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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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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Tesla chases every nickel, loses share value

Electric car

Tesla share value plummets as tech shares take a hit Since Tesla’s share peak in January 2021, the company has seen its share price plummet by some 33% – and that’s even after buying £1.5 billion Bitcoin to add to the balance sheet. Maybe this is partly why? Irony? There’s an irony here – of sorts. It is a well known fact that Bitcoin mining uses a disproportionate amount of energy to create the digital cryptocurrency, and this energy may even, and most likely is, produced using unclean and environmentally…

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A Chinese cryptocurrency mining set-up is reportedly closing down its operations

Digital Money

Bitcoin ‘mining’ production is energy inefficient In a bid to cut down on vast energy consuming operations, China is reported to have made plans to ban new cryptocurrency mining projects and shut down existing activity. It is estimated that one such bitcoin mining operation consumes some 128 terrawatt hours of energy, per year. That’s more than an entire country might use with a population of about 45 million people, such Argentina. It is also estimated that this single Bitcoin mining site, based in Mongolia, represents 8% of all global bitcoin…

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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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News and events affecting markets today, 7th October 2019

Stocks and Shares

Market moving news Asia markets China markets still closed for public holiday, last day today. Asia markets slow ahead U.S – China talks. Japan’s Nikkei closed down at: 21375. The main news this week will be the resumption of U.S. – China trade talks in Washington on 10th October 2019. Hopefully this time to move forward on the trade tariffs if not on all of the concerns in dispute. Nikkei closed down at: 21375 German industrial orders fall Industrial orders in Germany lost more ground in August, according to official…

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Bitcoin bashed as it slips more than 20% in a week

Digital currency

Bitcoin bashed Bitcoin suffered last week falling more than 20% over a seven day stretch, touching a daily low of around $7735 on Friday – lowest level since June. Bitcoin closed Friday 27th at around $8060. Other digital currencies; ether and XRP, were also down on the week. Why the Bitcoin drop? I’m unsure but analysts apparently suggest the selling pressure was based on a lacklustre debut of a new bitcoin product, and of technical levels being broken. Bitcoin is known known for its volatility and had been relatively stable since August 2019,…

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Sterling one pound – a brief history

One pound coin £1

Pound coin history A pound coin originally weighed one troy pound of sterling silver. This gave the currency the name ‘pound sterling’ (sterling silver plus the pound). Sterling silver is a mixed metal made up of at least 92.5% real silver. 240 pence in one ‘old’ pound One pound sterling was originally divided into 240 sterling pence. This was because there were 240 penny-weights in a troy pound.  So, a single one pound coin weighed one troy pound and a single 1 penny coin weighed one penny weight. Until decimalisation…

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Market moving daily news roundup July 22nd 2019

Market moving news roundup – events & news likely to move markets 22nd July 2019 Company performance, economic and political events and especially market sentiment will always influence market movement. Summary China brings new stock market system ‘STAR Market’ online . The pound ‘£’ continues to take a pounding – sterling remains under pressure. A ‘no deal’ Brexit attracts market attention. Brexit chaos just rolls on and on and on! Oil price up on Monday due to continued political tensions with Iran. UK leadership challenge vote closes today, new leader…

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Facebook ‘face-off’ with U.S. Senate, Cryptocurrency plan, AI and poker?

Digital currency

Facebook’s Libra cryptocurrency criticised at Senate hearing Facebook’s new cryptocurrency plan has come under attack at a U.S. Senate hearing. Politicians are calling the company ‘delusional’ and untrustworthy. The Senate officials had been grilling Facebook executive David Marcus over the tech giant’s intention to launch its own digital currency. Facebook was told to clean up its act before launching a new business model. The U.S. President, Federal Reserve Chair, Bank of England Governor, and France’s finance minister have spoken up against the idea. They are not fans of Facebook’s new…

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