Bitcoin hits US dollar slides – Business Live | Business

Good morning, we welcome our information on the global economy, financial markets, the eurozone and trade.

As 2020 approaches, Bitcoin continues its remarkable rally.

The cryptocurrency rose to a new all-time high this morning, exploding above 500 28,500 this morning. This is a profit of more than 5% today, i.e. Bitcoin has increased by 46% since the beginning of the month.

By 2020, this has increased to almost 300%, Increased interest from institutional investors and concerns about the impact of inflation on this year’s biggest stimulus packs.


Price of Bitcoin in 2020 Photo: Refinitiv

As Reuters puts it:


Demand for this specialty has grown significantly as a result of recent corporate scandals involving Bitcoin, which is expected to gain some traction in the near future.

Bitcoin’s moves are coming as the US dollar continues to depreciate – falling to its lowest level since April 2018.

IGSquawk
(IGSquawk)

The dollar index has reached its lowest level since April 2018. pic.twitter.com/PZfqB0e1bN


December 30, 2020

The Green Pack is sickening as investors continue to move into risky assets as the global economy recovers by 2021 with the production of Govt-19 vaccines.

With the appointment of Joe Biden to replace Donald Trump at the White House (especially if the Democrats can build the Senate by winning key races next week) there is also a strong expectation that the next U.S. administration will push for big stimulus packs next year.

Jeffrey Haley of OANDA The dollar continues to “win a modest retreat overnight”:


As the new trading year begins next week, it becomes clear that currency markets are setting prices on a less powerful move by the US dollar. I agree with the overall view, but this week a diversionary move of the US dollar suggests that stabilization is largely a way out.

Markets face a big data week next week, and a significant risk event in the form of the Georgia Senate election.

With the University of Oxford / AstraZeneca vaccine being approved by the UK Medical Regulator this morning, next year will be bright.

On the economic front, we get new U.S. trade data, oil inventory figures, and home sales, all of which may shed light on the economic impact of the epidemic.

Despite anger from fishing industry leaders and boat owners, British MPs are expected to vote on the UK-EU Free Trade Agreement, and there is concern that little will be gained from the UK’s dominant service industry agreement.

Agenda

  • 1.30pm GMT: US Commodity Stock
  • 3pm GMT: US home sale pending
  • 3.30pm GMT: US Weekly Oil Inventory Statistics

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Ferdinand Woolridge

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