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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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£104bn of water industry investment will come from bill payers, environment secretary concedes

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£104bn of water industry investment will come from bill payers, environment secretary concedes

Steve Reed has conceded that the bulk of the £104bn of water industry investment which he boasts Labour has attracted since coming to office will come from bill payers.

In an interview with Sky News, the environment secretary sought to blame the previous Tory government for a string of high profile investors walking away from the sector over the last year.

Mr Reed does not accept claims that further threats to jail water bosses and promises to curb price rises have deterred investment.

Instead, he told Sky News that “by bringing in the £104bn of private sector investment that we secured at the end of last year, we can make sure that the investment is going in to support” the industry.

When challenged that the £104bn was total expenditure not total investment, and that bill payers would pay back this expenditure over the coming decades, Mr Reed conceded this was right – and the money ultimately is coming from bill payers.

“The money comes in from investors up front so we can do that spending straight away,” he said.

“Over decades, the investors got a modest return from the bills that customers are paying. That’s how investment works.”

Some investors have warned they do not think it viable to fund the UK water sector because of the hostile political tone of ministers and lack of certainty.

Ministers have said the government does not want to renationalise water as it would mean years of legal wrangling and cost a lot of money.

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Minister rules out nationalising the water

Labour has launched a record 81 criminal investigations into water companies over sewage dumping since winning the election last year.

Water company bosses could be jailed for up to five years and the companies fined hundreds of millions of pounds if they are found guilty.

Mr Reed committed to not interfering with those prosecutions, saying it would be “highly inappropriate” for any minister to do so.

Read more:
Key recommendations from the water report

Labour to eliminate unauthorised sewage spillages in 10 years

He rejected suggestions ministers will be pressured to ensure water bosses do not serve jail time as this will deter investors.

“It’s a judicial process, it would be highly inappropriate for any ministerial interference in the process,” Mr Reed said.

“They will work their way through the court system, as they should do, and ministers will decide on sanctions after.”

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Plane crashes into college campus in Bangladesh – at least 19 people dead

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Plane crashes into college campus in Bangladesh - at least 19 people dead

At least 19 people have died after a Bangladesh air force plane crashed into a college campus, the military said.

The aircraft crashed into the campus of Milestone School and College in Uttara, in the northern area of the capital Dhaka, where students were taking tests or attending regular classes.

The pilot was one of the people killed, and, according to the military, 164 were injured in the incident.

The Bangladesh military’s public relations department added that the aircraft was an F-7 BGI, and had taken off at 1.06pm local time before crashing shortly after.

Video shows fire and smoke rising from the crash site, with hundreds looking on.

Pic: Reurters
The wreckage of an air force training aircraft after it crashed into Milestone College campus, in Dhaka.
Pic: Reuters
Image:
Pics: Reuters

The cause of the crash was not immediately clear.

Bengali-language daily newspaper Prothom Alo said that most of the injured were students with burn injuries.

Firefighters and volunteers work after an air force training aircraft crashed into Milestone College campus, in Dhaka.
Pic: Reuters
Image:
Pics: Reuters

Citing the duty officer at the fire service control room, Prothom Alo also reported that the plane had crashed on the roof of the college canteen.

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Rafiqa Taha, a 16-year-old student at the school who was not present at the time of the crash, told the Associated Press that the school has around 2,000 students.

“I was terrified watching videos on TV,” she added. “My God! It’s my school.”

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Homes burning after mass pillaging and 30,000 trapped in besieged city – as Syria’s fragile ceasefire holds

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Homes burning after mass pillaging and 30,000 trapped in besieged city - as Syria's fragile ceasefire holds

The main road entering the besieged Syrian city of Sweida from the west has changed dramatically over 12 hours.

A bulldozer, parked on the side of the road, has been used to create several berms to form a sand barrier around 25km (16 miles) from the city centre.

Dozens of Syrian security forces were standing in lines in front of the barricades when we arrived, and there were forces further up the road stopping vehicles from going any further.

Security forces at checkpoint
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Syrian security forces at a checkpoint outside the besieged city

The Arab tribal fighters we’d seen fighting furiously inside the city the day before were now all camped alongside the road. Some were sleeping on the back of their pick-ups.

“We’re not giving up,” one shouted to us as we walked towards the checkpoint.

The ceasefire agreement between Druze leaders who are bunkered down inside the city and the Bedouins – and the tribal fighters who have flocked to join them – has frustrated some.

Some of them, waiting with guns slung over their backs, are itching to return to battle. But for now, tribal leaders have instructed them to hold fire.

More on Syria

Read more: Who are the Druze and who are they fighting in Syria?

Arab fighters blocked from going forward
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Arab tribal fighters have been blocked from entering Sweida by security forces

How long that will last is probably key to Syria’s future and whether it can be a peaceful one.

Khalaf al Modhi, the head of a group of tribes called United Tribes, told the group of fighters: “We are not against the Druze. We are not here to kill the Druze.”

But he spent many minutes castigating the senior Druze cleric inside Sweida whom many of the tribes see as the agitator behind the violent clashes.

An Arab tribal chief
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Khalaf al Modhi, who is the leader of a tribal group called United Tribes

Hikmat al Hijiri is head of a Druze faction that is deeply suspicious of the new government led by Ahmed al Sharaa and is resisting ceding power to Damascus.

The retreat of the Arab tribes from the city centre means the Druze militia under Hijiri’s control are now the ones deciding who goes in or out of the city.

About 30,000 mostly Druze people are thought to be trapped inside the city and surrounding towns, with no electricity, little internet and dwindling supplies of food and water.

Druze civilian Kamal Tarrabey
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Druze civilian Kamal Tarrabey. He said 10 of his relatives were killed in the violent clashes

The humanitarian situation is dramatically worsening by the day. But at the time of writing, there were still no agreed safe corridors to bring out those pinned inside.

On top of this, there are nearly 130,000 people displaced and forced out of their homes because of the fighting, according to UN estimates.

Maintaining the ceasefire is key to ensuring solutions are found to help those suffering, and quickly. It’s also the most serious challenge facing the new Syrian leader and his interim government.

The level of distrust between the Hijiri-led Druze faction and the new government is strong and deep. So much so that the Druze leaders have refused to accept truckloads of aid organised by any of the government outlets.

White Helmets wait
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The White Helmets wait outside Sweida as the Druze leaders accept little aid from them due to their government connections

The new Syrian leader has struggled to convince the country’s minorities that their safety under his leadership is assured.

Druze civilians and human rights activists reported mass killings and executions of Druze by government troops who were sent in last week to quell the latest clashes between the Druze and Arab Bedouins who have been at odds for many years.

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A map showing Syria and Israel in relation to Sweida, where there have been deadly clashes in recent days

Government forces pulled out of the city only after Israel unleashed a spate of airstrikes, saying they were defending the Druze. The bombings killed hundreds of Syrian troops.

But with the withdrawal of the government troops, the Arab Bedouin population said the city’s Druze militia embarked on a string of revenge atrocities.

That in turn led to thousands of tribal fighters massing from around the country to defend their Arab brethren.

Smoke rises from buildings in the city centre of Sweida
Image:
Smoke rises from buildings in the city centre of Sweida

When we were inside the city, we saw multiple corpses lying on the streets, and many appeared to have been killed with a shot to the head.

Homes and businesses are still burning after mass pillaging as fighters retreated.

And now, there is a growing humanitarian disaster unfolding.

Additional reporting by camera operator Garwen McLuckie, specialist producer Chris Cunningham, as well as Syrian producers Mahmoud Mossa and Ahmed Rahhal.

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