Home Money MARKET REPORT: Bitcoin falls from record highs after frenzy cools

MARKET REPORT: Bitcoin falls from record highs after frenzy cools

by Elijah
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White knuckle ride: Cryptocurrency enthusiasts believe bitcoin will surpass $100,000 this year

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Bitcoin retreated sharply from record levels yesterday, fueling fears that cryptocurrencies are in a bubble that could be about to burst.

The digital currency hit an all-time high of $73,803 on Thursday, taking its gains this year alone to more than 70 percent. But yesterday it fell to $65,584 as it continued its white-knuckle journey.

Cryptocurrency enthusiasts believe bitcoin will surpass $100,000 this year.

But others warn that investors could lose everything.

Bank of America chief investment strategist Michael Hartnett told Bloomberg TV that markets are showing “characteristics of a bubble” as the US Federal Reserve prepares to cut interest rates.

White knuckle ride: Cryptocurrency enthusiasts believe bitcoin will surpass $100,000 this year

White knuckle ride: Cryptocurrency enthusiasts believe bitcoin will surpass $100,000 this year

He pointed to cryptocurrencies, as well as stocks related to technology and artificial intelligence.

After reaching a previous peak near $69,000 in November 2021, bitcoin plummeted below $16,000 within 12 months. It has since rebounded sharply to record levels, but analysts warned it remains volatile and could fall further if the Federal Reserve is less willing to cut rates than expected.

In equity markets, the FTSE 100 fell 0.2 per cent, or 15.73 points, to 7,727.42 and the FTSE 250 rose 0.1 per cent, or 26.9 points, to 19,512.91.

British Airways owner IAG took to the skies after the City turned positive on the stock.

Credit agency Moody’s put the company’s rating on review for an upgrade and broker Raymond James raised its outlook. The shares rose 6.2 per cent, or 9.2 pence, to 158.15 pence.

Greencore gained 3.5 per cent, or 3.7p, to 110.6p after activist investor Oasis Management built up a stake in the sandwich maker.

The Hong Kong-based fund, whose stake is just under 5 percent, is reportedly trying to pressure the company to pay a dividend for the first time since 2020.

Oasis also owns shares in London-listed companies including outsourcing giant Mitie Group (down 0.2 per cent, or 0.2p, to 104.2p), second-hand electronics retailer Music Magpie (down 4 per cent, 0.3p, to 7.2p). ) and fashion brand Superdry (up 9.9 per cent, or 2.4p, to 26.6p).

Investors in Bodycote are about to get paid as the heat treatment specialist plans to buy back £60m worth of shares.

The announcement came as the group said revenue rose 8 per cent to £802.5 million last year and profits rose 17 per cent to £111.7 million. The shares added 2.5 per cent, or 15.5p, to 647p.

Bank of Georgia will buy back an additional £29m worth of shares from investors once its £18m buyback program ends around June. But the digital lender said its 2023 results were affected by a claim settlement. The shares fell 6.5 per cent, or 335 pence, to 4,845 pence.

WH Smith finance chief Robert Moorhead will step down after more than a decade in the role, with luxury retailer Burberry’s Max Izzard taking over from December.

Shares in the retailer fell 0.5 per cent, or 6p, to 1,240p. Burberry gained 0.8 per cent, or 9.5 pence, to 1,269.5 pence.

Trainline has received upgrades from Stifel and Barclays, a day after the online ticketing app reported a boom in sales. The shares, which soared 13 per cent on Thursday, added 2.3 per cent, or 8.6 pence, to 378.4 pence.

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