector and improving the overall business environment,” said World Bank country director for Afghanistan Faris Hadad-Zervos.The economy requires more investment, access to finance for small businesses, and support for skilled women entrepreneurs, Hadad-Zervos added.Women and girls have been barred from secondary school and university as part of restrictions imposed by the Taliban that the UN has dubbed “gender apartheid.”The World Bank noted that partial economic recovery, alongside falling food prices, has contributed to a gradual improvement in household welfare.But it said many Afghan households still struggle to meet basic needs and that “poverty remains widespread.”Trade is another challenge with a widening deficit due to surging imports on the back of greater demand for foreign goods and a revival of domestic industry.”The trade deficit, exacerbated by Afghanistan’s reliance on imports for essential goods like fuel, food, and machinery, might pose a risk to the country’s economic stability,” the World Bank said.

Wall Street stocks surged to fresh records Wednesday on hopes about easing US monetary policy, shrugging off political upheaval in South Korea and France.All three major US indices scored records, with the Dow Jones Industrial Average finishing above 45,000 for the first time.”The market at this point is looking for excuses to go up, and there’s not really anything that might work against that narrative,” said Steve Sosnick of Interactive Brokers.”Over the last couple of days, it’s managed to ignore all sorts of inconvenient things and decided that the situation in France doesn’t matter for them,” Sosnick said of the stock market. “The situation in Korea doesn’t matter.”South Korea’s stock market fell less than feared and the won rebounded from earlier losses after President Yoon Suk Yeol swiftly reversed a decision to impose martial law.In Europe, Paris stocks managed to advance as France’s government faced looming no-confidence votes.Late Wednesday in Paris, French lawmakers voted to oust the government of Prime Minister Michel Barnier after just three months in office, pushing the country further into political uncertainty.For the first time in over sixty years, the National Assembly lower house toppled the incumbent government, approving a no-confidence motion that had been proposed by the hard left but which crucially was backed by the far-right headed by Marine Le Pen.”Political turmoil in both France and South Korea provide a uncertain backdrop for global markets, with the likely removal of both Barnier and Yoon bringing the potential for both countries to find a fresh direction,” said Joshua Mahony, chief market analyst at Scope Markets.Thomas Mathews, head of Asia-Pacific markets at Capital Economics, said the losses in Seoul could have been “much worse” had the president not aborted his plan.”Rarely does a combined sell-off in a country’s stocks, bonds and currency feel like a relief rally,” he said.Oil prices turned lower after surging around 2.5 percent Tuesday, mainly after the United States sanctioned 35 companies and ships it accused of involvement with Iran’s “shadow fleet” illicitly selling Iranian oil to foreign markets.Major producers at the OPEC+ grouping led by Saudi Arabia and Russia were set to meet Thursday to discuss extending output limits.Back in New York, major indices were led by the Nasdaq, which piled on 1.3 percent to finish at a third straight record.Wednesday’s gains came after payroll firm ADP said US private-sector hiring in November came in at a lower-than-expected 146,000 jobs, while a survey from the Institute for Supply Management showed weaker sentiment than expected in the services sector. But the lackluster data boosts expectations that the Federal Reserve will cut interest rates later this month. At a New York conference, Federal Reserve Chair Jerome Powell refrained from tipping his hand, but he “didn’t say anything that would scare the market,” said Briefing.com analyst Patrick O’Hare.O’Hare noted that Wednesday’s gains were led by large tech names such as Nvidia and Microsoft, which are major AI players. The boost followed strong results from Salesforce, which was the biggest gainer in the Dow with an 11 percent jump.- Key figures around 2150 GMT -New York – Dow: UP 0.7 percent at 45,014.04 (close)New York – S&P 500: UP 0.6 percent at 6,086.49 (close)New York – Nasdaq Composite: UP 1.3 percent at 19,735.12 (close)London – FTSE 100: DOWN 0.3 percent at 8,335.81 (close)Paris – CAC 40: UP 0.7 percent at 7,303.28 (close)Frankfurt – DAX: UP 1.1 percent at 20,232.14 (close)Seoul – Kospi Index: DOWN 1.4 percent at 2,464.00 (close)Tokyo – Nikkei 225: UP 0.1 percent at 39,276.39 (close)Hong Kong – Hang Seng Index: FLAT at 19,742.46 (close)Shanghai – Composite: DOWN 0.4 percent at 3,364.65 (close)Euro/dollar: UP at $1.0510 from $1.0509 on TuesdayPound/dollar: UP at $1.2702 from $1.2673Dollar/yen: UP at 150.56 yen from 149.60 yen Euro/pound: DOWN at 82.71 from 82.92 penceBrent North Sea Crude: DOWN 1.8 percent at $72.31 per barrelWest Texas Intermediate: DOWN 2.0 percent at $68.54 per barrelburs-jmb/jgc