Bitcoin approaches $100,000, but strategists are divided

This report is from today's international market newsletter CNBC Daily Open. The CNBC Daily Open provides investors with everything they need to know, no matter where they are. Is it what you see? You can subscribe here.

European markets closed higher
U.S. markets were closed on Thursday for Thanksgiving. Asia-Pacific markets were mostly lower on Friday. The Korean market led the decline, with the Kospi index dropping 1.88%. Japanese Nikkei Stock Average It fell about 0.5% as investors assessed Tokyo's inflation rate of 2.6% in November. Bucking this trend, China's CSI 300 index rose by about 1.2%.

Strengthening of tungsten export controls by China
China will begin restricting tungsten exports starting this weekend as part of measures to control the flow of goods that can be used for both military and civilian purposes. This is a stark reversal from previous decades, when China controlled 80% of the tungsten supply chain, Argus said. To compensate for the drop in supply, companies are considering opening tungsten mines and restarting production.

Relaxation of US ban on chip exports
Share of global semiconductor suppliers such as ASML and Tokyo ElectronThe index soared on Thursday after reports that the United States may impose looser-than-expected export controls. The report said the US is considering adding fewer Huawei suppliers to its export blacklist.

NewJeans wants divorce from Hybe sublabel
Hive, South Korea's largest K-pop agency, saw its stock price plummet by 6.97% on Friday, wiping out more than $423 million in market capitalization. The incident occurred when the popular girl group NewJeans announced that they would be terminating their contract with Hybe's sub-label Ador due to alleged breach of contract.

[PRO] Hedging potential tariffs
The European Union has a trade surplus of 158 billion euros ($165.6 billion) with the United States, which could be targeted by U.S. President-elect Donald Trump's tariffs. To prepare for that possibility, investors should address “tariff risks” and look to defensive strategies, said Davide Onelia, director of European and global macro at TS Lombard.

Bitcoin It moved seductively close to the $100,000 level this week, but the high was still below $1,000. However, that psychological peak was beyond the reach of cryptocurrencies. It fell to $90,702.27 on Tuesday, but rose to trade around $96,150 today.

One of the reasons for the decline is that investors have profited from Bitcoin's unprecedentedly high price, increasing Bitcoin's supply. In a research note shared on Monday, Andre Dragos, head of European research at Bitwise, an asset management firm specializing in cryptocurrencies, said: “Long-term holders have added large amounts of Bitcoin during the recent rally. We have started distributing it,” he said.

But there is a more fundamental reason why some strategists are unsure whether Bitcoin can muster enough strength to reach the six-digit milestone.

David Morrison, senior market analyst at brokerage Trade Nation, said the $100,000 mark “feels like it's a high hurdle, if not a barrier, to further profits.” said.

In fact, Bitcoin's recent rally may be giving investors a false sense of security, according to George Milling-Stanley, chief gold strategist at State Street Global Advisors. “Bitcoin is a return play, pure and simple,'' Milling-Stanley said, noting that investors are putting money into bitcoin not because they see value or use for it, but because they want to make capital gains. It suggests that there is something to be gained.

The launch of spot Bitcoin exchange-traded fund options last week may have something to do with that. Options allow investors to bet less cash on Bitcoin's price movements, rather than buying a portion of Bitcoin itself.

In fact, Galaxy Digital CEO Mike Novogratz, a longtime crypto investor, told CNBC that “the crypto community has been abused, so there will be a fix.”

However, the adjustment is not permanent deflation. And if even a fraction of US President-elect Donald Trump's promises to the crypto industry come true, the $100,000 price level may not be a ceiling, but just another level for Bitcoin to pass through on a celebratory rally. I don't know.

—CNBC's Tanaya Machel, Ryan Browne, MacKenzie Sigalos and Krysta Escobar contributed to this report.