It’s been a long and tough road for many in the cryptocurrency world, but it’s finally happened. Bitcoin price crossed the $100,000 mark for the first time.
In addition to making Bitcoin holders very happy given the digital currency has rallied more than 50% in the past two months, the milestone reached on Wednesday provides some validation that the digital asset is here to stay. I did.
Ether (ETH=F), XRP (XRP-USD), and crypto-related stocks rise due to President-elect Donald Trump’s pledge to deregulate cryptocurrencies and the appointment of Paul Atkins as chairman of the Securities and Exchange Commission. This spurred a massive rise. For vehicles.
“They call this the ‘Paul Hole’ – Bitcoin breaching $100,000,” Perianne Bowling, founder of the Digital Chamber of Commerce, told Yahoo Finance that the outgoing S.E.C. He said this, referring to Mr. Atkins, who many crypto enthusiasts consider to be an ally of digital assets compared to the chairman. Gary Gensler.
“Congratulations Bitcoiners!!!” Trump wrote in a post on his Truth Social platform early Thursday morning.
Chipmakers haven’t felt the same euphoria this week, with Intel (INTC) in particular seeing its stock fall after CEO Pat Gelsinger announced the sudden resignation of CEO Pat Gelsinger on Monday.
The company ousted Mr. Gelsinger amid a slump in its stock price and uncertainty over a restructuring plan focused on its foundry business. Mr. Gelsinger’s efforts to transform Intel into a chipmaker for rival chipmakers helped the company secure $7.8 billion in CHIPS Act funding.
“There was obviously some disagreement between Pat Gelsinger and the board,” said Mandeep Singh, senior technology analyst at Bloomberg Intelligence.
“Part of the reason Pat was gone was because he was trying to get the foundry up and running,” added Christopher Daenley, head of U.S. semiconductor research at Citigroup.
As Yahoo Finance’s Daniel Howley writes, Intel’s foundry business is bleeding money, and the company plans to operate it as a separate subsidiary.
“They just received CHIPS Act funding, but if you look at the details, it basically says Intel can’t sell more than a controlling share of their manufacturing footprint,” said IDC Enable Technology and Semiconductor. Vice President Mario Morales said. Yahoo Finance. “That means Intel must maintain manufacturing control of its production capacity.”
Intel Chief Financial Officer David Zinser and Intel Products CEO Michelle Johnston Holthaus have been named interim co-CEOs as the company searches for a new chief executive officer.
Friday’s monthly nonfarm payrolls report provided another positive sign for the broader market.
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