💎 Bitcoin Breaks $100K

+ Who Is Satoshi Nakamoto?

December 05, 2024

Good afternoon! Bitcoin’s leap past $100,000 has El Salvador’s President Nayib Bukele celebrating his bold crypto gamble. With the government’s holdings now worth over $600 million, Bukele took a victory lap, blaming political opponents for discouraging widespread adoption. Despite the milestone, most Salvadorans cashed out their initial $30 bitcoin bonus back in 2021.

Critics aren’t as bullish, pointing to bitcoin’s volatility and unrealized gains. Even the IMF has flagged risks tied to the cryptocurrency, urging transparency and caution. For now, Bukele is soaking up the moment—complete with a shoutout from Elon Musk on social media.

MARKETS

  • Stocks cooled off Thursday, with the Dow dropping 0.55%, the S&P 500 slipping 0.2%, and the Nasdaq down 0.2%. After hitting fresh records earlier in the week, the major indexes took a step back as investors shifted focus to Friday’s big jobs report.

  • Bitcoin grabbed headlines after briefly topping $100,000 before sliding back in the afternoon. The milestone injected some energy into an otherwise quiet session, as markets waited for key labor data to guide the next move.

STOCKS
Winners & Losers

What’s up 📈

  • American Airlines soared 16.80% after announcing that Citi will become its sole credit card partner starting in January 2026. ($AAL)

  • Verint Systems jumped 23.07% following a better-than-expected third-quarter earnings report, with adjusted EPS of $0.54 on $224.2 million in revenue, both beating estimates. ($VRNT)

  • Brown-Forman climbed 10.68% after reporting third-quarter sales growth of 3%, exceeding expectations of a 1% decline. ($BF.B)

  • ChargePoint Holdings surged 10.66% as the EV charging company reported lower-than-expected losses in Q3 and revenue of $99.6 million, beating forecasts. ($CHPT)

  • Five Below rose 10.48% after beating third-quarter earnings estimates with adjusted EPS of $0.42 on $844 million in revenue, surpassing expectations of $0.17 and $799 million, respectively. ($FIVE)

What’s down 📉

  • AeroVironment tumbled 15.88% after issuing weak full-year guidance, with revenue projections below consensus and adjusted EPS forecast missing expectations. ($AVAV)

  • SentinelOne sank 13.21% following third-quarter results, where adjusted breakeven earnings fell short of the consensus estimate of $0.01 per share, despite a revenue beat. ($S)

  • Synopsys dropped 12.37% as weak guidance for Q1 earnings and revenue disappointed investors. ($SNPS)

  • Signet Jewelers slid 11.94% after lowering its full-year earnings outlook, missing analysts' estimates. ($SIG)

  • Intel fell 5.28% after announcing changes in leadership, with two former employees joining its board. ($INTC)

  • UnitedHealth Group declined 5.21% after the tragic shooting of the CEO of its primary division. ($UNH)

CRYPTO
Bitcoin Breaks $100K

Bitcoin just smashed through $100,000, officially entering “told-you-so” territory for crypto diehards.

Once dismissed as internet monopoly money, it’s now the toast of Wall Street, thanks to a cocktail of ETF launches, regulatory tailwinds, and some help from Washington. The milestone isn’t just a number; it’s a flashing neon sign of crypto’s evolution from edgy outsider to financial heavyweight.

What started as a niche rebellion against the establishment is now a darling of institutional investors. Spot Bitcoin ETFs are drawing billions, and legacy firms are finally admitting they slept on the crypto boom.

Even brokerage stalwarts are gearing up to offer Bitcoin trading—because, hey, better late than never. Bitcoin’s climb has also reshaped its narrative from a speculative asset to a legitimate store of value, with corporations and funds buying in like never before.

A Rally With a Side of Volatility

Sure, Bitcoin’s wild ride isn’t for the faint-hearted. It’s been here before: euphoric highs followed by gut-punch corrections. But this time, big players are in the game, stabilizing the narrative with deeper pockets and long-term strategies.

With institutional interest growing and regulatory clarity improving, Bitcoin's trajectory feels less like a rollercoaster and more like a rocket—albeit one with a few bumpy stages.

Looking Ahead: $100K is just a pit stop for Bitcoin believers, who are eyeing six-digit territory as the new normal. With institutions piling in and retail investors eager to jump on the bandwagon, Bitcoin’s move from fringe to foundation is underway. Still, while the momentum is undeniable, skeptics warn that volatility and over-leverage could trigger another cooling period before the next breakout.

NEWS
Market Movements

  • 📊 Anticipation Builds for Key Jobs Report: The Bureau of Labor Statistics is set to release November's jobs report tomorrow, expected to show a rebound with 214,000 nonfarm payroll additions after October's storm- and strike-impacted 12,000 gain. This will be the Fed’s last key data point before its December meeting, where a rate cut decision looms. Analysts emphasize the need for clearer labor market signals as economic volatility complicates policymaking. ($AAPL)

  • 🎮 GameStop Spikes After Meme Stock Icon’s Post: GameStop shares jumped 6% following a cryptic social media post by Keith Gill, the influencer behind the 2021 Reddit rally. The activity reignited meme stock enthusiasm, with options trading surging and related stocks like AMC (+6%) and Unity Software (+5%) gaining. ($GME)

  • 🛫 American Airlines Inks Citi Deal: American Airlines gained 6% premarket after announcing an exclusive co-branded credit card partnership with Citi, ending its Barclays collaboration. The deal, starting in 2026, is projected to boost payments by 10% annually, following a $5.6 billion revenue year. ($AAL), ($C), ($BCS)

  • 💻 TSMC-Nvidia Chip Collaboration: Taiwan Semiconductor is in advanced talks with Nvidia to produce Blackwell AI chips at TSMC’s Arizona facility. However, final packaging will continue in Taiwan, emphasizing the global nature of chip manufacturing. ($TSM), ($NVDA)

  • 💄 Ulta Beauty Shares Surge Post-Earnings: Ulta Beauty defied fears of slowing beauty demand, beating Q3 expectations with $2.53 billion in revenue and raising its full-year outlook. Comparable sales rose 0.6%, driven by new brand launches and digital enhancements. Despite the rosy quarter, challenges remain for holiday sales amid a compressed shopping season. ($ULTA)

  • 👖 American Eagle Takes a Hit: American Eagle shares dropped 14% after the retailer issued weak holiday guidance and trimmed full-year sales growth to 1%. Despite the decline, its Aerie brand posted a 5% increase in same-store sales, contrasting the broader revenue drop. ($AEO)

  • ✈️ JetBlue Trims Routes Amid Strong Demand: JetBlue announced plans to cut unprofitable routes, including Miami and European flights. This is following stronger-than-expected November and December revenue and bookings. ($JBLU)

  • 📱 Apple's $1B Indonesia Commitment: Apple pledged $1B to build a factory in Indonesia to comply with local manufacturing laws. The move follows an earlier sales ban on iPhone 16 models, aiming to secure its foothold in the region. ($AAPL)

  • ⛽ Shell and Equinor Form Energy Giant: Shell and Equinor announced a joint venture to establish the U.K.'s largest independent oil and gas producer, with a target of 140,000 barrels per day by 2025. Pre-market reactions saw Shell dip 0.8%, while Equinor edged up 0.3%. ($SHEL), ($EQNR)

CRYPTO
Who Is Satoshi Nakamoto?

In a world where anonymity is practically extinct, Bitcoin’s enigmatic creator, Satoshi Nakamoto, remains a ghost. Despite Bitcoin evolving into a trillion-dollar asset that’s reshaping finance, the identity of its inventor is still the ultimate crypto riddle.

It all started in 2008 when Nakamoto shared a nine-page white paper proposing Bitcoin, a new form of “electronic cash.” Back then, the idea barely made a ripple among cryptographers, many of whom had seen similar concepts fail. But in 2009, Nakamoto launched the Bitcoin network, making the first transaction with Hal Finney, a fellow cryptography enthusiast.

For two years, Nakamoto actively engaged on message boards, tweaking the code and working with developers. Then, in 2011, the digital trail went cold. Nakamoto handed the project reins to software developer Gavin Andresen and vanished, leaving the world to guess.

Here’s the kicker: Nakamoto is believed to control around one million Bitcoins, worth a staggering $55 billion today. That wealth would place Nakamoto among the richest people on the planet. But the coins haven’t moved—ever. This could mean several things: Nakamoto might have lost the private keys, passed away without sharing them, or is simply uninterested in cashing out.

Over the years, the hunt for Nakamoto has been relentless. Names like Hal Finney, Nick Szabo, and David Chaum have been floated, only for them to deny involvement. In 2014, a linguistic study pointed to Szabo, who also denied it. And then there’s Craig Wright, the Australian programmer who loudly claimed to be Nakamoto in 2016 but failed to back it up by moving any early Bitcoins.

In a recent Florida lawsuit, Wright faced off against the family of Dave Kleiman, a deceased collaborator. The case alleged they co-created Bitcoin and demanded Wright share the fortune. But the jury found no proof they developed Bitcoin together, leaving Wright's claims as shaky as ever.

Unless someone moves those early Bitcoins or presents ironclad proof, the world may never know who Nakamoto really is. But maybe that’s the point. The mystery has become part of Bitcoin’s lore, cementing its place as the world’s most intriguing financial revolution.

Calendar
On The Horizon

Tomorrow

Tomorrow brings the much-anticipated US employment report, the ultimate pulse check on the labor market. Covering everything from payroll growth to unemployment rates, it’s a key driver for market sentiment. October’s numbers were an outlier, with job creation plummeting from 254,000 in September to just 12,000, thanks to disruptions like hurricanes and a Boeing strike.

Economists are optimistic for a rebound, forecasting over 200,000 new jobs in November. If the predictions hold, it could signal that the labor market remains resilient despite recent setbacks—good news for both Wall Street and Main Street.

NEWS
The Daily Rundown

  • ⚖️ Supreme Court Hears Gender-Affirming Care Case: The U.S. Supreme Court is reviewing Tennessee's ban on gender-affirming treatments for transgender youth, a case that could impact similar laws in 26 states. The Biden administration argues the ban constitutes sexual discrimination, while Tennessee lawmakers claim it prevents irreversible decisions by minors. Initial arguments suggest the court may side with Tennessee, with a ruling expected by June.

  • 🚀 Billionaire Astronaut to Lead NASA: Jared Isaacman, the first private astronaut to complete a spacewalk and founder of Shift4 Payments, was nominated by President-elect Trump to head NASA. Isaacman is set to succeed former Senator Bill Nelson as administrator.

  • 🚗🔋 Mercedes Unveils Electric Popemobile: Mercedes-Benz delivered the first all-electric Popemobile to Pope Francis, underscoring the Vatican's commitment to environmental sustainability. The vehicle marks a significant step toward greener transportation for official ceremonies.

  • 🇫🇷 French PM Ousted in No-Confidence Vote: France’s Prime Minister Michel Barnier was ousted by a no-confidence vote after bypassing lawmakers to pass a budget bill. The vote leaves President Emmanuel Macron scrambling to find a replacement as he prepares to host President-elect Donald Trump in Paris for the reopening of Notre-Dame Cathedral. The lack of a functioning government has raised concerns over France’s political stability.

  • 🛢️ Saudi Arabia Faces Oil Dominance Challenges: Saudi Arabia’s grip on the global oil market is loosening as the U.S. ramps up domestic production. With OPEC+ nations set to meet, member countries are pushing back against Saudi efforts to sustain high oil prices. Meanwhile, U.S. output is projected to average 13.2 million barrels per day this year, a staggering 47% higher than Saudi Arabia’s October production.

  • 🔐 FBI Urges Americans to Encrypt Messages Amid Cyberattack: In response to an espionage campaign by China-backed hackers, the FBI is advising Americans to use encrypted messaging apps like Signal and WhatsApp. The attack, targeting U.S. telecom networks and political institutions, has raised concerns about the extent of the breach. Officials are working to recover compromised systems while urging the public to prioritize secure communication.

  • 🎵 Spotify Wrapped 2024 Highlights Pop Revival: Pop dominated Spotify Wrapped this year, with Taylor Swift named the top global artist for the second consecutive year, thanks to her record-breaking album The Tortured Poets Department. Wrapped included AI-generated summaries of users' listening habits, alongside a new feature tracking "listening eras." Women artists claimed 8 of the top 10 most-streamed albums globally, solidifying pop’s resurgence.

  • 🕳️ Sinkhole Mystery in Pennsylvania: A missing woman in Pennsylvania is feared to have been swallowed by a sinkhole, according to local authorities. Rescue teams are searching the area as investigations continue into the tragic disappearance.

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