Crypto News: Striving for efficiencies

Good morning. Donald Trump picks Elon Musk and Vivek Ramaswamy for his government efficiency effort. Wildfires in the Northeast bring a new threat to the region. And "Bitcoin Jesus" is in trouble. Listen to the day's top stories.

Markets Snapshot

S&P 500 Future

6,003

Bloomberg Dollar Spot Index

1,280.19

+0.02%

Market data may be delayed depending on provider agreements.

Vivek Ramaswamy (left) and Elon Musk. Photographers: Micah Green, Jordan Vonderhaar/Bloomberg

Elon Musk and Vivek Ramaswamy will lead a new Department of Government Efficiency (that's right, DOGE) under Donald Trump. The president-elect has tasked the two entrepreneurs to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies." Musk said, "This will send shockwaves through the system."

Other appointments: Pete Hegseth, a Fox News host and Army National Guard officer, was nominated as defense secretary. John Ratcliffe, Trump's former national intelligence director, will head the CIA. Keep track of all the people Trump is naming to key roles in his second term here.

Republican senators will elect a new leader today—the first time in 18 years they'll choose someone other than Mitch McConnell. That decision, made by secret ballot, will be an early indication whether they'll serve as a check on the president-elect, who's pulling for Florida's Rick Scott, a MAGA enthusiast. Texas's John Cornyn and South Dakota's John Thune are considered the establishment favorites.

Bitcoin is taking a breather after jumping about 30% since Trump's election victory. The token is currently worth about $87,000 after hitting a record just shy of $90,000 yesterday. While US stocks and the dollar are also doing well, Trump's win has been anything but good for the rest of global markets.

The US monthly inflation reading is due today, and prices are expected to have picked up just slightly in October (the rate of change probably held steady). Experts are watching the prices of rent and used cars. Bloomberg Economics doesn't expect the report to be a determining factor in the Federal Reserve's next rate decision.

Corporate News

Spirit Nearing Bankruptcy That Would Wipe Out Shareholders

7-Eleven Owner Considers Going Private in $58 Billion Buyout

A transformer explosion occurs at a Con Edison substation in New York. Photographer: Kyle Mazza/NURPHO

Wildfires raging across New York and New Jersey highlight a new threat to one of the world's most affluent regions.

Evolving land use and a stew of invasive plants, insects and diseases have transformed the natural landscape, leaving it ready to burn. The area is currently facing its worst drought in two decades.
While the blazes are small compared to those seen regularly out west, the Northeast wildfires are happening in an area that's both densely populated and home to some of the priciest real estate in the world.
Case in point: Even Amtrak service was disrupted after a brush fire east of Penn Station spurred power outages, causing lengthy delays for passengers traveling between New York and New Haven.

Watch the Video

Wildfires Burning Throughout a Dry Northeast

Is Asia Ready for Another Trump Term?

Countries across Asia are bracing for higher tariffs and potential geopolitical flare-ups.

Listen to the Podcast

Zara and Primark are a threat to US retail, Andrea Felsted writes. Brands from across the Atlantic have tried—and largely failed—to gain ground in America before. But this time is different.

More Opinions

Andreas Kluth

Rubio, Waltz and Stefanik Have a Trumpy Message to the World

John Authers

The Asset of the Millennium Isn't What You Think

Roger Ver. Photographer: Anthony Kwan/Bloomberg

"Bitcoin Jesus" is in trouble. The IRS is fighting longtime crypto investor Roger Ver, who may become the first person to be tried for crypto-only tax evasion charges. Ver is awaiting a Spanish judge's decision on whether he'll be extradited to the US.

A Couple More

Malibu Retreat of Feminist Icon Yorkin Listed for $29.85 Million

All the Rolex Submariner Watches Ever Made Are Near a Total $50 Billion Market Value

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

Markets Daily for what's moving in stocks, bonds, FX and commodities
Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
Supply Lines for daily insights into supply chains and global trade
FOIA Files for Jason Leopold's weekly newsletter uncovering government documents never seen before

Explore all newsletters at Bloomberg.com.

Like getting this newsletter? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and subscriber-only insights.

Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.

Want to sponsor this newsletter? Get in touch here.