Bitcoin Hits $89K Record, Gold Slips as Dollar Strengthens Post-Trump Victory – Century Financial

• Cryptocurrency

Bitcoin’s record-breaking rally took the digital asset past $89,000 and lifted the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under President-elect Donald Trump.
The largest token has jumped about 32% since the US election on Nov. 5 and hit an all-time high of $89,599 early on Tuesday. The original cryptocurrency changed hands at $89,165.
Trump has vowed friendlier crypto rules and his Republican Party is tightening its grip on Congress to push through his agenda. Other pledges include setting up a strategic US Bitcoin stockpile and boosting domestic mining of the token.
His stance is a sharp break from a crackdown on the divisive industry by the Securities & Exchange Commission under President Joe Biden’s administration. The shift has energized speculative buying of large and small tokens alike, raising the value of digital assets to about $3.1 trillion, CoinGecko data show.

In the options market, investors are lining up bets that Bitcoin will pass $100,000 as soon as the end of the year, according to data from the Deribit exchange. Meanwhile, software firm MicroStrategy Inc. — the largest publicly-traded corporate holder of Bitcoin outside the exchange-traded fund sector — bought about 27,200 Bitcoin for some $2 billion between Oct. 31 and Nov. 10.

• Crude Oil

Oil prices were little changed in early trading on Tuesday, awaiting further price direction from OPEC’s monthly report after China’s stimulus plan and oversupply concerns took the wind out of markets in prior sessions. Both contracts had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 trillion yuan ($1.40 trillion) debt package to ease local government financing strains, but analysts said it fell short of the amount of stimulus that would be needed to boost growth. Further price direction will come from the Organization of Petroleum Exporting Countries (OPEC) monthly report due to be released later on Tuesday. The market will be looking out for further downward revisions in demand from the group’s outlook through 2025, which would add to downward pressure on prices.”Prompt time spreads for Brent and WTI have collapsed recently, moving closer to contango, suggesting a better-supplied physical market,” ING analysts said in a note.When a futures market is in contango, contracts for prompt delivery are less than for future delivery, suggesting the market is well supplied in the near term or that demand for oil is greater in the future.The U.S. dollar closed higher on Monday as markets braced for further signals from U.S. inflation data and Federal Reserve speakers this week.
As per John Helms report, Crude WTI Dec, Resistance levels are at $69.47 and $70.98, while Support levels are at $67.14 and $65.99. Brent Jan, Resistance levels are at $73.24 and $74.45 while Support at $71.08 and $69.68.
Gulf MarketsThe ADX General is falling for the third day, dropping 0.1%, or 13.27 to 9,422.60 in Abu Dhabi. International Holding Co. PJSC contributed the most to the index decline, decreasing 0.5%. Gulf Medical Projects had the largest drop, falling 5.2%.
The DFM General Index is rising for the second day, climbing 0.4%, or 18.08 to 4,670.51 in Dubai. Emaar Development PJSC contributed the most to the index gain and had the largest move, increasing 6.2%.
The Tadawul All Share Index opened 0.1% higher, climbing 17.79 to 12,124.20, as stocks gain for the second straight day in Riyadh. Acwa Power Co. contributed the most to the index gain, increasing 1.8%. Al Jouf Cement Co. had the largest increase, rising 6.7%.
Oil fell for a third day on a soft demand outlook in China, a stronger US dollar, and concerns the market may flip to oversupply.
Brent dropped below $72 after shedding 5% over two sessions, with West Texas Intermediate above $67. China’s latest measures to kick-start its economy stopped short of direct stimulus, and inflation remains weak. A gauge of the dollar hit a one-year high as investors adjust to Donald Trump’s electoral victory, making crude oil more expensive for most buyers.GoldGold prices slipped to a one-month low as the greenback continued its ascent to the highest level in a year post Donald Trump’s victory in the U.S. presidential election. The precious metal declined 2.5% in yesterday’s session and has shed about 5% of its value since last week’s election. Overall, the precious metal is trading nearly 7% below its record high reached last month. Trump’s policies could prove inflationary and could potentially result in fewer interest rate cuts than initially expected. As a result, the SPDR Gold Shares ETF endured a weekly outflow of over $1 billion – its largest weekly outflow since July 2022.

Gold is down 0.58% at $2,604 on Tuesday and is trading below the 50-SMA at $2,648 on the day chart. It has immediate support around $2,600 with next support at $2,538. Despite the recent sell-off, gold is still up 25% year-to-date as geopolitical tensions, rate-cut optimism, global uncertainty, and central bank purchases contributed to its rally. The attention is on Wednesday’s Core CPI report – a key inflation report that will influence the Fed’s trajectory.

Gold prices in the UAE are as follows:
24 Carat – AED 317.00
22 Carat – AED 293.50
21 Carat – AED 284.00
18 Carat – AED 243.50

Last Updated on 1 month by News Desk 1