Bitcoin’s price surged above $60,000 for the first time since 2021, briefly reaching $64,000 before settling around $63,385 early Thursday. This surge brings the cryptocurrency closer to its previous record of nearly $69,000, marking a significant milestone in its recent rally, which has seen it appreciate by over 40% since the beginning of the year. The surge in Bitcoin’s price has been attributed to increased interest in the cryptocurrency, with the rise of new exchange-traded funds (ETFs) making investing in Bitcoin more accessible, exemplified by BlackRock’s iShares Bitcoin fund, which has quickly amassed $7 billion in assets.
Coinbase, a major cryptocurrency exchange, saw its stock rise by 0.8% following Bitcoin’s surge, continuing its upward trajectory in tandem with the cryptocurrency’s rally. The influx of new investors into the cryptocurrency market has bolstered trading platforms like Coinbase, further driving Bitcoin’s price momentum.
European stock markets showed a mixed performance in early trading on Thursday, with Germany’s DAX and France’s CAC 40 edging higher while Britain’s FTSE 100 also posted gains. Futures for the S&P 500 and the Dow Jones Industrial Average, however, were lower, indicating a cautious sentiment in the US market.
In Asian trading, the Nikkei 225 in Tokyo closed slightly lower, while the Shanghai Composite index and Shenzhen index surged following regulatory measures aimed at supporting the market. Technology services company Baidu saw its stock decline after reporting a significant drop in profit, reflecting challenges in the competitive landscape of the artificial intelligence sector.
On Wednesday, US stock indices closed mixed, with the S&P 500 slipping slightly and the Nasdaq composite registering a more significant decline. Nvidia and Alphabet weighed on the indices, while eBay and Axon Enterprise provided some support with stronger-than-expected results.
In commodities trading, US crude oil prices retreated slightly, while Brent crude also dipped. In currency markets, the US dollar weakened against the Japanese yen, while the euro strengthened against the dollar.
SOURCE: Ref Image from Capital.com
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