Bitcoin rose on Thursday and maintained its streak of gains for the second session, trading near record highs and holding ground above $90,000 as new investments poured into the crypto industry.

MicroStrategy recently announced new massive purchases of bitcoin, which further bolsters the outlook of prices reaching the coveted $100,000.

Prices

Bitcoin rose 1.3% at Bitstamp today to $91,705, with a session-low at $89,158.

On Wednesday, bitcoin rallied 2.8% and hit a record high at $93,483.

Crypto Market Value 

The crypto market value rose by over $90 billion on Thursday to a total of $3.150 trillion.

The market value reached a record high of $3.216 trillion on Wednesday.

Trump

Bitcoin is up 35% so far since Trump’s landslide election victory, with Trump vowing to make the US “the world’s crypto capital” with all mining executed in the US, and regulations reduced.

MicroStrategy

MicroStrategy announced today a purchase of $2 billion worth of bitcoin between October 31 and November 10.

MicroStrategy is a major institutional programming company, specializing in information technology, and has taken a bold investing strategy through buying up bitcoins. 

Positive Outlook

Citibank analysts expect bitcoin to reach $100,000 following Trump’s victory, due to the upcoming administration’s friendly attitude towards cryptocurrencies and their regulations.

Euro tumbled in European trade on Thursday to one-year lows against the dollar, sharpening the decline for the fifth straight session amid mounting risk factors for the European economy. 

Germany is facing political turmoil, while the whole EU faces likely trade tensions with the US as Donald Trump prepares to take the reigns. 

The Price 

The EUR/USD pair fell 0.3% today to $1.0534, the lowest since November 2023, with a session-high at $1.0568.

The pair closed down 0.6% on Wednesday, the fourth loss in a row as the long-term yield gap between Europe and the US widens.

German Turbulence 

German Chancellor Olaf Shultz said he’s ready for a vote on no-confidence before Christmas, which paves the way for early elections after his governing coalition collapsed.

The Greens Party, which was part of the governing coalition, joined the opposition in calling for early elections, expected in February 2025.

Trade Tensions 

The Euro is under pressure from US President-elect Donald Trump's vows to impose tariffs on European goods imports, in accordance with his "America First" policy.

This policy of tariffs will no doubt raise pressures on trans-Atlantic relations and could lead to more damaging confrontations.

The euro already lost over 3% of its value against the dollar since Trump’s landslide election victory, on trading for losing trading above $1.06.

European Rates

Recent inflation showed consumer prices in the eurozone rose more than expected in October.

Following the data, the odds of an ECB 0.25% interest rate cut in December plunged from 85% to 50%.

US Rates

Recent demure inflation data indicates the Federal Reserve is on the right track for controlling inflation.

The odds of a 0.25% Federal Reserve interest rate cut rose from 60% to 83%, with investors now waiting for US producer prices data, and a speech by Fed Chair Jerome Powell later today to gather more clues.

A wider long-term treasury yield gap between Japan and the US would hurt the appeal of Japanese bonds and undermine the yen.

The yen fell in Asian trade on Thursday and sharpened the losses for the fourth straight session against the US dollar, hitting four-month lows on momentum carried by Donald Trump’s election victory.

The yen is also pressured by doubts about whether the Bank of Japan will go ahead with an interest rate hike in December, while US 10-year treasury yields continue to surge.

The Price 

The USD/JPY rose 0.45% today to 156.13 yen per dollar, the highest since July 23, with a session-low at 155.34.

The yen closed down 0.6% on Wednesday, the third loss in a row as US long-term treasury yields rallied.

Trump Trade 

Since Trump’s landslide election victory last week, global markets have experienced a wave of rapid changes and movements called “Trump trade” amid massive optimism about Trump’s upcoming economic policies. 

Trump’s policies on raising tariffs and constraining immigration are expected to raise inflationary pressures in the long term.

Such measures will likely raise the costs of imports and increase wages and boost inflation, which might force the Federal Reserve to reconsider the pace of policy easing.

The Edison's Research company now expects the Republican Party to control both chambers of Congress, which would give Trump full authority to execute his policies.

Japanese Rates

The Bank of Japan's latest meeting minutes showed that some members are concerned about uncertainty following the US elections. 

At the October 30-31 meeting, the BOJ maintained interest rates unchanged but said that risks from the US economy have shrunk, showing that the conditions are ripe for another rate hike.

However, the doves at the BOJ advised a slower pace in normalizing monetary policies. 

US Yields 

US 10-year treasury yields rose 0.7% on Thursday, expanding the gains for the fourth straight session and hitting 4-⅕ month highs at 4.483%.

Recent demure inflation data indicates the Federal Reserve is on the right track for controlling inflation.

The odds of a 0.25% Federal Reserve interest rate cut rose from 60% to 83%, with investors now waiting for US producer prices data, and a speech by Fed Chair Jerome Powell later today to gather more clues.

A wider long-term treasury yield gap between Japan and the US would hurt the appeal of Japanese bonds and undermine the yen.

Gold prices fell on Wednesday as the dollar rose against most major rivals, heaping pressures on commodities, including the precious yellow metal.

US consumer prices rose 2.6% y/y in October as expected, after slowing down to 2.4% in September.

Core prices, excluding food and energy, rose 3.3% y/y, same as September.

Otherwise, the dollar index rose 0.5% to 106.5 as of 19:01 GMT, with a session-high at 106.5, and a low at 105.7.

On trading, gold spot prices fell 0.7% as of 19:02 GMT to $2588.9 an ounce.