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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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Man who died after being pulled into MRI machine was wearing 9kg weight-training chain, wife reveals

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Man who died after being pulled into MRI machine was wearing 9kg weight-training chain, wife reveals

A man who died after being pulled into an MRI machine in New York was wearing a large weight-training chain around his neck, his wife has said.

Keith McAllister, 61, entered a room at the Nassau Open MRI clinic while a scan of his wife’s knee was under way.

The machine’s strong magnetic force drew him in by the 9kg metal chain around his neck, according to Nassau County Police.

His wife, Adrienne Jones-McAllister, said she had called out to her husband to help her off the table.

“I yelled out Keith’s name, [shouting] Keith, come help me up,” she said in an interview with News 12 Long Island.

She said her husband entered the room wearing the chain, which he uses for weight training.

“I saw the machine snatch him around and pull him into the machine,” Ms Jones-McAllister said as tears streamed down her face. “He died, he lost, he went limp in my arms.”

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Police said that the accident last Wednesday “resulted in a medical episode” and left Mr McAllister in a critical condition in hospital.

Ms Jones-McAllister said her husband had suffered a series of heart attacks after he was freed from the MRI machine. He was later pronounced dead.

A file picture of an MRI scanner
Image:
A file picture of an MRI scanner

MRI stands for Magnetic Resonance Imaging. The machines use strong magnetic fields and radio waves to create detailed images of the inside of the body.

Due to the magnetic fields, “very powerful forces” are exerted on objects made of iron, some steels, and other magnetic materials, the National Institute of Biomedical Imaging and Bioengineering says.

It says the forces are “strong enough to fling a wheelchair across the room”.

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Sky News’ US partner network NBC New York reported that MRI accidents are rare but can be fatal.

It is not the first time someone has been killed by an MRI machine in New York.

In 2001, six-year-old Michael Colombini died at the Westchester Medical Centre when an oxygen tank flew into the chamber, drawn in by the MRI’s 10-ton electromagnet.

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‘Broken’ water industry set to be overhauled – nine key recommendations from landmark report

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'Broken' water industry set to be overhauled - nine key recommendations from landmark report

The system for regulating water companies in England and Wales should be overhauled and replaced with one single body, a major review of the sector has advised.

It has recommended abolishing regulator Ofwat as well as the Drinking Water Inspectorate (DWI), which ensures that public water supplies are safe.

The report, which includes 88 recommendations, suggests a new single integrated regulator to replace existing water watchdogs, mandatory water metering, and a social tariff for vulnerable customers.

The ability to block companies being taken over and the creation of eight new regional water authorities with another for all of Wales to deliver local priorities, has also been suggested.

The review, the largest into the water industry since privatisation in the 1980s, was undertaken by Sir Jon Cunliffe, a career civil servant who oversaw the biggest clean-up of Britain’s banking system in the wake of the financial crash.

He was coaxed out of retirement by Environment Secretary Steve Reed to lead the Independent Water Commission.

Here are nine key recommendations:

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• Single integrated water regulators – a single water regulator in England and a single water regulator in Wales. In England, this would replace Ofwat, the Drinking Water Inspectorate and water-environment related functions from the Environment Agency and Natural England

• Eight new regional water system planning authorities in England and one national authority in Wales

• Greater consumer protection – this includes upgrading the consumer body Consumer Council for Water into an Ombudsman for Water to give stronger protection to customers and a clearer route to resolving complaints

• Stronger environmental regulation, including compulsory water meters

• Tighter oversight of water company ownership and governance, including new powers for the regulator to block changes in water company ownership

• Public health reforms – this aims to better manage public health risks in water, recognising the many people who swim, surf and enjoy other water-based activities

• Fundamental reset of economic regulation – including changes to ensure companies are investing in and maintaining assets

• Clear strategic direction – a new long-term National Water Strategy should be published by both the UK and Welsh governments with a “minimum horizon of 25 years”

• Infrastructure and asset health reforms – including new requirements for companies to map and assess their assets and new resilience standards

In a speech responding to Sir Jon’s report, Mr Reed is set to describe the water industry as “broken” and welcome the commission’s recommendations to ensure “the failures of the past can never happen again”.

Final recommendations of the commission have been published on Monday morning to clean up the sector and improve public confidence.

Major other suggested steps for the government include greater consumer protection by upgrading the Consumer Council for Water into an ombudsman with advocacy duties being transferred to Citizens Advice.

Stronger and updated regulations have been proposed by Sir Jon, including compulsory water metering, changes to wholesale tariffs for industrial users and greater water reuse and rainwater harvesting schemes. A social tariff is also recommended.

Oversight of companies via the ability to block changes in ownership of water businesses and the addition of “public benefit” clauses in water company licences.

To boost company financial resilience, as the UK’s biggest provider Thames Water struggles to remain in private ownership, the commission has recommended minimum financial requirements, like banks are subject to.

It’s hoped this will, in turn, make companies more appealing to potential investors.

The public health element of water has been recognised, and senior public health representation has been recommended for regional water planning authorities, as have new laws to address pollutants like forever chemicals and microplastics.

A “supervisory” approach has been recommended to intervene before things like pollution occur, rather than penalising the businesses after the event.

A long-term, 25-year national water strategy should be published by the UK and Welsh governments, with ministerial priorities given to water firms every five years.

Companies should also be required to map and assess their assets and resilience

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Alaska Airlines grounds all flights after IT outage

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Alaska Airlines grounds all flights after IT outage

Alaska Airlines has grounded its planes following an IT outage.

The carrier said it experienced the outage impacting its operations at around 8pm Pacific time on Sunday (4am Monday UK time).

It did not specify the nature of the outage.

“We requested a temporary, system-wide ground stop for Alaska and Horizon Air flights until the issue is resolved,” the Seattle-based airline said in a statement.

Horizon Air is the regional subsidiary operating Alaska Airlines flights.

Alaska Airlines apologised for the ground stop of its flights and warned of “residual impacts to our operation throughout the evening”.

“Please check the status of your flight before leaving for the airport,” it added.

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Alaska Air Group maintains an operational fleet of 238 Boeing 737 aircraft and 87 Embraer 175 aircraft, according to its website.

In June, Hawaiian Airlines, which is also owned by Alaska Air Group, said some of its IT systems were disrupted by a hack.

The firm said it was still trying to determine the financial impact of the incident.

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