Blockchain Stocks Soar as Bitcoin Beaches a new peak in 2023.
December 4 (Reuters) As bitcoin crossed $42,000 to reach a new high for the year, stocks related to cryptocurrencies that are listed in the United States jumped on Monday, hoping to build on their solid gains from November. A combination of traders wagering on the impending approval of U.S. stock market-traded bitcoin funds and optimism about prospective interest rate cuts in the United States have propelled shares of companies whose fortunes are linked to the cryptocurrency higher in recent weeks.
Adani Stocks: New peak in 2023
reached a peak of $41,649, up 4.1% from April 2022. It had closed the session at $42,162. According to Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, “an (ETF) approval is going to have a big impact on investment appetite because it’s going to be more easily regulated, more attractive, and easier to invest.” “Risk is rallying at the moment, and declining yields are also helping bitcoin greatly. Additionally, there is a bullish outlook for the upcoming year since it will be a halving year.”
COIN.O, Coinbase, surged 7.5%. Even though the cryptocurrency exchange revealed a drop in third-quarter trading volumes, the stock increased by almost 62% in November. Microstrategy (MSTR.O), a bitcoin investor, gained 8.2% after purchasing $593 million worth of bitcoins last month. Miners of Bitcoin, Riot Platforms (RIOT.O), Marathon Digital (MARA.O), and Clean Spark (CLSK.O), increased their gains to double digits in November by jumping between 10.3% and 18.8%, respectively.
The Pro Shares. Short Bitcoin Strategy ETF, which lets investors wager on a decline in bitcoin futures, dropped 7.7%, while the Pro Shares Bitcoin Strategy ETF, which tracks bitcoin futures, increased 7.7% and appeared poised to reach a peak of more than a year. Earlier in the year, investor sentiment towards cryptocurrencies and related assets was sluggish following a series of high-profile collapses in 2022 that resulted in withdrawals of over a trillion dollars from the industry. But thanks to the recent surge, bitcoin has increased by more than 150% in 2023 and is on track to have its best year since 2020. Editing by Tasim Zahid; reporting by Sruthi Shankar and Amruta Khandekar in Bengaluru.
The Bank of England suggests new regulations to limit banks’ reliance on digital firms.
December 7, London (Reuters) – On Thursday, the Financial Conduct Authority in Britain and the Bank of England made a proposal calling for more oversight of financial firms’ excessive reliance on outside technology companies to run their operations. “Financial market infrastructure firms are becoming increasingly dependent on third-party technology providers for services that could impact UK financial stability if they were to fail or be disrupted,” Sarah Breeden, Deputy Governor of the Bank of England, said.
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