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Over $2.8 billion bet on bitcoin topping $90,000 as it hits all-time high

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Over $2.8 billion bet on bitcoin topping $90,000 as it hits all-time high


Jakub Porzycki | Nurphoto | Getty Images

Bitcoin reached a fresh all-time high near $81,000 and futures premiums soared, in a clear sign that investors believe the record-run in the world’s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office.

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Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market.

“The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,” Vetle Lunde, head of research at K33 Research, told CNBC.

A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period of time. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall.

The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the U.S. to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5% and 14%, respectively. Ahead of the election, Velde says these premiums sat at 7%, and had spent a majority of the past half year hovering slightly below 10%.

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“The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear.

“Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde.

The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date.

But liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade, so moves thus tend to overreact and substantially retrace once these markets open again, according to Velde.

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Bitcoin could hit $100k before inauguration if Trump delivers on pro-crypto campaign pledges

President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the U.S. government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money.

The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut.

On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed bitcoin’s rise, up 30% in the last seven days, and solana’s market cap topped $100 billion on Sunday.

The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion.

How crypto and fintech may perform under the second Trump administration

Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot.

Coinbase shares jumped 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.

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Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offenses.

“Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.”

Robinhood, which allows users to buy and sell a number of digital currencies, rose 27% for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.

Robinhood’s general manager for its crypto unit told CNBC that the goal at Robinhood is to be able to work within the administration.

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“If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.”

Robinhood Crypto general manager reacts to recent bitcoin rally



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Bizarre test shows light can actually cast its own shadow

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Bizarre test shows light can actually cast its own shadow


The shadow of a laser beam appears as a horizontal line against the blue background

Abrahao et al. (2024)

Light normally makes other objects cast shadows – but with a little help from a ruby, a beam of laser light can cast a shadow of its own.

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When two laser beams interact, they don’t clash together like lightsabers in Star Wars, says Raphael Abrahao at Brookhaven National Laboratory in New York. In real life, they will simply pass through each other. Abrahao and his colleagues, however, found a way for one laser beam to block another – and make its shadow appear.

The crucial ingredient was a ruby cube. The researchers hit this cube with a beam of green laser light while illuminating it with a blue laser from the side. As the green light passed through the ruby atoms, it changed their properties in a peculiar way that then affected how they reacted to the blue light.

Instead of letting the blue laser pass through them, the atoms affected by the green light now blocked the blue light, which created a shadow shaped exactly like the green laser beam. Remarkably, the researchers could project the blue light on a screen and see this “shadow of a laser” with the naked eye.

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Abrahao says he and his colleagues had a long discussion of whether what they created really qualified as a shadow. Because it moved when they moved the green laser beam, they could see it without any special equipment and they managed to project it onto commonplace objects, like a marker, they ultimately decided in the affirmative.

Historically, understanding shadows has been crucial for understanding what light can do and how we can use it, he says, and this experiment adds an unexpected technique into scientists’ light-manipulation toolbox.

Tomás Chlouba at the University of Erlangen–Nuremberg in Germany says the experiment uses known processes to create a striking visual demonstration of how materials can help control light. The ruby’s interactions with the laser, for instance, are similar to those of materials used in laser eye surgeries, which must be able to respond to laser light by blocking it if it gets dangerously intense.

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You can't put a price on the sense of awe particle physics inspires

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2C6F140 Atoms and their electron clouds , Quantum mechanics and atomic structure



Astronomy and particle physics are no longer seen as vital by the US establishment, so funding has fallen. But our work creates a sense of wonder, and wonder matters, says Chanda Prescod-Weinstein



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WTI rises to trade around $69 per barrel

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WTI rises to trade around $69 per barrel


Trump admin will quickly reduce red tape in energy production, says Skylar Capital's Bill Perkins

Crude oil futures rose slightly on Thursday, with the U.S. benchmark trading around $69 per barrel, though the market outlook remains bearish.

Global crude supplies are expected to outstrip demand by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency’s monthly market report.

Here are today’s energy prices by 8:07 a.m. ET:

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  • West Texas Intermediate December contract: $68.92 per barrel, up 49 cents, or 0.7%. Year to date, U.S. crude oil is down more than 3%.
  • Brent January contract: $72.78 per barrel, up 50 cents, or 0.7%. Year to date, the global benchmark is down more than 5%.
  • RBOB Gasoline December contract:  $1.9711 per gallon, up 0.3%. Year to date, gasoline has fallen nearly 6%.
  • Natural Gas December contract: $2.966 per thousand cubic feet, down 0.6%. Year to date, gas has gained nearly 18%.

UBS slashed its price forecast for global benchmark Brent to $80 per barrel from $87 previously on weakening demand in China, the world’s largest crude importer.

OPEC on Monday cut its demand growth forecast for the fourth month in a row earlier this week.

U.S. crude oil has shed about 4% and Brent is down 3.5% since Donald Trump won the U.S. presidential as the dollar has surged. A stronger U.S. dollar can depress oil demand among buyers that hold other currencies.

Don’t miss these energy insights from CNBC PRO:



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Scientists say they’ve discovered the world’s biggest coral, so huge it was mistaken for a shipwreck

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Scientists say they've discovered the world's biggest coral, so huge it was mistaken for a shipwreck


Scientists say they have found the world’s largest coral near the Pacific’s Solomon Islands, announcing Thursday a major discovery “pulsing with life and color.” The coral is so immense that researchers sailing the crystal waters of the Solomon archipelago initially thought they’d stumbled across a hulking shipwreck.

“Just when we think there is nothing left to discover on planet Earth, we find a massive coral made of nearly one billion little polyps, pulsing with life and color,” marine ecologist Enric Sala said.

The standalone structure, formed from a “complex network” of tiny coral polyps, has likely been growing for 300 years or more, the researchers said.

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A diver from National Geographic Pristine Seas measures the world’s largest coral colony, in the Solomon Islands.

Manu San Félix/National Geographic Pristine Seas


At about 111 feet wide and 104 feet long, the team said the “mega coral” was three times bigger than the previous record holder — a coral dubbed “Big Momma” in American Samoa. The massive coral is not a coral reef, structures that can be far larger but are comprised of many distinct coral colonies, they explained.

“While Big Momma looked like a huge scoop of ice cream plopped down on the reef, this newly discovered coral is as if the ice cream started to melt, spreading forever along the seafloor,” said lead scientist Molly Timmers.

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It’s longer than a blue whale and thought to be “so colossal” that it could be seen from space.

solomons-coral-natgeo-7pghc8-q.jpg
A diver from National Geographic Pristine Seas measures the world’s largest coral colony, in the Solomon Islands.

ManuSan Félix/National Geographic Pristine Seas


The coral was discovered at the southeastern tip of the Solomon Islands, in an area known as the Three Sisters. It was spotted by a National Geographic team embarking on a scientific expedition in the region.

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Hotter and more acidic oceans have drained the life from corals in many of the region’s tropical waters, a process called bleaching, including Australia’s famed Great Barrier Reef. But this latest discovery offered a small glimmer of hope, the research team said.


Veterans group works to restore coral reefs

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“While the nearby shallow reefs were degraded due to warmer seas, witnessing this large healthy coral oasis in slightly deeper waters is a beacon of hope,” said coral scientist Eric Brown.

The lush rainforests and pristine waters of the Solomon Islands have long been celebrated for their ecological diversity. Wildlife observations made in the area in the 1920s helped prove a key part of Charles Darwin’s theory of evolution.

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“There is so much to learn about the richness of marine life and the ocean ecosystem, but this finding opens doors of knowledge,” said top Solomon Islands official Collin Beck. “More scientific research is needed to better understand our rich biodiversity and our planet.”

solomons-coral-largest.jpg
An aerial view of the world’s largest coral colony, seen right behind the boat, in the Solomon Islands.

Steve Spence/National Geographic Pristine Seas


The discovery was announced as representatives from around the world meet in Baku, Azerbaijan for the COP29 United Nations summit on climate change.

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The Solomon Islands national climate minister, Trevor Manemahaga, told CBS News’ partner network BBC News at the summit that his nation was proud to be the home of the massive, newly discovered coral.

“We want the world to know, that this is a special place, and it needs to be protected,” he told the BBC. “We rely mostly on marine resources for economic survival, so coral is very, very important.”

Small, low-lying island nations such as the Solomons are among the most vulnerable to the increasing effects of climate change and sea-level rise.

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Our lone oil-and-gas stock strikes 2 smart deals — plus, AMD sharpens its AI focus

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Our lone oil-and-gas stock strikes 2 smart deals — plus, AMD sharpens its AI focus


Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.



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How Trump policies may boost, and burden, energy stocks and crude oil

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How Trump policies may boost, and burden, energy stocks and crude oil




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