Home Money MARKET REPORT: Bitcoin hits $60,000 as it races towards a record high

MARKET REPORT: Bitcoin hits $60,000 as it races towards a record high

by Elijah
0 comment
Cryptocurrency Rally: Bitcoin, which peaked near $69,000 in November 2021, hit $61,389 amid predictions that it could hit $150,000 next year.

Bitcoin surpassed $60,000 for the first time in more than two years as the world’s largest cryptocurrency approached a new high.

The digital currency, which peaked near $69,000 in 2021, hit $63,933 amid predictions that it could reach $150,000 next year.

That pushed gains this week to more than 20 percent.

Bitcoin’s value has been boosted by a regulatory development in the US, where the Securities and Exchange Commission approved exchange-traded funds (ETFs) linked to its price, as well as the prospect of interest rate cuts.

Believers are also hoping for a “halving” event in April, when the reward for mining bitcoins will be cut in half.

Cryptocurrency Rally: Bitcoin, which peaked near $69,000 in November 2021, hit $61,389 amid predictions that it could hit $150,000 next year.

Cryptocurrency Rally: Bitcoin, which peaked near $69,000 in November 2021, hit $61,389 amid predictions that it could hit $150,000 next year.

This tends to occur every four years and is designed to slow the release of the currency, affecting supply and driving up the price.

The digital currency has oscillated in recent years and during the December 2022 “crypto winter” it was trading at around $16,000.

London’s main markets were dragged down by dismal results from St James’s Place, Reckitt Benckiser and Halfords.

The FTSE 100 fell 0.76 per cent, or 58.04 points, to 7,624.98 and the FTSE 250 fell 0.78 per cent, or 150.08 points, to 19,013.58.

Across the Atlantic, US plant-based company Beyond Meat made a profit a day after it outlined plans to raise prices following a drop in sales. The stock rose 41 percent on Wall Street.

In London, Easyjet will return to the FTSE 100 after almost four years, in a reorganization that comes into effect on March 18.

While Easyjet (down 3.1 per cent, or 17.2p, to 542p) returns to the top index, gold miner Endeavor (steady at 1,277p) exits after the departure of its director executive and the rising cost of doing business.

money" data-version="2" id="mol-1e861870-cf19-11ed-afe0-e1c8635f86cb" data-permabox-url="https://www.thisismoney.co.uk/money/markets/article-13137281/MARKET-REPORT-Bitcoin-hits-60-000-races-record-high.html">

Stock Monitoring – Animal Care

1709158751 127 MARKET REPORT Bitcoin hits 60000 as it races towards a

1709158751 127 MARKET REPORT Bitcoin hits 60000 as it races towards a

Animalcare has sold its stake in pet microchip company Identicare to funds managed by Bridgepoint for almost £25m.

The AIM-listed company makes medicines and treatments for dogs, cats and horses, as well as livestock and other farm animals.

Chief executive Jenny Winter said the sale of the 83 percent stake provides “additional financial flexibility and firepower as we focus on growing our pharmaceutical-focused animal health business.”

It soared 15.8 per cent, or 30.5p, to 223p.

HS2 contractor Kier Group and takeover target Wincanton will be promoted to the second tier, while IT professional services provider FDM and Tullow Oil will drop out.

Rolls-Royce emerged ahead after a vote of confidence from Deutsche Bank Research, which said the jet engine maker’s results last week showed its restructuring is “starting to deliver on its promises.”

As a result, the broker upgraded its rating on the stock, which rose 3.3 per cent, or 11.9p, to 370.5p.

Drax came under renewed scrutiny for its green credentials.

Despite raising £6bn in subsidies from the UK, the power company is alleged to be burning wood from forests in Canada that were “no-go areas”, according to BBC Panorama. Drax rejected the claims but shares fell 0.1 per cent, or 0.5p, to 418.9p.

There was little to celebrate at Digital 9 Infrastructure when it described how it planned to close the deal.

It wants shareholders to approve plans to sell five assets, including undersea fiber operator Aqua Comms. Shares fell 10.9 per cent, or 2.16p, to 17.62p.

Government contractor Capita, which collects the BBC license fee and manages London’s congestion charge, has signed a new deal with a major European telecoms provider it has worked with for more than 25 years.

The latest contract, valued at up to £220m between now and 2030, raised it by 3.5 per cent, or 0.7p, to 20.72p.

Aston Martin was on the fast track after the luxury carmaker cut losses to £239.8 million last year from £495 million in 2022.

Sales rose 18 per cent to £1.6bn in 2023, boosted by a record average selling price of £255,000 in the final quarter of 2023. The shares gained 4 per cent, or 7p, to 183. 5 pence.

The third largest investor in Asos, California investment firm Camelot Capital Partners, bought almost £2 million worth of shares in the fashion brand, increasing them by 1 per cent, or 3.8 pence, to 374.3 pence.

Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

You may also like