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What’s happening: Bitcoin continued to climb this morning, after snapping a three-day losing streak on Wednesday.
What happened: The world’s largest cryptocurrency had been under pressure due to disappointment around the lack of moves by US President Donald Trump to loosen crypto regulations.
Bitcoin prices rose on Wednesday and continued its upward trajectory this morning after software firm MicroStrategy announced plans to purchase the crypto king.
Why it matters: Bitcoin and other cryptocurrencies had rallied to record highs on the victory of Donald Trump in the US Presidential elections in November last year. Trump’s election campaign had made bold statements about crypto adoption, including a plan for creating a strategic bitcoin reserve and making America the “crypto capital of the planet.”
With no moves from the Trump administration after the Presidential oath on January 20, bitcoin prices came tumbling down.
Bitcoin was also impacted by expectations of sticky inflation in the US due to Trump’s tariffs. Elevated inflation prevents the Federal Reserve from cutting interest rates, supporting the US dollar. Strength in the US dollar adversely affects bitcoin, making it more expensive for foreign currency holders.
The crypto rebounded on Wednesday, after declining for three consecutive days, buoyed by the news of MicroStrategy, which changed its name to Strategy earlier this month, announcing plans to offer convertible notes worth $2 billion to fund further bitcoin purchases.
Meanwhile, what caught people’s attention on social media was a post by deBanked’s editor-in-chief, Sean Murray, in which he claims former Twitter CEO Jack Dorsey is the real Satoshi Nakamoto, the mystery creator of bitcoin.
Bitcoin gained 2.05% to reach $96,069 on Wednesday. The leading crypto rose 0.48% to $97,104 this morning. With this upturn, bitcoin is trading just about 10% shy of last month’s record high of $109,241.
What to watch: Investors will continue monitoring US regulatory developments as well as tariff announcements by the Trump administration.
Context: German stocks declined sharply on Wednesday amid wide fluctuations and a downturn in other European stocks.
Details: Germany’s DAX opened trading on Wednesday on a strong note and soon climbed to a new record high. The gains were short-lived, as the index fell sharply on profit-taking and concerns surrounding the Federal election, which is scheduled for Sunday.
News of Eurozone’s current account surplus widening failed to keep investor sentiment positive. The bloc’s current account surplus widened to €50.5 billion in December, from €32.7 billion in the same month a year earlier. The figure was significantly higher than market expectations of €32.0 billion.
Investors remained cautious amid US President Donald Trump’s meeting with Russian premier Vladimir Putin and uncertainties around further tariff announcements.
Shares of building materials company Heidelberg Materials tanked 5.35%, while MTU Aero Engines fell 5.00% and Siemens Energy declined by 4.74%.
The DAX fell by 1.80% to close at $22,433.63 on Wednesday. The German index had gained more than 18% over the past three months.
What to watch: Investors await the release of economic data on produces prices (11:00 UAE Time) from Germany today. Producer prices in Germany had risen by 0.8% year-on-year in December, accelerating from 0.1% in the previous month, while coming in below market expectations of a 1.1% rise. Producer prices are expected to accelerate significantly to 1.3% in January.
Other Markets: US trading indices closed higher on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.16%, 0.24% and 0.07%, respectively.
Blaming the Ukrainian President Volodymyr Zelensky for starting the war with Russia, US President Donald Trump called him a “dictator” and threatened that he was “not going to have a country left” if the war continued. The news sent the RUB/USD pair higher in forex trading this morning.
Indonesia’s current account deficit shrank to $1.15 billion in the fourth quarter, from $1.38 billion in the year-ago quarter. Although this marked the seventh straight quarter of a deficit, it was the smallest shortfall, which lent support to the IDR/USD forex pair.
Australia’s seasonally adjusted unemployment rate rose to 4.1% in January, from 4.0% recorded in the previous month The figure coming in-line with market estimates sent the AUD/USD pair higher in forex trading this morning.
South Korea’s consumer sentiment index improved to 95.2 in February, from 91.2 in the previous month. This being the highest reading since November 2024 lent support to the KRW/USD forex pair.
The American Petroleum Institute said crude oil inventories in the country surged by 9.043 million barrels in the week ending February 7, following an increase of 9.04 million barrels in the previous week. The WTI declined by 0.50% to $71.89 on Wednesday.
Taiwan’s current account balance (12:20 UAE Time), Hong Kong’s inflation rate (12:30 UAE Time), Greece’s current account (13:00 UAE Time), Italy’s construction output (13:00 UAE Time), Poland’s employment growth, production output and producer prices (13:00 UAE Time), Belgium’s consumer confidence (14:00 UAE Time), Eurozone’s construction output (14:00 UAE Time), Ireland’s inflation rate (15:00 UAE Time), South Africa’s building permits (15:00 UAE Time), Mexico’s retail sales (16:00 UAE Time), Canada’s new housing price index and producer prices (17:30 UAE Time) and US initial jobless claims (17:30 UAE Time).
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