Bitcoin Hits Record High of $120,000 as Bullish Momentum Builds
After surging on the election of Donald Trump to a second US presidential term, Bitcoin had settled into a pattern of fluctuating on either side of $100,000 for several months. Concern about Trump's political and economic policies had helped to temper optimism over the pro-crypto agenda of his administration. Now with other risk assets such as stocks back around record highs, Bitcoin has also resumed its push higher.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
a minute ago
- Fox News
French pop band cancels North American tour over 'very worrying' US political climate
French electro-pop band Yelle announced on Wednesday that they are canceling their North American tour slated for the fall due to the "very worrying" political climate in the United States. The band cited concerns over immigration and freedom of speech as part of the reason they are canceling their North American tour dates — adding that since they are traveling as a family with their young child, they "need to feel safe." "Today we have made the immensely difficult decision to cancel our North American tour. There are multiple reasons why we came to this decision," Yelle told their Instagram followers. "The current political climate in the US, especially in regard to immigration and freedom of speech, is very worrying. We are now traveling as a family with our young child, so more than ever, we need to feel safe," the band shared on their Instagram page. Aside from their worries about the U.S. political climate, the band also expressed concerns over the "great financial burden" the tour has placed upon them. "In addition, the overall costs of this tour are becoming barely possible to balance and it is putting a great financial burden on us," they stated. As noted by online music outlet Pitchfork, Yelle is part of a growing list of international acts who have expressed concerns over performing in the U.S. following President Donald Trump's return to the White House. Members of the British punk band U.K. Subs claimed that they were denied entry into the U.S. in March, citing incorrect visas and other undisclosed reasons. The band's bassist, Alvin Gibbs, theorized that his "regular and less than flattering public pronouncements regarding [Trump] and his administration were a factor" in his entry being denied. Bob Vylan, the British punk duo whose anti-Israel set at the Glastonbury Festival drew widespread condemnation, had their U.S. visas revoked by the State Department following their controversial performance. Another international artist, Bells Larsen — a transgender singer-songwriter from Montreal — said he had to cancel his tour after being unable to apply for a visa due to new U.S. Citizenship and Immigration Services policies that do not recognize transgender identities.
CNBC
a minute ago
- CNBC
'Bond vigilantes' are taking aim at Japan market ahead of critical election
The bond vigilantes are sharpening their knives, and this time the target of the fixed income crusaders could be Japan. With a crucial election looming just days away that is set to determine the course of the fiscally troubled nation, a market storm is brewing. As rates hover around record levels for Japanese government bonds, the potential for not only turbulence in yields there but across the globe is gaining investors' attention. Bond yields move inversely to their prices. "We've got an election coming up in Japan where it looks like the upper house may be taken over by those who intend to increase federal spending," said Joseph Brusuelas, chief economist for tax consultancy RSM US. "It's an interesting confluence of events that will impact yields across the international economy." Indeed, Japan is serving as a bit of a global microcosm while it battles issues that are both common to developed nations and unique to a country struggling with pesky inflation, a rising debt load and an unsettled political climate. JP10Y 1Y mountain Japan 10-year bond yield over the past year The situation is even raising the possibility that "bond vigilantes" are on the horizon. The term refers to fixed income buyers who suddenly go on strike when they decide that the reward for a country's sovereign debt isn't worth the risk it requires. That such a dilemma could come to Japan was once unthinkable, as the central bank holds more than half the government's debt and yield-curve control was a staple of monetary policy. However, changing dynamics, including the aforementioned inflation and debt problems along with the uncertainty associated with President Donald Trump's tariffs , have altered the investing landscape substantially. Veteran investor Ed Yardeni coined the term "bond vigilantes" in the 1980s and sees the specter of similar fixed income trouble on the horizon. In a Yardeni Research note this week, the firm cited as one of several factors spelling trouble for the Japanese bond market "the high odds that the next Japanese government turns to tax cuts and increased spending in ways that trigger the Bond Vigilantes. This pivot could have a typically calm debt market sending turbulence around the globe." All market eyes will be on Sunday's election, which will serve as a referendum on Prime Minister Shigeru Ishiba and his coalition government. Japanese long bond yields at the 30- and 40-year maturities have risen nearly one percentage point apiece over the past year, so further turmoil could start to spread if conditions remain unstable. "It's a preview of coming attractions as the U.S. has to address competing demands for scarce federal dollars which typically result in increased government spending, higher interest rates, higher yields and higher inflation," said Brusuelas, the RSM economist. "This really is at the heart of the issues across advanced economies."
CNBC
a minute ago
- CNBC
Sen. Elizabeth Warren targets price gouging in new bill as tariff costs, inflation increase
With expectations that prices will rise throughout the economy over the summer as more tariffs stack up, a group of legislators on Capitol Hill highlighted by Senator Elizabeth Warren (D-MA) is introducing a bill to target price gouging by the market's biggest companies. The Price Gouging Bill of 2025 — introduced on Thursday by Warren along with Senator Jan Schakowsky (D-IL), Senator Tammy Baldwin (D-WI ), and Rep. Chris Deluzio (D-PA) — would make price gouging illegal and give the Federal Trade Commission and state attorneys general the power to litigate alleged abuses of market power. The proposed legislation comes just days after the June consumer price index showed a resurgence of inflation and as the tariffs toll continues to grow. Warren says that in the past big corporations have taken advantage of market shocks, hiding behind factors like inflation and supply chain disruptions to raise prices excessively, but this time the culprit is President Trump's global trade war. "Donald Trump's reckless tariff policies are giving companies cover to squeeze families and raise prices more than necessary. My bill is an opportunity for Congress to stand up for families by cracking down on price gouging and fighting back against corporate abuse," Warren said in a statement. The text of the bill, as seen by CNBC, lists "abrupt trade policies" and "exceptional market shock" as factors to be considered in analysis of price increases. A version of the bill introduced last year, The Price Gouging Prevention Act of 2024, did not specify trade policies. That legislation, sponsored by Warren along with former Senator Bob Casey (D-PA) was introduced in February 2024, but failed to pass. Senator Casey lost his Senate seat in the 2024 election to Republican David McCormick. The price gouging bill would require companies with over $100 million in revenue to publicly report in Securities and Exchange Commission filings on any changes in pricing that exceed the average price in the past 120 days before the reporting period, and provide details on product costs and margins. Businesses with less than $100 million in revenue would be protected from price gouging litigation if they show legitimate cost increases. The bill would allocate an additional $1 billion in funding to the Federal Trade Commission to enforce the price gouging law. "The biggest corporations in our country jack up the cost of everyday household items, take in record profits, and give their executives huge bonuses – all on the backs of hard-working Wisconsin families," said Senator Baldwin in a statement. "Donald Trump claimed he would lower prices – so far, he has done just the opposite and is even opening the door to more price gouging. ... Our bill will finally crack down on corporate greed and help stop those big companies at the top of the food chain from sticking families with exorbitant costs," she stated. In second-quarter earnings calls, companies from Costco to Best Buy and Newell Brands cited tariffs as a reason for price increases. Rep. Deluzio said price increases are a result of "out-of-control" corporate power. "Prices are still too high, and inflation is still pounding folks," Deluzio said in a statement. "Especially now, we need to rein in monopolists and other huge corporations with the power to price-gouge the American people," he added. The AFL-CIO and United Steelworkers both voice support for the bill and tell CNBC the bill is long overdue. The price gouging policy has been criticized on both the right and left in recent history. During Kamala Harris's run for the presidency, Obama economic advisor Jason Furman told the New York Times that a plan to ban grocery story "price gouging" was not sound economics. "This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality," he told the Times. "There's no upside here, and there is some downside." During a heated CNBC interview in August 2024 about the same Harris plan, Warren said three dozen states including Florida and Texas already have price gouging laws and have used them effectively. "Pricing gouging laws are not price controls. Price gouging laws are there to say sometimes that markets goes off the rails and when they do we need some ways to get them back on the rails. We need some curbs on that behavior," Warren said during a "Squawk Box" interview. The issue has been a long-time focus for Warren, who along with former Senator Casey sent a letter to Kroger CEO Rodney McMullen questioning the grocer's rollout of electronic shelf labels, arguing the technology could make it easier to increase prices of high-demand items. In separate price gouging accusation last November, Warren, along with Rep. Adam Schiff, D-Calif., sent a letter to the Federal Trade Commission and the Department of Agriculture on Sunday, calling on the agencies to investigate Albertsons and its subsidiaries Safeway and Vons for mislabeling items sold by weight, including produce, meat and baked goods and unlawfully charging customers prices higher than their lowest advertised or posted price. A month before, Safeway, Albertsons, and Von paid nearly $4 million to resolve allegations of price-gouging and false weight advertising in California. Co-sponsors of the new bill include Senators Richard Blumenthal (D-Conn.), John Fetterman (D-Pa.), Andy Kim (D-N.J.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Bernie Sanders (I-Vt.), Elissa Slotkin (D-Mich.), and Sheldon Whitehouse (D-R.I.). In the House, sponsors include Representatives Angie Craig (D-Minn.), Maggie Goodlander (D-N.H.), Hank Johnson (D-Ga.), Ro Khanna (D-Calif.), Eleanor Holmes Norton (D-D.C.), Jerry Nadler (D-NY), Mary Gay Scanlon (D-Pa.), Rashida Tlaib (D-Mich.), and Paul Tonko (D-N.).
