Bitcoin briefly jumped above $80,000 for the first time since May, as the Trump administration's efforts to hold down long-term interest rates reignite talk of a "dollar debasement trade". The largest crypto exchange-traded fund, the iShares Bitcoin ETF, enjoyed six consecutive days of net inflows through yesterday, according to data provider SoSoValue. Bitcoin is up more than 20% over the past week.

Fears that the dollar's value could be eroded by inflation and runaway government spending have long fueled the case for bitcoin, created as an alternative to traditional state-backed currencies. Skeptics counter that the digital token is wildly volatile and hadn't actually served as a useful hedge against inflation.

Markets are quiet otherwise, shrugging off geopolitical tensions over Iran and an escalating trade war with Canada: U.S. stock futures are modestly higher and Brent crude oil has retreated to around $88 per barrel. Ottawa is expected to unveil its response to U.S. tariffs at 11 a.m. ET, after President Trump said the U.S. would impose 50% levies on cars and auto parts from Canada starting in January.

Investors are also speculating which global bank could be hit with new U.S. sanctions, after Treasury Secretary Scott Bessent said yesterday that a major foreign financial institution would be sanctioned this week as part of a new drive to isolate Iran's economy.