KARACHI: The cut-throat race is on between Pakistan’s stock market and Bitcoin to hit the 100,000 mark first. Both are edging closer to this historic milestone, with each making significant strides in recent days.
The Pakistan Stock Exchange (PSX) recently reached a new high, crossing the 97,000-point mark for the first time in its history. On Thursday, the fourth day of the trading week, the market surged by over 1,800 points, pushing the benchmark KSE-100 index to an impressive 97,390 points.
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Meanwhile, Bitcoin is also nearing its own record, having recently hit an all-time high of $97,119 per coin. The cryptocurrency has doubled in value this year, reflecting growing investor interest and optimism in the digital currency market. Just a day earlier, Bitcoin was priced at $94,000, marking a steady rise in its value.
This increase in Bitcoin’s price comes amid wider excitement in the cryptocurrency world, with the total value of the global crypto market surpassing $3 trillion for the first time—a new record.
Traders are hopeful that the incoming US administration, under President-elect Donald Trump, will create a more favorable environment for digital currencies.
Reports have added to the buzz by suggesting that Trump’s social media company is in talks to acquire a cryptocurrency trading firm, further fueling speculation about the future of crypto markets.
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Such affirming reports that Trump’s time in office would prove to be a boom era for cryptocurrencies are helping Bitcoin gain further ground rapidly in its march toward $100,000.
Similarly, the PSX is also setting new records, and investors are eagerly watching to see which will break the 100,000 barrier first, as the race in the stock market and the digital currency world is heating up.