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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $93,521 on Wednesday, having hit a high of $94,078 in early Asian trading hours.
The Financial Times said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
"Trump's seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office," said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.
Earlier this week, the Wall Street Journal reported Trump was meeting privately with the crypto exchange CEO Brian Armstrong, further aiding sentiment.
Cryptocurrencies have soared since the Nov. 5 US election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Options trading over BlackRock's spot bitcoin ETF on the Nasdaq made a strong debut on Tuesday with a bullish call-to-put ratio of 4.4:1, according to QCP Capital.
"We expect these options to be popular and, in turn, may positively influence trading volumes of these ETPs (exchange traded products) as the underlying," said Kenneth Worthington, analyst at J.P.Morgan.
The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
US spot bitcoin exchange traded products have attracted about $4.2 billion in inflows since Trump's election victory, about 15% of the total inflows since the products were launched on US stock exchanges in January, Reuters reported.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong".

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Saudi Arabia Says Determined to Cooperate with Int’l Partners to Achieve Sustainable Development Goals

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Says Determined to Cooperate with Int’l Partners to Achieve Sustainable Development Goals

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Minister of Economy and Planning Faisal Alibrahim affirmed that the Kingdom's efforts in international forums and its role as an effective partner in the G20 have contributed to developing policies and programs that help enhance global economic stability and reduce development gaps between countries.

In a statement to the Saudi Press Agency (SPA) on the occasion of the G20 Leaders' Summit that was held on November 18-19, Alibrahim said the G20 countries share development visions and aspirations, and that member states endeavor to increase international cooperation and build strategic partnerships that contribute to achieving the sustainable development goals.

The group also seeks to use member countries’ expertise in various fields when setting the agenda of the G20 Leaders' Summit every year, to urgently respond to accelerating global challenges and provide innovative solutions that contribute to enhancing the well-being of individuals and societies.

Alibrahim pointed out, in his statement, that the Development Working Group focused during the Brazilian presidency in 2024 on addressing the most prominent global issues and challenges facing developing countries, most notably reducing gender inequality, and ensuring the provision of water and basic services, adding that the Kingdom was keen to present a balanced approach that seeks to provide the necessary means of support to help developing countries advance and build their economic and social capabilities, and achieve equal opportunity.
Alibrahim stressed that empowering women is one of the most prominent achievements of the Kingdom, which strives to achieve gender equality and equal opportunity, and pointed to the concerted efforts in the Kingdom to create a supportive and enabling environment through regulatory and procedural reforms, and innovative programs, adding that labor market statistics indicate a 34.6% increase in the rate of women participation in the Kingdom’s workforce by the end of the fourth quarter of 2023, and that they made up 42.3% of the middle management in 2023.
Alibrahim said Saudi Arabia is committed to activating the G20 dialogue on water issues, which was launched under the Kingdom’s G20 Presidency in 2020, pointing to the country’s efforts to support environmental initiatives and employ technology, research, and innovation in the water sector, citing the Global Water Organization initiative that was launched by the Crown Prince last year.
Alibrahim praised the Brazilian presidency’s proposal, which included a comprehensive approach based on national, financial, and knowledge pillars, which highlighted the need to enact evidence-based policies, develop innovative financial solutions, and have countries share best practices, based on proactive policies and measures.
The Kingdom has also worked on a number of structural reforms that have had a positive impact on its fiscal and monetary policies, targeted social support and subsidy programs, and active investment strategies. It seeks to increase international cooperation and build global partnerships, said Alibrahim, mentioning its investment in the Brazilian food company BRF, a global company concerned with the environment, social development, and sustainable consumption, and its partnership with the World Economic Forum’s open innovation platform Uplink, which aims to increase commitment to environmental regulations, adopt environmentally friendly practices, and invest in innovative technologies to address sustainable development challenges.
Alibrahim stressed that the Kingdom is moving with determination and confidence on its path toward building a prosperous and sustainable economy capable of facing global challenges, and contributing to achieving sustainable development, in cooperation with its international partners.