Bitcoin bounces back to $50,000 – more to come?

Bitcoin

Bitcoin gain Bitcoin hit $50,000 on Sunday, reaching a more than 3-month high, as the cryptocurrency continues to rebound. Bitcoin hit an all time high of over $64,000 in April 2021 – then but sold off in June and July, dipping below $30,000. But since mid July, bitcoin has been regaining lost ground. Other cryptocurrencies were also higher. Ether was trading up at around $3,302 Monday Market news roundup – morning business headlines U.S. stock futures rise and risky assets climb as attention turns to Jackson Hole Fed gathering –…

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Asia stocks lower as global recovery slows and Covid cases climb

Pandemic and the economy

Asia stocks lower Shares were mostly lower in Asia on Friday after U.S. stocks struggled amid uncertainty over rising Covid-19 cases and new risks appearing. Nikkei index closed down at: 28000 a drop of around 276 points On Thursday, U.S. stock indexes closed mostly down from recent highs. Asia stocks followed suit amid a rise in pandemic cases slowing global economic growth. Some 111 countries now have the delta variant as the prominent strain. U.S. indices The S&P 500 closed down at: 4360 The index may now show its first…

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Bitcoin mining became more profitable as system algorithm adjusts after crackdown in China

Tech stocks

Hashrate drops More than 54% of bitcoin’s hashrate, which is the collective computing power of miners worldwide, has dropped off the network since its peak in May. The Bitcoin code has re-calibrated to make it approximately 28% less difficult to mine. Miners who are still plugged into the network stand to make greater profits while most of the network’s miners move offline. It just became substantially easier and much more profitable to mine for Bitcoin. Bitcoin mining puzzles A bitcoin miner runs a program on a computer to try to…

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Strong jobs report pushes S&P 500 to new record

Market high

S&P 500 rises for a 7th day in a row Stocks rose again on Friday 2nd July as the S&P 500 hit another record high after the June jobs report showed 850,000 new, well above analysts expectations. The index rose 0.75% to 4352 while the Nasdaq climbed 0.81% claiming its own record at 14639. The Dow also added 153 points to close at 34786 fast closing in on its all time high. A positive continuation as the U.S. economic cycle moves from first to second half of the year. The…

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Bitcoin value climbs above $1 trillion as price jumps again

Bitcoin

Bitcoin’s value briefly surpassed $1 trillion again on Tuesday 9th March 2021, as the price of the cryptocurrency jumped The digital coin’s price rose on Tuesday and its market capitalization went above $1 trillion in overnight trade. It is only the second time that Bitcoin has surpassed $1 trillion after hitting that milestone for the first time on 19th February 2021. Bitcoin hit a 24 hour high of $54,348 – around 7% higher, but has since pared some of those gains. Bitcoin rally Even though bitcoin is off its all…

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Is this the ultimate market influencer?

Tech

When does a social media comment influence the market? Probably when Elon Musk, the CEO of Tesla posts a tweet So…what happened? Tesla buys Bitcoin with a reported $1.5 billion investment adding it to the company balance sheet. Elon Musk posts a tweet and Bitcoin surges even higher from its already lofty elevation. It holds for a day or two then falls back dramatically following another tweet from Musk only this time the tweet suggesting the Bitcoin value is too high! Bitcoin then basically crashes from an all time high…

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Talk of Inflation and a Stock Market Bubble gain traction

Inflation

Is inflation becoming the real test of market durability in 2021? Inflation, during these times, is an unknown quantity, even an unspoken term from times past, something to talk about . But it may soon make a fresh appearance in world economies, and when it does, the fledgling world economic recovery will likely suffer again, despite all of the financial support ploughed into the ‘system’. The pressure on interest rates to rise again will increase. Something has to go pop! Central banks Our current batch of Central bankers pretty much…

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UK national debt soars

Historic debt level

Doom and gloom? The Organisation for Economic Co-operation and Development, (OECD), has warned that the effects of the pandemic will be far reaching and will likely hit the UK harder than other comparable major economies. As the OECD reports of a very slow and difficult recovery for the UK, we are also reminded that UK debt has now reached historic levels. The World Bank and the IMF have voiced their opinions about debt too. And not wishing to be left out of the doom and gloom discussion, the CBI inform…

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Gold, a solid investment

Gold Reserves

Gold as a safe haven It is a well known fact that gold becomes a safe haven during uncertain times, and these are uncertain times. So it’s no surprise then that gold has increased in value during this period. At its highest in recent weeks, gold has reached: $1766 per troy ounce. Governments around the world struggle to re-open their closed economies as the coronavirus pandemic wreaked untold damage as it ravaged through nations forcing world-wide lockdowns. Gold, once again became a safe haven. Despite the stock market recovery since…

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Bank of England hold interest rate, no new stimulus

Bank of England

The Bank of England held rates at 0.1 per cent and offered no new stimulus measures in its asset purchase programme. Decline in consumer confidence Headline BoE announcement: 14% fall in UK GDP this year and unemployment at 8%. Biggest annual fall in GDP since 1706 The BoE said indicators of UK demand have generally stabilised at ‘very low levels’ with a reduction in the level of household consumption at around 30%. According to the MPC statement, ‘Consumer confidence has declined markedly, and housing market activity has practically ceased’. Sales are…

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