Joey Logano wins Phoenix finale for 3rd NASCAR Cup championship in 1-2 finish for Team Penske

AVONDALE, Ariz. (AP) — Eliminated from the playoffs at the end of the second round, Joey Logano received a second chance when another competitor was disqualified.

He pounced on the opportunity.

Logano was added to the round of eight following Alex Bowman's disqualification and immediately went to Las Vegas Motor Speedway to win the third-round opener. It made Logano the first driver locked into Sunday's winner-take-all finale at Phoenix Raceway with three weeks to prepare his Ford for the title run.

He capitalized with his his third NACAR Cup Series championship, using a near-flawless drive to hold off teammate Ryan Blaney and give Team Penske its third major motorsports title in less than a month and third consecutive NASCAR title.

Logano actually called his shot after qualifying second Saturday when he confidently acknowledged it was his Cup Series title to lose.

“Yeah, I do. I feel like our car is strong. We got them down now,” Logano boasted. “We just have to put our foot on their throats. We feel pretty strong about our team, and these type of pressure situations we feel really solid about as far as our team in these moments.”

It may not have been how boss Roger Penske would have phrased it, but it showed the team owner how relentless his team leader can be.

“I might have used different words, but that’s OK," Penske said, “when you win, you can say whatever you want, I guess.”

Logano held off Blaney over the final 20 laps to beat him for the Cup series title by 0.330 seconds. Blaney was trying to become the first back-to-back champion since Jimmie Johnson won five straight from 2006 to 2010.

Instead, Logano became the 10th driver in NASCAR history to win three or more championships. Kyle Busch is the only other active driver with multiple titles.

“I love the playoffs, I love it man,” Logano said. “What a team, what a Penske battle there at the end. Three of them? That's truly special."

It was the first time in Team Penske history the organization finished 1-2 in the championship. And, it came after Penske's sports car team in IMSA won the title last month and his World Endurance Championship team won the title last weekend in Bahrain.

Roger Penske said he worried in the closing laps his two drivers would crash into each other, ending the title hopes for both. He also praised longtime sponsor Shell-Pennzoil, which was on Indianapolis 500 winner Josef Newgarden’s car for his victory in May for Penske.

Penske also deferred taking too much of the credit for the team success.

“It’s all about the people,” Penske said. “My name might be on the door, but it’s all about the people who make the difference and we sure have them on this team.”

Blaney was exhausted after the race, and despite his disappointment was thrilled for the Penske organization.

“At least a Penske car won it,” Blaney said. “They put together a great playoffs, and we’re happy. If we’re going to race somebody, I’m happy it was him for the championship, and happy to be 1-2 for Roger, three in a row for Roger, super amazing, and Ford.”

Penske and Ford have won three consecutive Cup Series championships. Logano won in 2022 and Blaney won last year.

“One-two for Team Penske, three championships in a row, can't be more proud of this team,” Logano said. “I don’t know if I’m the best driver but I’ve got the best team. And together, we’re very well-rounded and can show up when it matters the most.”

The finale was winner-take-all to the highest finisher between Logano, Blaney, William Byron in a Chevrolet for Hendrick Motorsports and Tyler Reddick of the 23XI Racing team owned by NBA Hall of Famer Michael Jordan and three-time Daytona 500 winner Denny Hamlin.

Byron finished third in the race and Reddick was sixth. It was Byron's second consecutive appearance in the finale, first for Reddick.

“Makes you hungrier, but also just more experience in what it takes,” said Byron, the Daytona 500 winner. “I feel like this style of track has been tough on us, and we made a lot of strides this year, but still more to go. If we can just kind of inch up on this style of track, I know we’re so good at all the other ones, and we can put it all together.”

Reddick, who had been subdued all week compared to his fellow title contenders, didn't lead a lap and had Jordan pacing behind the pit wall much of the race.

“Michael was just proud of the effort of our team all year long,” Reddick said. “Put up a good fight. We didn't make any mistakes that took ourselves out of it. We fought as hard as we could.”

The four title contenders finished in the top six, with Reddick behind Kyle Larson of Hendrick and Christopher Bell, who led a race-high 143 laps after he was disqualified from the finale last week at Martinsville for a safety violation. Byron took his spot instead, and Bell insisted he had been cheated out of the chance to race for the title.

Logano, a 34-year-old from Connecticut, led 107 laps in the dominating win that Blaney made closer than expected in the final laps.

But, his very presence in the final four was controversial as Logano was eliminated from the playoffs after the second round. He was reinstated before Las Vegas, where he won to give the No. 22 team three weeks to prepare for Phoenix.

“Our team is better under pressure,” Logano said. “The race started in Vegas for us. The amount of work and effort that went into building this race car right here, the amount of time, I don’t think anyone works harder than us. We were up at 6 in the morning this morning going over stuff. The guys just want it bad and I’m glad we delivered."

AP auto racing: https://apnews.com/hub/auto-racing

Joey Logano celebrates after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano celebrates after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano celebrates after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano celebrates after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano celebrates after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano drives during a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano does a burnout after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano does a victory lap after winning a NASCAR Cup Series Championship auto race for the championship at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Tyler Reddick, right, and Ryan Blaney race during a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Tyler Reddick embraces son Beau before a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Ryan Blaney (12) drives during a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Ryan Blaney prepares to get into his car before a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

William Byron drives during a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano sits on the pit wall before a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

Joey Logano (22) makes a pit stop during a NASCAR Cup Series Championship auto race at Phoenix Raceway, Sunday, Nov. 10, 2024, in Avondale, Ariz. (AP Photo/John Locher)

NEW YORK (AP) — Bitcoin topped $100,000 for the first time as a massive rally in the world's most popular cryptocurrency, sparked by the election of Donald Trump, rolls on.

The cryptocurrency rallied after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair the Securities and Exchange Commission.

Bitcoin has soared since Trump won the election Nov. 5. The cryptocurrency has climbed from $69,374 on Election Day, hitting as high as $103,713 Wednesday, according to CoinDesk. Just two years ago, bitcoin dropped below $17,000 following the collapse of crypto exchange FTX.

Bitcoin fell back to just under $103,000 early Thursday, but bitcoin futures are up more than 4%. Even amid a massive rally that has more than doubled the value of bitcoin this year, some experts continue to warn of investment risks.

Here’s what you need to know.

Cryptocurrency has been around for a while now. But, chances are, you’ve heard about it more and more over the last few years.

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.

Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money, but the large majority of daily financial transactions are still conducted using fiat currencies such as the dollar. Also, bitcoin can be very volatile, with its price reliant on larger market conditions.

A lot of the recent action has to do with the outcome of the U.S. presidential election.

Trump, who was once a crypto skeptic, has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Crypto industry players have welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape.

Trump made a move in that direction Wednesday when he said he intends to nominate Paul Atkins to chair the Securities and Exchange Commission. Atkins was an SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation. He joined the Token Alliance, a cryptocurrency advocacy organization, in 2017.

Under current chair Gary Gensler, the SEC has cracked down on the crypto industry, penalizing a number of companies for violating securities laws. But he’s also faced criticism from industry players in the process, like the chief legal officer of Robinhood, who described Gensler’s approach toward crypto as “rigid” and “hostile.” Gensler will step down when Trump takes office.

One crypto-friendly move the SEC did make under Gensler was the approval in January of spot bitcoin ETFs, or exchange trade funds, which allow investors to have a stake in bitcoin without directly buying it. The Spot ETFs were the dominant driver of bitcoin's price before the election — but, like much of the crypto’s recent momentum, saw record inflows postelection.

History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.

At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000.

Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. But experts still stress caution, especially for small-pocketed investors. And lighter regulation from the coming Trump administration could mean less guardrails.

“I would say, keep it simple. And don’t take on more risk than you can afford to,” said Adam Morgan McCarthy, a research analyst at Kaiko, adding that there isn’t a “magic eight ball” to know for certain what comes next.

Assets like bitcoin are produced through a process called “mining,” which consumes a lot of energy. Operations relying on pollutive sources have drawn particular concern over the years.

Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 2020-2021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45%), followed by natural gas (21%) and hydropower (16%).

Environmental impacts of bitcoin mining boil largely down to the energy source used. Industry analysts have maintained that clean energy has increased in use in recent years, coinciding with rising calls for climate protections

FILE - Republican presidential nominee former President Donald Trump speaks at the Bitcoin 2024 Conference July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

FILE - Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. Bitcoin has topped the $100,000 mark. (AP Photo/Mark Lennihan, File)

FILE - Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference Saturday, July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

FILE - Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference Saturday, July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)