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MARKET REPORT: Trump crypto bonanza sends bitcoin to $90,000 By JON HOPKINS Updated: 22:02, 13 November 2024 e-mail View comments Bitcoin has gone over $90,000 for the first time in the wake of Donald Trump’s election victory. The value of the world’s biggest cryptocurrency has gone from $36,000 a year ago as Trump embraced digital assets in his campaign, promising to make the US the ‘crypto capital of the planet’ and to accumulate a national stockpile of bitcoin. Since his win last week the value of cryptocurrencies has risen rapidly in anticipation of expected relaxation of regulations.
Crypto boom: Bitcoin has more than doubled in value from the year’s low of $38,505, boosted as Donald Trump embraced digital assets during his successful campaign Now, Bitcoin looks to be swiftly progressing to the heady heights of $100,000, possibly even before the new president takes office. Yesterday’s surge saw it climb from $88,000 to more than $93,000. Wider markets were more cautious as they digested the latest US inflation figures – in line with expectations at 2.
6 per cent – amid fears a Trump presidency could prompt a new price spiral. New York indices made tentative gains in early trading, while in London the FTSE 100 ended up just 0.06 per cent, or 4.
56 points, at 8,030.33. At one stage it dipped below 8,000 for the first time since August.
The FTSE 250 closed down 0.34 per cent, or 68.59 points, at 20,359.
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. Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Dowlais bucked the gloom, accelerating to the top of the FTSE 250 gainers board after the car parts maker revealed that, while trading was tough, it was not getting worse. In an update to the market the company, which was spun out of the old GKN industrial empire, said underlying revenue for the ten months to October 31, 2024 had fallen 6.
1 per cent to £4.2billion, mostly due to weakness in its operation making powertrains for electric cars. Stock Watch - Creightons Creightons saw some added bounce as the hair and beauty treatment creator said it expected pre-tax profit for the half year to September 30 to be notably higher than the same period last year.
In a brief trading update, the maker of Volume Pro shampoo told shareholders that its focus on cost control had seen its operating profit exceed the previous full year’s profit before exceptionals of £1.5million, despite a small fall in sales. Its shares were up 22.
1 per cent, or 6.2p, to 34p. But the firm’s Driveline arm, which makes parts for petrol and diesel cars, outperformed the rest of the market in global light vehicle production, with the exception of China, where revenue for its joint venture was flat.
Investors were happy to grasp at any positives, given Dowlais’ poor share price performance since it was spun out by conglomerate Melrose in April 2023, which acquired engineering giant GKN in 2018. Dowlais shares were up 6.7 per cent, or 3.
2p, to 51.3p. Smiths Group led the FTSE 100 gainers, jumping 10.
5 per cent, or 159p, to 1681p as the medical to airport scanners firm raised its full-year guidance, with the engineer now expecting organic revenue growth of 5 per cent to 7 per cent. Smiths reported an increase in its first-quarter organic revenue growth to 16 per cent. Intermediate Capital was the top blue-chip faller, down 7.
2 per cent, or 162p, to 2078p as the private equity investor reported a drop in half-year pre-tax profit to £198.4million from last year’s £241.9million, even as its net asset value rose.
Experian dropped 2.5 per cent, or 97p, to 3765p as the consumer credit checker reported a 5.9 per cent fall in first-half pre-tax profit, despite a 6.
1 per cent rise in revenue, citing interest rate movements. And SSE fell 0.6 per cent, or 9.
5p, to 1691.5p as the electricity generator revealed Alistair Phillips-Davies would retire next year after 11 years at the helm. The Scottish firm posted a 38 per cent rise in half-year pre-tax profit and lifted its interim dividend by 6 per cent.
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