Most Asian Markets Track Wall Street Gains as Bitcoin Nears $100,000

Asian markets followed Wall Street’s positive lead on Friday, while bitcoin surged toward the historic $100,000 mark, fueled by optimism over deregulation in the cryptocurrency sector under the incoming Trump administration.

Wall Street Gains Boost Global Sentiment

U.S. markets closed with solid gains, driven by tempered concerns about Nvidia’s performance and optimistic comments from Federal Reserve officials. Chicago Fed chief Austan Goolsbee suggested that interest rates could decrease as inflation approaches the Fed’s 2% target.

“If we look out over the next year or so, it feels to me like rates will end up a fair bit lower than where they are today,” Goolsbee said, calming fears of prolonged high rates.

The upbeat tone carried over to Asia, where Tokyo’s Nikkei 225 jumped 1% ahead of a $140 billion stimulus package announcement by the Japanese government. Sydney, Seoul, Singapore, and other regional markets also posted gains.

However, Hong Kong, Shanghai, and Manila saw slight declines, reflecting mixed regional dynamics.

Bitcoin Edges Toward $100,000

Bitcoin briefly surpassed $99,000, continuing a meteoric rise driven by speculation of deregulation under President-elect Donald Trump. The cryptocurrency has surged more than 40% since Trump’s election and has more than doubled this year.

Investors are betting on a friendlier environment for cryptocurrencies, particularly with reports that SEC Chair Gary Gensler plans to step down. Gensler has been a vocal proponent of tightening crypto regulations, and his departure is seen as a potential game-changer.

Oil Prices Rise Amid Geopolitical Tensions

Crude oil prices climbed further following rising geopolitical tensions in Ukraine. Russia’s test of a new-generation missile and President Vladimir Putin’s remarks about a “global” conflict pushed Brent crude up 0.4% to $74.49 per barrel and West Texas Intermediate to $70.39 per barrel.

Natural gas prices also reached their highest levels in a year, reflecting growing uncertainty about energy supplies.

Key Market Figures (as of 0230 GMT)

• Tokyo – Nikkei 225: UP 1.0% at 38,415.32
• Hong Kong – Hang Seng Index: DOWN 0.2% at 19,561.61
• Shanghai – Composite: DOWN 0.4% at 3,355.75
• Euro/dollar: DOWN at $1.0470
• Pound/dollar: DOWN at $1.2585
• Dollar/yen: DOWN at 154.42 yen
• Brent crude: UP 0.4% at $74.49 per barrel
• WTI crude: UP 0.4% at $70.39 per barrel

The rally in equity and cryptocurrency markets reflects investor optimism tempered by geopolitical risks, signaling cautious momentum as the year progresses.