blackjack dealer NEW YORK (AP) — Bitcoin topped $100,000 for the first time this week as a massive rally in the world's most popular cryptocurrency, largely accelerated by the election of Donald Trump, rolls on. The cryptocurrency officially to rose six figures Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Bitcoin has soared since Trump won the U.S. presidential election on Nov. 5. The asset climbed from $69,374 on Election Day, hitting as high as $103,713 Wednesday, according to CoinDesk. And the latest all-time high arrives just two years after bitcoin dropped below $17,000 following the collapse of crypto exchange FTX . Bitcoin fell back below the $100,000 by Thursday afternoon, sitting above $99,000 by 4 p.m. ET. Even amid a massive rally that has more than doubled the value of bitcoin this year, some experts continue to warn of investment risks around the asset, which has quite a volatile history. Here’s what you need to know. Cryptocurrency has been around for a while now. But chances are you’ve heard about it more and more over the last few years. In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain. Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, XRP, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money, but most daily financial transactions are still conducted using fiat currencies such as the dollar. Also, bitcoin can be very volatile, with its price reliant on larger market conditions. A lot of the recent action has to do with the outcome of the U.S. presidential election. Trump, who was once a crypto skeptic, has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. On Thursday morning, hours after bitcoin surpassed the $100,000 mark, Trump congratulated “BITCOINERS” on his social media platform Truth Social. He also appeared to take credit for the recent rally, writing, “YOU’RE WELCOME!!!” Top crypto players welcomed Trump’s election victory last month, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape. And the industry has made sizeable investments along the way. Back in August, Public Citizen, a left-leaning consumer rights advocacy nonprofit, reported finding that crypto-sector corporations spent more than $119 million in 2024 to back pro-crypto candidates across federal elections. Trump made his latest pro-crypto move when he announced his plans Wednesday to nominate Atkins to chair the SEC. Atkins was an SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation. He joined the Token Alliance, a cryptocurrency advocacy organization, in 2017. Under current chair Gary Gensler, who will step down when Trump takes office, the SEC has cracked down on the crypto industry — penalizing a number of companies for violating securities laws. Gensler has also faced ample criticism from industry players in the process. One crypto-friendly move the SEC did make under Gensler was the approval in January of spot bitcoin ETFs, or exchange trade funds, which allow investors to have a stake in bitcoin without directly buying it. The spot ETFs were the dominant driver of bitcoin's price before Trump's win — but, like much of the crypto’s recent momentum, saw record inflows postelection. Bitcoin surpassing the coveted $100,000 mark has left much of the crypto world buzzing. “What we’re seeing isn’t just a rally — it’s a fundamental transformation of bitcoin’s place in the financial system,” Nathan McCauley, CEO and co-founder of crypto custodian Anchorage Digital, said in a statement — while pointing to the growth of who's entering the market, particularly with rising institutional adoption. Still, others note that the new heights of bitcoin's price don't necessarily mean the asset is going mainstream. The $100,000 level is “merely a psychological factor and ultimately just a number,” Dan Coatsworth, investment analyst at British investment company AJ Bell, wrote in a Thursday commentary . That being said, bitcoin could keep climbing to more and more all-time highs, particularly if Trump makes good on his promises for more crypto-friendly regulation once in office. If Trump actually makes a bitcoin reserve, for example, supply changes could also propel the price forward. “It is hard to overstate the magnitude of the change in Washington’s attitude towards crypto post-election,” Matt Hougan, chief investment officer at Bitwise Asset Management, said via email Thursday, reiterating that prices could keep rising if trends persist. “There is a lot more demand than there is supply, and that’s usually a pretty good recipe for success.” Still, as with everything in the volatile cryptoverse, the future is never promised. Worldwide regulatory uncertainties and environmental concerns around bitcoin “mining" — the creation of new bitcoin, which consumes a lot of energy — are among factors that analysts like Coatsworth note could hamper future growth. And, as still a relatively young asset with a history of volatility, longer-term adoption has yet to be seen through. Today’s excitement around bitcoin may make many who aren’t already in the space want to get in on the action. For those in a position to invest, Hougan says it's not too late — noting that bitcoin is still early in its development and most institutional investors “still have zero exposure.” At the same time, Hougan and others maintain that it's important to tread cautiously and not bite off more than you can chew. Experts continue to stress caution around getting carried away with crypto “FOMO,” or the fear of missing out, especially for small-pocketed investors. “A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone,” Coatsworth noted Thursday. “It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.” In short, history shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day. Coatsworth points to recent research from the Bank for International Settlements, a Switzerland-based global organization of central banks, which found that about three-quarters of retail buyers on crypto exchange apps likely lost money on their bitcoin investments between 2015 and 2022. At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000. Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs, and again, now the post-election frenzy. But lighter regulation from the coming Trump administration could also mean less guardrails. This story has been corrected to refer to Anchorage Digital as a crypto custodian, not a crypto asset manager. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.

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NoneArticle content PORT-AU-PRINCE, Haiti — Haiti’s health minister has been removed from his post, government officials told The Associated Press on Thursday, following a deadly gang attack on the largest public hospital in the capital, Port-au-Prince. The two government officials, who spoke on condition of anonymity due to the sensitive nature of the issue, said Health Minister Duckenson Lorthe will be replaced by Justice Minister Patrick Pelissier until a new health minister is found. Two journalists and a police officer were killed Tuesday as gang members burst into the General Hospital and fired indiscriminately at reporters who were there to cover the facility’s reopening. It was one of the worst attacks on Haitian media in recent memory. Seven other journalists were injured. Jean Frans Regala, a photographer who survived, said journalists had been invited to the hospital by the health ministry but there was little security at the site. “The fact that the minister of health invited us, you feel that preparations have been made already,” Regala told the AP. “When we made contact with a police unit, the police told us they were not aware of the event.” The health minister did not show up at the event, for reasons that have not been explained. RECOMMENDED VIDEO On Tuesday, Johnson “Izo” Andre, considered Haiti’s most powerful gang leader and part of the Viv Ansanm group of gangs that has taken control of much of Port-au-Prince, posted a video on social media claiming responsibility for the attack. The video said the gang coalition had not authorized the hospital’s reopening. Gang violence has worsened in Haiti since the nation’s president was killed in a 2021 coup attempt. Gangs are believed to control 85% of the capital and earlier this year staged attacks on the main airport and the country’s two largest prisons. The Caribbean country has struggled to organize an election that will restore democratic rule, and is currently governed by a transitional council made up of representatives of political parties, business groups and civil society organizations.

Nationalism has emerged as a potent force shaping global tech policy, nowhere more so than in the United States. With Donald Trump returning to the White House for a second term, his vision for America's technological future is coming into sharper focus. At home, Mr Trump promises a sweeping deregulatory agenda coupled with industrial policy aimed at boosting domestic tech businesses. Abroad, his administration appears poised to double down on aggressive restrictions aimed at keeping American technology out of China's hands. Yet Mr Trump's grand vision to "make America great again" overlooks a crucial detail: the cycle of innovation matters hugely for technological progress. The path the US is charting risks fostering a tech ecosystem dominated by mediocre products, like attention-grabbing social media apps, while failing to nurture the kind of transformative inventions that drive productivity and long-term economic growth. Joseph Schumpeter, the renowned Austrian economist who popularised the term "creative destruction", identified three key stages of the process. First, there's innovation -- a breakthrough idea or method. In the realm of artificial intelligence, this stage includes the development of neural networks, which laid the foundation for deep learning and, more recently, the transformer architecture that has powered the rise of generative AI. Then comes the stage of commercialisation, when disruptive ideas evolve into market-ready products. This is where tools like ChatGPT -- applications built on large language models (LLMs) -- emerge and become accessible to everyday consumers. Finally, there's diffusion, the phase when the novel technology becomes pervasive, reshaping industries and daily life. So far, discussions of tech regulation have tended to focus on the later stages of this process, which bring immediate economic benefits, often overlooking the early stage of invention. It is true that regulations to ensure safety, guarantee data privacy, and protect intellectual property can raise adoption costs and slow down product rollouts. But these guardrails are less likely to stifle innovation at the invention stage, where creative ideas take shape. Of course, the prospect of discovering the next commercial blockbuster -- something like ChatGPT -- may indeed spur future invention, and widespread adoption can also help refine these technologies. But such feedback is likely to be very limited for most products. Consider the case of Character.AI, a company that developed a popular companion chatbot. While the product has certainly contributed to the diffusion of LLM-based services, it has done little to spur invention. Recently, the company even abandoned its plans to build its own LLM, signalling that its focus remains firmly on diffusion rather than groundbreaking invention. In such cases, regulations ensuring that innovations are safe, ethical and responsible by the time they reach the market would most likely deliver benefits outweighing the costs. The recent tragedy of a 14-year-old boy who took his own life after prolonged interactions with Character.AI's chatbot underscores the urgent need for safeguards, especially when such services are easily accessible to young users. Lax tech regulation also carries a hidden cost: it can shift resources away from scientific discovery, favouring quick profits through mass diffusion instead. This dynamic has fuelled the proliferation of addictive social-media apps that now dominate the market, leaving behind a trail of societal ills -- everything from teenage addiction to deepening political polarisation. In recent years, a growing chorus of academics and policymakers has sounded the alarm over the systemic dysfunction of the US tech sector. Yet, despite the high drama of congressional hearings with Big Tech CEOs and a cascade of bills promising comprehensive reforms, the results have been disappointing. So far, the federal government's highest-profile effort to rein in Big Tech has centred on TikTok -- in the form of a bill that would either ban the app outright or force its Chinese owners to divest. In the realm of data privacy, the most significant measure so far has been an executive orderrestricting the flow of bulk sensitive data to "countries of concern", China chief among them. Meanwhile, US authorities have increasingly directed their scrutiny inward to root out espionage. The now-infamous China Initiative, which disproportionately targeted ethnic Chinese scientists, has stoked fear and prompted a talent exodus from the US. Compounding this is a broad visa ban on Chinese students and researchers associated with China's "military-civil fusion" programme. While ostensibly aimed at protecting national security, the policy has driven away countless skilled individuals. This brings us to the paradox at the heart of US tech policy: simultaneous under- and overregulation. On one hand, US policymakers have failed to implement essential safeguards for product safety and data privacy – areas where thoughtful oversight could mitigate risks while fostering a competitive environment conducive to cutting-edge innovation. On the other hand, they have adopted an aggressive, even punitive, stance towards US-based researchers at the forefront of scientific discovery, effectively regulating invention itself. The irony could not be starker: in its bid to outcompete China, America risks stifling its own potential for the next breakthrough technology. ©2024 Project Syndicate S Alex Yang is Professor of Management Science and Operations at London Business School. Angela Huyue Zhang, Professor of Law at the University of Southern California, is the author, most recently, of 'High Wire: How China Regulates Big Tech and Governs Its Economy'(Oxford University Press, 2024).Ivey hits buzzer-beating jumper to give Pistons 102-100 win over Raptors

Now Lamar Jackson and the Baltimore Ravens can rest a bit. They’ve certainly earned it. Baltimore’s 31-2 rout of Houston on Wednesday capped a sweep of a grueling stretch of three games in 11 days. Baltimore looked like a Super Bowl contender while handling the Giants, Steelers and Texans. A win next week would give the Ravens the AFC North title — and a third MVP award for Jackson seems to be very much in play. “These guys took these three games in 11 days and smashed it, obliterated it, tore it up and made into a bunch of smithereens laying around everywhere,” coach John Harbaugh said. “I’m proud of the guys (and) how they did it. They did a great job.” Jackson’s passer rating is up to 121.6 on the season. The NFL record is 122.5 by Aaron Rodgers in 2011. Derrick Henry has 1,783 yards rushing, the second most of his career. Justin Tucker, who has struggled to an alarming degree this season, made a 52-yard field goal that went right down the middle in the first quarter Wednesday. A win next week would be Baltimore’s 12th of the season — only one behind the number that gave the Ravens the league’s best regular-season record in 2023. They won’t be the top seed this season, but a victory over Cleveland in Week 18 would mean a division title. Baltimore can also win the division if Pittsburgh loses to Cincinnati. RELATED COVERAGE Lions sign Teddy Bridgewater as a veteran backup QB Chiefs earned a rest after their third win in 11 days. For some, the rest could be 24 days It might’ve been Christmas, but it sure feels like Groundhog Day for the reeling Steelers “I believe how our season has gone — the regular season — it just explains how the NFL is. It really doesn’t matter how you start off. It’s about how you finish,” Jackson said. “And I believe we’re finishing pretty well right now.” The Ravens lost their first two games of the season, but their open date came right before this tough 11-day stretch, which may have helped. Now they get some extra time to prepare for Cleveland. What’s working The Ravens outrushed Houston 251-58, with Jackson scoring on a 48-yard run and Henry racing through big holes from the outset. Jackson passed Michael Vick to take over first place on the NFL’s career list for yards rushing by a quarterback. The MVP odds at BetMGM on Thursday showed Buffalo’s Josh Allen (-250) as the favorite, but Jackson (+160) was by no means a long shot. “I’ve seen a lot of great plays from Lamar Jackson,” Harbaugh said. “I told him I was proud of him. I’m not just proud of him just because he makes great plays. I’m proud of him for all the things that go into making great plays and also for all the things he’s overcome along the way.” What needs work The Ravens have cycled through punt returners of late, and newcomer Steven Sims did not have much success in that area Wednesday. He was tackled at his 6-yard line on one return, and when a penalty made Houston do that punt over, the ball bounced inside the 10 and was downed at the 4, leading to a safety and the Texans’ only points of the game. Stock up The Baltimore defense, such a liability at times earlier this season, held Houston without a point offensively. C.J. Stroud was sacked five times and threw an interception, and Joe Mixon rushed for only 26 yards. “I’d say we’ve come full circle,” cornerback Marlon Humphrey said. “It’s always good when you can have their offense not score. You’ve got to say you played pretty well. This is a testament to it all kind of coming together. I felt the coaching was there, and I just felt as players, ‘What is the formula to continue to get high percentages of 11 guys doing 11 guys’ jobs?’” Stock down Keaton Mitchell and Rasheen Ali managed only 17 yards on 12 carries. Justice Hill’s absence following a concussion left Baltimore without an effective change-of-pace back to pair with Henry. Injuries Ali injured his hip in the third quarter and didn’t return, another blow to Baltimore’s running back depth. Key numbers After a 99-yard touchdown drive in the second quarter, the Ravens now have 10 TD drives of 90-plus yards this season. That’s the most in the NFL since at least 2000. Up next The Ravens face a Cleveland team that has only three wins entering Week 17 — although one of those victories was against Baltimore. The Ravens allowed 401 yards in a 29-24 loss at Cleveland in late October. ___ AP NFL: https://apnews.com/hub/nfl