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Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.

Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

It last traded at $100,027 as of 0240 GMT, up 2.2% on the previous session, after earlier rising as high as $100,277.

“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital.

“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”

More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies.

“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” said Justin D’Anethan, a Hong Kong-based independent crypto analyst.

“The figure not that long ago dismissed as fantasy, stands as a reality.”

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, who said last week he wouldstep downin January when Trump takes office.

On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission. Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.

A slew of crypto companies including Ripple, Kraken and Circle arejostlingfor a seat on Trump’s promised crypto advisory council, seeking a say in his planned overhaul of US policy, according to several digital asset industry executives.

Trump’s businesses may also have a stake in the sector.

He unveiled a new crypto business, World Liberty Financial, in September.

Although details about the business have been scarce, investors have taken his personal interest in the sector as a bullish signal.

Trump’s social media company is inadvanced talksto buy crypto trading firm Bakkt, the Financial Times reported last week, citing two people with knowledge of the talks.

Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, according to the FT report.

Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.

Bitcoin’s rebound from a slide below $16,000 in late 2022 has been rapid, boosted by the approval of US-listed bitcoin exchange-traded funds in January this year.

The Securities and Exchange Commission had long attempted to block ETFs from investing in bitcoin, citing investor protection concerns, but the products have allowed more investors, including institutional investors, to gain exposure to bitcoin.

More than $4 billion has streamed into US-listed bitcoin exchange-traded funds since the election.

“We were trading basically sideways for about seven months, then immediately after November 5, US investors resumed buying hand-over-fist,” said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.

There was a strong debut for options on BlackRock’s ETF,in November with call options – bets on the price going up – substantially more popular than puts. McCann calculated the put to call ratio at about 22 to one.

Crypto-related stocks have soared along with the bitcoin price, with shares in bitcoin miner MARA Holdings,up around 65% in November.

Yet the rise is not without critics.

Two years ago, the industry was wracked by scandal with the collapse of the FTX crypto exchange and the jailing of its founder Sam Bankman-Fried.

The cryptocurrency industry also has been criticized for its massive energy usage, while crypto crime remains a concern, too.

Market participants are keeping a close eye on what happens now that bitcoin has broken above $100,000, with investors and speculators possibly looking to pocket some of their recent gains.

“But once we flush out those sell orders, this could go higher still, and very rapidly,” said Steven McClurg, founder of Canary Capital, a digital assets investment firm.

He said he expects bitcoin’s price to hit $120,000 by Christmas.

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Politics

Reform UK overtakes Conservative membership – Nigel Farage calls it ‘historic’, Kemi Badenoch says numbers are ‘fake’

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Reform UK overtakes Conservative membership - Nigel Farage calls it 'historic', Kemi Badenoch says numbers are 'fake'

Reform UK now has more members than the Conservative Party and is “the real opposition” according to Nigel Farage, while Kemi Badenoch has called his numbers “fake”.

According to a digital counter on the party’s website, Reform UK had gone past 131,690 members – the amount the Conservative Party declared before its leadership election in the autumn – just before midday on Boxing Day.

Mr Farage, party leader and MP for Clacton-on-Sea, hailed the “historic moment” and said on X: “The youngest political party in British politics has just overtaken the oldest political party in the world. Reform UK are now the real opposition.”

But Conservative leader Kemi Badenoch accused the party of issuing misleading figures: “Manipulating your own supporters at Xmas eh, Nigel?. It’s not real. It’s a fake… [the website has been] coded to tick up automatically.”

Posting on X, she added that the Tories had “gained thousands of new members since the leadership election”.

Reform UK also shared a video of the membership tracker being projected on to the Conservative Party headquarters in London overnight.

Zia Yusuf, party chairman, also said “history has been made today” and that the Tories’ “centuries-long stranglehold on the centre-right of British politics” has “finally been broken”.

More on Conservatives

Mr Farage hit back at Ms Badenoch, who strongly contested Reform UK’s figures. He claimed to have proof and posted a screenshot of an online register reportedly showing ‘active memberships’.

“We understand you are bitter, upset and angry that we are now the second biggest party in British politics, and that the Conservative brand is dying under your leadership. However, this not an excuse to accuse us of committing fraud,” he wrote on X.

Mr Yusuf added to the debate by appearing to goad Ms Badenoch about an audit: “We will gladly invite a Big 4 audit firm to verify our membership numbers on the basis that you do the same.”

Read more on Reform:
Is Reform UK winning the ‘bro vote’?
Farage meets Musk amid possible £78m donation

Nigel Farage attends the Old Surrey, Burstow and West Kent Hunt in Chiddingstone.
Pic: Reuters
Image:
Nigel Farage said Reform UK is ‘now the real opposition’ after the ‘historic moment’. Pic: Reuters

The Conservative party membership figure – shared after Kemi Badenoch was announced as the new leader on 2 November – was the lowest on record and a drop from the 2022 leadership contest, when there were around 172,000 members.

In response, a Conservative Party spokesman said: “Reform has delivered a Labour Government that has cruelly cut winter fuel payments for 10 million pensioners, put the future of family farming and food security at risk, and launched a devastating raid on jobs which will leave working people paying the price.

“A vote for Reform this coming May is a vote for a Labour council – only the Conservatives can stop this.”

According to research from the House of Commons Library, there is no uniformly recognised definition of party membership and no established method or body to monitor the number of members each political group has.

Reform UK was also originally set up as a limited company, but Mr Farage said he would change the party’s structure to be member-owned in September.

Read more from Sky News:
Funeral for five journalists killed in Israeli airstrike
‘Russian air defence system’ downed plane – Reuters

It comes after Mr Farage offered to help Lord Mandelson, the new ambassador to the US, negotiate with president-elect Donald Trump’s incoming administration.

A long-time associate of Mr Trump, he has been seen at several Republican events during and after the presidential election.

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Environment

Kia’s new Syros SUV is going electric as a low-cost Hyundai Inster EV twin

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Kia's new Syros SUV is going electric as a low-cost Hyundai Inster EV twin

Kia introduced its new Syros SUV last week. Although it was launched with a gas-powered engine, Kia plans to launch the all-electric version soon. The new Kia Syros EV will share underpinnings with the Hyundai Inster EV as its latest low-cost electric model.

What we know about the upcoming Kia Syros EV

India’s EV market is expected to surge over the next few years. In 2024, the India EV market is projected to be valued at around $24 billion. That number is expected to reach nearly $118 billion by 2032.

Kia is looking to take advantage of the transition. After launching its first vehicle (Seltos) in India in 2019, Kia is already one of the top 10 auto manufacturers in the region.

The Korean auto giant has added several models to its lineup, including the Sonet, Carnival, Caren, and electric EV6 and EV9 SUVs.

Just last week, the Kia Syros made its global debut. Kia calls the compact SUV “revolutionary,” but there’s one problem: it only has two gas-powered engine options. That will soon change. According to Autocar India, Kia will launch the Syros EV in India in early 2025.

Kia-Syros-EV
Kia Syros SUV (Source: Kia)

Although no other details were confirmed, the Kia Syros EV will share its K1 platform with the Hyundai Inster EV. Hyundai’s compact electric crossover has two battery options, 42 kWh and 49 kWh, good for 300 km (186 mi) to 355 km (220 mi) range on the WLTP cycle.

In Europe, the Inster EV starts at around $30,000. In Korea, the electric crossover is known as the Casper Electric, and prices, including incentives, start around $20,000.

Hyundai-Casper-EV-Cross
Hyundai Casper Electric (Inster EV) models (Source: Hyundai)

Kia’s new electric SUV is expected to start in the price range of Rs 15 lakh-20 lakh (ex-showroom), or around $17,500 to $23,500.

Despite the difference in powertrain, the electric version is expected to have the same styling and features as the gas-powered models. Kia expects between 50,000 and 60,000 in sales between the upcoming electric Carens and Syros EV models by 2026.

The company is launching a series of more affordable, mass-market EVs globally, including the EV3, EV4, and EV5, to secure its spot in the industry as it shifts to electric vehicles.

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Politics

Trump-linked Strive files for ‘Bitcoin Bond’ ETF

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Trump-linked Strive files for ‘Bitcoin Bond’ ETF

The fund aims to offer exposure to MicroStrategy’s convertible bonds, among others.

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