Bitcoin surged to a historic high of over $94,000, fueled by reports that Donald Trump’s media company is negotiating to acquire the crypto trading firm Bakkt. The news has raised optimism for a cryptocurrency-friendly environment under the incoming Trump administration.  

The world’s largest cryptocurrency has more than doubled in value this year, last trading at $92,104 during Wednesday’s Asian session after hitting $94,078 late the previous day.  

According to *The Financial Times*, Trump Media and Technology Group, the operator of Truth Social, is nearing an all-stock deal to acquire Bakkt, a firm backed by Intercontinental Exchange, the owner of the New York Stock Exchange.  

Tony Sycamore, a market analyst at IG, credited Bitcoin’s new record to the Trump deal reports and the first day of options trading on the Nasdaq for BlackRock’s Bitcoin ETF.  

Cryptocurrencies have been rallying since the U.S. election on November 5, as traders anticipate a more relaxed regulatory approach under President-elect Trump. This has injected new momentum into Bitcoin following months of stagnation.  

The excitement has propelled the global cryptocurrency market’s value to an all-time high of over $3 trillion, according to CoinGecko.  

Chris Weston, head of research at Australian broker Pepperstone, noted strong buying pressure for Bitcoin, adding, “Another kick higher should bring in fresh interest from those who chase strength.”

The United Kingdom witnessed its slowest rate of new business creation in over a decade last year, signalling potential challenges for long-term economic growth and productivity. Official data from the Office for National Statistics (ONS), released Monday, showed that 316,000 businesses were started in 2023, a decline from 337,000 in 2022. This dropped the “business birth rate” — the percentage of new businesses relative to the total number of active businesses — to 11.0%, its lowest level since 2010.  

Business closures also decreased, with 309,000 shutting down in 2023 compared to 349,000 in 2022, reducing the “business death rate” to 10.8%, the lowest since 2020.  

Economists warn that declining rates of both business creation and closure could negatively impact productivity and innovation. Established businesses often struggle to adopt new technologies or innovate at the same pace as startups.  

The ONS recently reported that UK output per hour worked in Q3 2024 was 1.8% lower than a year earlier, with just a 2.0% cumulative increase since the COVID-19 pandemic began. These figures, tied to productivity stagnation, may see revisions as new population data becomes available.  

However, there was a positive trend in high-growth businesses. The proportion of firms with at least 10 employees that expanded their workforce by 20% annually for three consecutive years rose to 4.7% in 2023, the highest in five years.  

The newly elected Labour government has pledged to make the UK a leader in per-capita economic growth among G7 countries. However achieving this goal may require addressing barriers to business growth and encouraging entrepreneurship beyond small-scale startups, which often have limited productivity impacts unless they scale up.  

While the hospitality sector remains a key area for new businesses, the broader startup ecosystem’s growth will be essential to strengthening the UK economy in the years ahead.

Rafa Nadal’s illustrious tennis career came to an emotional close on Tuesday night in Malaga, as the 22-time Grand Slam champion bowed out with a loss in the Davis Cup quarterfinals. Despite his unwavering determination, the 38-year-old Spaniard fell to Dutchman Botic van de Zandschulp, 6-4, 6-4, in what would be his final professional match.  

Spain’s rising star Carlos Alcaraz managed to level the tie with a 7-6(0), 6-3 victory over Tallon Griekspoor. However, Spain’s hopes for a semi-final berth were dashed when Alcaraz and Marcel Granollers lost the doubles match against Wesley Koolhof and Van de Zandschulp. Koolhof, who was also playing the final tournament of his career, delivered an inspired performance, leading the Dutch team to a 7-6(4), 7-6(3) win.  

Nadal, a cornerstone of Spain’s four Davis Cup-winning teams, was visibly emotional throughout the evening. Tears welled up as the Spanish anthem played before the tie, and again during a heartfelt on-court speech in front of his family, teammates, and devoted fans.  

“I was just a kid from a small village who was lucky to have a family that supported me,” Nadal said. “Life allowed me to live unforgettable experiences through tennis. I just want to be remembered as a good person and a kid who followed his dreams.”  

Despite flashes of his former brilliance, Nadal’s lack of recent match play—having competed in only 24 matches since the start of 2023—was evident. Still, the Mallorcan fought valiantly, his first loss in the Davis Cup since 2004 serving as a poignant bookend to his career.  

“In some ways, it feels right,” Nadal reflected. “I lost my first match in the Davis Cup, and now I’ve lost my last one. The circle is complete.”  

The night was capped by an emotional tribute, with fans waving scarves that read “Gracias Rafa” and a montage celebrating his legendary career, including his record 14 French Open titles. Nadal’s absence of his longtime rival and friend Roger Federer, who had famously shared tears during his farewell at the 2022 Laver Cup, was a noticeable void.  

Earlier, Federer penned a heartfelt letter to Nadal, acknowledging their storied rivalry. “Let’s start with the obvious: you beat me—a lot,” Federer wrote. “You challenged me in ways no one else could.”  

While the fairytale ending may have eluded Nadal, his legacy as one of the greatest ever to grace the sport remains untouchable.