FTSE 100 quiet but steady, while Bitcoin continues to struggle

Chris Beauchamp IG

While it hasn't managed a new record high this week, the FTSE 100 can feel satisfied with its run this year, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 falls short of 10,000

For a while last week it looked like the FTSE 100 might well make 10,000 before Christmas, but gains have stalled in recent days. The index has still managed to beat the S&P 500 so far this year, marking a welcome change from previous years, though the latter index managed a fresh record high yesterday. Given the way AI bubble fears and worries about expensive US stocks are unlikely to go away next year, we can expect the rotation trade to continue benefiting the index in 2026.

Attention now turns to whether we do get the ‘Santa Rally’, which is strictly speaking an event that comes between Christmas and New Year. The recent slump in the VIX augurs well for a bounce, given that previous instances of sharp falls in volatility have delivered a commendable 0.8% bounce in the S&P 500 over the next week.

Bitcoin limps towards Christmas

Festive cheer has been in short supply for cryptocurrencies, which have lagged well behind stocks and crypto currencies this year. The divergence with gold and other precious metals is especially stark – bitcoin was once crowned ‘digital gold’, but its miserable run since the summer means gold, and silver even more so, now should be called ‘physical bitcoin’. $85,000 seems to be the low for now, but there is precious little sign of a real bounce materialising as yet.

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Chris Beauchamp

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