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What bear market? US stocks close in on record high ahead of PCE data; PORT3 surges over 70%

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Daily Bits
5 Des 2025

There's been a notable risk-on mood across the TradFi (traditional finance) space oof late, even as cryptos remain subdued.

Bybit's SP500, which tracks the benchmark S&P 500 index, punched up to a 3-week high, less than 1% away from its record intraday high (6928.63 on Oct 30).

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The SP500 has climbed a further 0.4% since Dec 3, validating (for now) your votes from Bybit's Learn recent poll:

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Elsewhere across the TradFi space this week:

  • Silver hit a new record high this week!
  • Big-name US stocks, such as Apple, Walmart, Goldman Sachs, also hit fresh record highs this week
  • EURUSD - the world's most-traded FX pair - is on course for a 0.5% gain for the week
  • even Gold - a traditional safe haven asset - is up 0.3% today, and set for back-to-back daily advances.

Trade SP500, EURUSD, Apple, Walmart, Goldman Sachs, and Gold on Bybit TradFi here.

Friday's US PCE data could move markets

This price action comes ahead of the US Personal Consumption Expenditures (PCE) data release, due later today (Fri, Dec 5).

The PCE is the Fed's preferred way of measuring inflation.
  • Lower-than-expected PCE data, which suggests that US inflation can remain under control, should then allow the Fed to proceed with interest rate cuts, not just on December 10th but also next year. Such a thought would likely send the prices of the above-listed assets higher over the immediate term.
  • However, higher-than-expected PCE data which discourages the Fed from cutting interest rates could weigh down prices of SP500, Gold, EURUSD etc.

Bitcoin eases away from $94,000

In contrast to Tradfi gains early Friday, Bitcoin is now easing lower.

The spot price is moving away from the psychologically-important $94k mark and closer to critical support at its 21-day simple moving average (SMA).

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Most major cryptos are also in the red, with the CoinDesk 20 index down 0.8% at the time of writing, set for two consecutive days of declines.

Still, as is often the case, there remains the outlier that's pushing against the broader tide, even as the crypto world as a whole continues shaking off the ghosts from the October 10th liquidation event.

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Today's Top Performer: PORT3USDT bounces off record lows

At the time of writing, Port3 Network has the biggest-gaining token over the past 24 hours within the Bybit universe.

Port3 Network is building the AI Data Layer for Web3 - an innovative decentralized AI servicing protocol designed to fundamentally change how data is used and processed within the Web3 space.

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PORT3 jumped off record lows of 0.00278, surging as high as 0.00550, before paring a tad of its gains.

Still, its price has a very long way back to recover to the 0.037 levels last seen before its Nov 22 crash, following a major security incident.