Asia-Pacific stock markets were mixed, with South Korean stocks declining, Singapore's stock index approaching a new high, and Bitcoin breaking through $100,000

Wallstreetcn
2024.12.05 23:14
portai
I'm PortAI, I can summarize articles.

Bank stocks led the rise in the Singapore stock market, with the Taiwan stock market up 1%, the Japanese stock market's gains narrowing, and the South Korean stock market down 0.6%. Due to the new SEC chairman's friendly attitude towards cryptocurrencies and Powell's overnight remarks calling Bitcoin a "competitor to gold," Bitcoin continued to rebound, rising as much as 7%

On Thursday, December 5th, the Asia-Pacific stock markets showed mixed results, with Japanese stocks rising about 0.5%, Taiwanese stocks up nearly 1%, Singapore's stock index approaching a new closing high, while the stock markets in South Korea, India, and Thailand collectively fell. Bitcoin surpassed $100,000, and gold and crude oil remained generally stable.

Due to Trump's nomination of cryptocurrency-friendly Paul Atkins as SEC Chairman, Bitcoin accelerated its rebound during the trading session, briefly rising above $99,000 in U.S. stock trading hours. Additionally, Federal Reserve Chairman Jerome Powell stated in an interview at the overnight DealBook/Summit conference that Bitcoin is not a competitor to the U.S. dollar but rather to gold, a statement that is also seen as favorable for Bitcoin.

Powell stated:

“Bitcoin is viewed as a speculative asset due to its high volatility and cannot be considered a store of value.”

“Bitcoin is not a competitor to the U.S. dollar but a competitor to gold. It is like gold, simply virtualized and digitized.”

Some commentators believe that Powell's remarks imply that the Federal Reserve acknowledges Bitcoin as a reserve asset comparable to gold, suggesting that Bitcoin's price target will be equivalent to gold's market value, which means there is still a tenfold growth potential for Bitcoin compared to its current price level.

Here are the main market trends globally today:

  • The MSCI Asia-Pacific Index fell slightly by 0.14%. The rise in Japanese stocks narrowed to 0.49%, while Taiwanese stocks rose by 0.99%.
  • Due to strong profitability, bank stocks drove the Singapore stock market up, with the Straits Times Index (STI) rising by 1% at one point, poised to achieve its highest closing price since October 2007.
  • Political turmoil continues to spread in South Korea, with the Kospi Composite Index currently down 0.64%, and the USD/KRW rising by 0.25%.
  • Bitcoin surpassed $100,000, rising nearly 7% during the day.
  • Spot gold rose by $8 in the short term, up 0.17% during the day, currently reported at $2,654 per ounce. International oil prices fluctuated little, with a slight decline of 0.1% during the day.

[13:35 Update]

The STI's rise narrowed to 0.6%, having accumulated over 18% since the beginning of the year, and is expected to become the best-performing stock market in Southeast Asia.

Bitcoin is currently reported at $10.3 per coin, with an intraday increase of nearly 7%.

Source: Wallstreetcn The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.