Bitcoin Surpasses $100,000, Intel Sacks Its CEO, and US Job Growth Rebounds Sharply This Week

Bitcoin Crosses $100,000 Mark: A Milestone for Crypto Industry

The crypto world has finally achieved a long-awaited milestone: bitcoin has crossed the $100,000 mark. This significant achievement comes after a prolonged period of growth, with bitcoin rising over 50% in just two months. The landmark event not only brings joy to holders of digital currency but also validates that digital assets are here to stay.

A Rally Spurred by Regulatory Support

The massive rally that pushed bitcoin over the $100K mark was largely fueled by President-elect Donald Trump’s pledge to ease crypto regulations. Trump’s nomination of Paul Atkins for chair of the Securities and Exchange Commission (SEC) has been seen as a significant boost to the industry, with many crypto fans regarding Atkins as an ally to digital assets compared to outgoing SEC Chair Gary Gensler.

As reported by Yahoo Finance, Digital Chamber founder Perianne Boring referred to this development as the ‘Paul Haul,’ which pulled bitcoin over the $100K mark. Congratulations, Bitcoiners! Trump tweeted on his Truth Social platform early Thursday morning, expressing his enthusiasm for the milestone achieved by the digital currency.

Other Crypto Assets Reap Benefits

The rise of bitcoin has not been isolated to just this digital currency; other crypto assets such as ether (ETH=F), XRP (XRP-USD), and crypto-related stocks have also seen significant gains. This surge in value can be attributed to the growing acceptance and adoption of cryptocurrencies, as well as the supportive regulatory environment.

Intel’s CEO Ousted Amid Uncertainty

However, not all companies are experiencing a similar boost. Intel, one of the leading chipmakers, has taken a hit after announcing the sudden retirement of its CEO, Pat Gelsinger. The company’s stock price has dropped due to concerns over the future direction of the business and the impact of Gelsinger’s departure.

According to Bloomberg Intelligence senior technology analyst Mandeep Singh, there was clearly some sort of disagreement between Pat Gelsinger and the board. Christopher Danely, Citigroup’s head of US semiconductor research, added that part of the reason for Gelsinger’s ousting is his insistence on trying to make foundry work.

Intel’s Foundry Business Under Scrutiny

The foundry business has been hemorrhaging money, which Intel plans to operate as an independent subsidiary. The CHIPS Act funding received by the company comes with conditions that require Intel to maintain manufacturing control of its capacity.

As Yahoo Finance’s Daniel Howley wrote, Intel CFO David Zinser and CEO of Intel Products Michelle Johnston Holthaus have been named interim co-CEOs as the company searches for a new chief executive. The sudden departure of Pat Gelsinger has left investors questioning the future direction of the company.

Job Growth Bounces Back in November

In other market news, the monthly nonfarm payrolls report provided a dose of good cheer on Friday. The US economy added more jobs than forecasted in November, indicating that economic growth continues to chug along.

Data from the Bureau of Labor Statistics showed 227,000 new jobs were created in November, exceeding the 220,000 expected by economists. The unemployment rate increased to 4.2%, but wage growth increased slightly more than forecast, rising 0.4% month over month in November and 4% over the prior year.

Fed Expected to Ease Policy at December Meeting

The data released on Friday is likely to provide comfort for the Federal Reserve ahead of its final meeting of the year on Dec. 17-18. Investors widely expect the Fed to reduce the benchmark fed funds rate by another quarter percentage point to a range of 4.25%-4.5%, according to the CME FedWatch tool.

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