Bitcoin on a High Despite Asian Market Gloom

The Asian stock markets declined on Monday after China presented disappointing economic indicators for November. In contrast, Bitcoin continued its surge and surpassed the $106,000 mark before settling at $104,948—an increase of 3.4 percent. The rise in the cryptocurrency is generally attributed to the crypto-friendly stance of U.S. President-elect Donald Trump. With his selection of crypto advocate Paul Atkins as a potential chairman of the Securities and Exchange Commission, Trump has already signaled a move towards looser regulation of digital currencies. Before Trump's election, Bitcoin was trading below the 70,000 mark. A report on Monday showed that retail sales growth in China slowed in November, while industrial production stagnated, and home sales declined. Although the economic situation and employment were described as stable, there is concern about the medium-term future due to the upcoming U.S. trade policy under Trump, who announced higher tariffs on imports from China, among other things. On the stock exchanges, Japan's Nikkei 225 recorded a slight drop of 0.1 percent, while Hong Kong's Hang Seng fell by 0.8 percent. The Shanghai Composite remained nearly unchanged. In South Korea, the Kospi slipped by 0.3 percent, while the Taiex in Taiwan slightly gained by 0.1 percent. The Sensex in India lost 0.4 percent, and Thailand's SET fell by 0.9 percent. At the end of the week on Wall Street, mixed results were observed. The S&P 500 fell slightly by less than 0.1 percent, marking its first weekly loss after three weeks of gains. The Dow Jones Industrial Average dropped by 0.2 percent, while the Nasdaq Composite rose by 0.1 percent, staying just below its record high. The biggest winner in the S&P 500 was Broadcom with an increase of 24.4 percent. The semiconductor company exceeded analysts' earnings forecasts and offered an optimistic outlook, particularly in the field of artificial intelligence. Additionally, the dividend was increased.