ASX to rise as bitcoin nears $US100,000 for the first time

In a recent article by The Financial Review, moomoo's market strategist Jessica Amir was cited on the ongoing growth of the Australian stock market. The article discusses the ASX's upward trajectory, driven by investor optimism surrounding the incoming Trump administration, and the impact of rising energy stocks amid the escalating Ukraine-Russia conflict.

With the S&P/ASX 200 index expected to rise 0.6%, opening at a record 8393.8 points on Monday, the market is poised to test the 8500-point mark.

Jessica Amir highlighted that the stock market is likely to continue hitting new all-time highs through the remainder of this year and into the next. She pointed out that technology stocks, especially Block, have been key drivers of ASX's long rally, largely due to the spectacular rise in Bitcoin. As the world's most widely held cryptocurrency nears $100,000, market speculation is now focused on Bitcoin reaching $150,000 by Christmas.

Block, which derives nearly half of its revenue from Bitcoin, has surged 27% this month. Jessica believes the company could be one of the top five companies in the ASX 200 by market capitalisation if Donald Trump's officially designates Bitcoin as a US strategic reserve asset.

Click to read the full article: Australian shares: ASX poised to test 8500 as bitcoin on the brink of breaking $US100,000