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Bitcoin was far and away the best-performing asset class in 2024 as new exchange-traded funds ushered in more widespread adoption and hopes for deregulation under a new presidential administration lifted digital assets to record levels.

But owning cryptocurrency also came with its usual unpredictability and dizzying swings, as this month’s trading clearly illustrates. Bitcoin has more than doubled in price since starting the year in the $40,000 range, with it last trading near $95,500. Ether has scored a nearly 50% year-to-date gain, and last traded at around the $3,400 level.

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Bitcoin and ether since the start of 2024

The most prosperous stretch of the year occurred in the weeks following the U.S. presidential election. By mid-December, the cryptocurrency had rocketed above $108,000 for the first time, fueled by optimism that President-elect Donald Trump‘s victory over Vice President Kamala Harris would open the door for greater regulatory clarity and send new money rushing into the sector.

Since then, however, prices have eased. Bitcoin is negative for the month, hurt by the expectation that the Federal Reserve’s rate cuts will roll out at a slower-than-anticipated pace. The market has also faced a stretch of apparent profit-taking and choppiness into the end of the year.

The year began with a strong boost of confidence from the introduction in January of new ETFs that hold the cryptocurrency. The funds, which are pitched by asset managers as a simpler way for investors to access bitcoin, have pulled in tens of billions of dollars of cash this year. The iShares Bitcoin Trust ETF (IBIT) now has more than $50 billion in assets.

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Microstrategy shares this year

Ether ETFs joined the excitement in July. The demand for those funds has not been as strong as for their bitcoin counterparts, but the category has still attracted more than $2 billion in net inflows in less than six months, according to FactSet.

Strong tail winds for cryptocurrencies also lifted connected stocks to record levels. Bitcoin proxy Microstrategy has surged 388% since the start of the year, while Coinbase and Robinhood have rallied about 47% and 200%, respectively. MicroStrategy shares have surged since mid-December as the company was added into the Nasdaq 100 index.

Some mining stocks, however, haven’t performed as well, with Mara Holdings and Riot Platforms on track for double-digit year-to-date losses. The drop in mining stocks may be a direct result of this year’s bitcoin halving, which reduced the block rewards. Along with transaction fees, this is one of the most significant ways miners make money.

CNBC’s Jesse Pound contributed reporting.

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Foreign phone sales plunge 47% in China spelling trouble for Apple

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Foreign phone sales plunge 47% in China spelling trouble for Apple

An Apple flagship store in Shanghai, China, October 15, 2024.

Cfoto | Future Publishing | Getty Images

Sales of foreign phone brands in China plunged in November, according to official data released Friday, underscoring further pressure on Apple, the biggest international handset vendor in the country.

In November, foreign mobile phone shipments in China stood at 3.04 million units, according to CNBC calculations based on data from the China Academy of Information and Communications Technology, or CAICT.

That’s a fall of 47.4% from November 2023, and a 51% drop from October last year.

CAICT does not break down figures for individual brands, however Apple accounts for the majority of foreign mobile phone shipments in China with competitors like Samsung forming only a tiny part of the market.

The figures highlight the mounting pressure Apple is under in the world’s largest smartphone market as it battles rising competition from domestic brands.

Huawei, for instance — whose handset business was crippled by U.S. sanctions — saw a resurgence in the back end of 2023 and has aggressively launched high-end smartphones in China that have proved popular with local buyers.

Huawei’s growth far outstripped Apple in the third quarter of last year, according to the latest data from research firm IDC.

Apple is hoping its iPhone 16 series, which was released in September, will help the company regain momentum in China, with the Cupertino, California, tech giant promising a host of new artificial intelligence features via its Apple Intelligence software.

However, Apple Intelligence is not yet available in China due to complex regulations around AI in the country.

In the meantime, some of Apple’s domestic rivals have been touting their own AI features that are available on devices now.

In a show of how critical China is for the iPhone giant, Apple CEO Tim Cook visited the country multiple times last year in an effort to shore up partnerships for Apple Intelligence with local Chinese firms.

In a bid to spur interest in the iPhone 16, Apple will begin discounts for the device on Saturday as part of a Lunar New Year holiday promotion.

Apple did not immediately respond to a request for comment.

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Meta replaces Global Affairs President Nick Clegg with Joel Kaplan ahead of Trump inauguration

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Meta replaces Global Affairs President Nick Clegg with Joel Kaplan ahead of Trump inauguration

Facebook vice president of global public policy Joel Kaplan and Facebook CEO Mark Zuckerberg leave the Elysee Presidential Palace after a meeting with French President Emmanuel Macron on May 23, 2018 in Paris, France.

Chesnot | Getty Images

Facebook parent Meta is replacing President of Global Affairs Nick Clegg with Joel Kaplan, the company’s current policy vice president and a former Republican party staffer.

The shake up comes three weeks before President-elect Donald Trump’s inauguration, and it’s the latest sign of how tech companies are positioning themselves for a new administration in Washington.

Clegg, a former British deputy prime minister, said he is stepping down, citing the new year as the right time to move on. He’ll be replaced by Kaplan, who will take on the title of Chief Global Affairs Officer.

Kaplan was a staffer under former President George W. Bush, and he appeared at the NYSE with Vice President-elect J.D. Vance and Trump in December. He also attended Supreme Court Justice Brett Kavanaugh’s confirmation hearing in 2018 as a personal friend, causing a controversy for the social media company.

“I will look forward to spending a few months handing over the reins — and to representing the company at a number of international gatherings in Q1 of this year,” Clegg wrote in a memo to his staff that he shared on Facebook on Thursday.

Clegg joined the company in 2018 after a career in British politics with the Liberal Democrats party, and he helped Meta navigate incredible scrutiny, especially over the company’s influence on elections and its efforts to control harmful content. Clegg also helped steer the company through the Cambridge Analytica scandal, in which Facebook shared user data with third-party political consultants. He also represented the company in Washington and London, frequently at panels for artificial intelligence and at congressional hearings.

“My time at the company coincided with a significant resetting of the relationship between ‘big tech’ and the societal pressures manifested in new laws, institutions and norms affecting the sector,” Clegg wrote.

In his note, Clegg said that former Federal Communications Commission chairman Kevin Martin would replace Kaplan as Meta’s vice president of global policy. He mentioned that Kaplan would work closely with David Ginsburg, the company’s vice president of global communications and public affairs.

“Nick: I’m grateful for everything you’ve done for Meta and the world these past seven years,” Meta CEO Mark Zuckerberg said in a statement. You “built a strong team to carry this work forward. I’m excited for Joel to step into this role next given his deep experience and insight leading our policy work for many years.”

Semafor first reported the news.

WATCH: Meta: Here’s why Rosenblatt Securities has set a price target of $811 for the stock

Meta: Here's why Rosenblatt Securities has set a price target of $811 for the stock

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Nominate a company for CNBC’s 2025 Disruptor 50 list

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Nominate a company for CNBC's 2025 Disruptor 50 list

CNBC is now accepting applications for the 2025 Disruptor 50 list — our thirteenth annual look at the most innovative venture-backed companies using breakthrough technology to meet increasing economic and consumer challenges.

The deadline for submissions is Friday, Feb. 10 at 11:59 pm EST.

All independent, privately-owned companies founded after Jan. 1, 2010, are eligible, and any company founder or executive, investor in the company, or any of their communications representatives can access and submit an application.

Nominees will be put through a comprehensive and rigorous process of researching and scoring across a wide range of quantitative and qualitative criteria, including scalability, revenue and user growth, and the use of breakthrough technology.

Naturally, this means AI. Last year, roughly two-thirds of the 50 companies making the Disruptor 50 list describe artificial intelligence as “critical” to their businesses, including OpenAI, which has topped the list for the past 2 years.

But this also means that one third of last year’s Disruptors were NOT AI companies, and the 2025 list will also honor market-changing innovations in food, energy, financial services and other industries where some disruptions have been less dependent on the generative AI boom.

CNBC’s two advisory boards – one made up of leading academic thinkers in the field of innovation and entrepreneurship, the other a group of top-tier venture capitalists – will provide weighting for the quantitative criteria underpinning the list’s proprietary methodology that has made the Disruptor 50 recognition a gold standard in the startup community. The quantitative score is combined with a qualitative assessment and editorial review, performed by CNBC staff, who read every submission on the way to finalizing  the selection of this year’s fifty.

2025 honorees will be notified in April, and the list will be released in June across CNBC’s TV, digital and social platforms

Sign up for our weekly, original newsletter that goes beyond the annual Disruptor 50 list, offering a closer look at list-making companies and their innovative founders.

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