Bitcoin approaches $100,000, but strategists are divided | Real Time Headlines

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

European stocks close higher
U.S. markets were closed Thursday for the Thanksgiving holiday. Asia Pacific market Most of the losses Friday. South Korean stocks led the decline, with the Kospi index falling 1.88%. Japanese Nikkei 225 Index Stocks fell about 0.5% as investors assessed Tokyo stocks 2.6% inflation rate November. China’s CSI 300 index bucked the trend and rose about 1.2%.

China tightens tungsten export controls
China will start Restrictions on tungsten exports This weekend, as measure Controls the movement of goods that can be used for military and civilian purposes. This is a stark reversal from Chinese control over the past few decades. 80% of the tungsten supply chainAccording to Argus. To make up for the drop in supply, companies are looking to open or resume tungsten mine production.

U.S. eases ban on chip exports
Stocks of global semiconductor suppliers, e.g. ASML and Tokyo Electronics, Jumped on Thursday exist Report The United States may impose less stringent export restrictions than expected. According to reports, the United States is considering adding fewer Huawei suppliers to the export blacklist.

NewJeans wants to break away from Hybe sub-brand
Hybe, the largest K-pop agency in South Korea, Market value loss exceeded $423 million Shares plummeted 6.97% on Friday. This was caused by the popular girl group NewJeans announcement The company will terminate its contract with Hybe’s sub-brand Ador due to an alleged breach of contract.

(PRO) Hedging possible tariffs
The EU has a 158 billion euro ($165.6 billion) trade surplus with the United States, which could draw attention to tariffs from President-elect Trump. To prepare for this possibility, investors should address “tariff risk” and look at defensive tacticsDavide Oneglia, Director of European and Global Macro at TS Lombard said.

Bitcoin Cryptocurrencies have been tantalizingly close to the $100,000 level this week – peaking just under $1,000 – but cryptocurrencies are unable to reach this psychological peak. It fell back to a low of $90,702.27 on Tuesday before rising to around $96,150 today.

One of the reasons for its decline is that Investors cash out Since the price of Bitcoin is at an all-time high, the supply of Bitcoin is constantly increasing. “Long-term holders have begun to allocate significant amounts to Bitcoin on the recent rally,” Andre Dragosch, head of European research at crypto-focused asset manager Bitwise, wrote in a research note shared on Monday.

But there are more fundamental reasons why some strategists are unsure whether Bitcoin can muster enough power to hit the six-figure milestone.

The $100,000 mark “feels as if it has become a high hurdle, even a barrier” to further gains. explain David Morrison is a senior market analyst at brokerage Trade Nation.

In fact, Bitcoin’s recent surge could be a boon for investors false sense of securitysaid George Milling-Stanley, chief gold strategist at State Street Global Advisors. “Bitcoin, pure and simple, is a returns game,” Millin-Stanley said, suggesting that investors are pouring into Bitcoin for capital gains rather than because they see value or use in the cryptocurrency.

The launch of Spot Bitcoin ETF Options Last week may have had something to do with that. Options allow investors to deploy less cash to bet on Bitcoin’s price movement rather than buying a portion of Bitcoin itself.

In fact, Mike Novogratz, CEO of Galaxy Digital, a long-time cryptocurrency investor, told CNBC that “the cryptocurrency community has reached the limit of leverage, so there will be a correction.”

In other words, the adjustment is not a permanent deflation. If this were just a small part of President-elect Trump’s Commitment to the Crypto Industry Realize that the $100,000 price level may not be a ceiling, but just another step Bitcoin has climbed on its celebratory climb.

—CNBC’s Tanaya Macheel, Ryan Browne, MacKenzie Sigalos and Krysta Escobar contributed to this report.