China fixes its daily yuan midpoint at 7.0268 — weaker than expected

China’s official midpoint reference for the yuan was set at 7.0268 per the U.S. dollar on Thursday — stronger than Wednesday’s fixing, but it was weaker than what analysts had forecast. It was the sixth consecutive session where the People’s Bank of China (PBOC) fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark. The onshore yuan last traded at 7.0250. The PBOC lets the currency’s spot rate trade with a range of 2% above or below the day’s official mid


China’s official midpoint reference for the yuan was set at 7.0268 per the U.S. dollar on Thursday — stronger than Wednesday’s fixing, but it was weaker than what analysts had forecast. It was the sixth consecutive session where the People’s Bank of China (PBOC) fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark. The onshore yuan last traded at 7.0250. The PBOC lets the currency’s spot rate trade with a range of 2% above or below the day’s official mid
China fixes its daily yuan midpoint at 7.0268 — weaker than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: weizhen tan
Keywords: news, cnbc, companies, daily, expected, midpoint, weaker, traded, offshore, china, yuan, 70268, chinese, dollar, bank, onshore, fixes


China fixes its daily yuan midpoint at 7.0268 — weaker than expected

A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China’s eastern Jiangsu province on August 6, 2019.

China’s official midpoint reference for the yuan was set at 7.0268 per the U.S. dollar on Thursday — stronger than Wednesday’s fixing, but it was weaker than what analysts had forecast.

Analysts were predicting the midpoint to be set at 7.0236 per dollar, according to Reuters estimates.

It was the sixth consecutive session where the People’s Bank of China (PBOC) fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark.

The onshore yuan last traded at 7.0250. On Thursday morning around 9.24 a.m. HK/SIN, the offshore yuan traded at 7.0518 against the dollar, weakening again after the yuan rebounded overnight on Tuesday — with U.S. President Donald Trump backing off on China tariffs.

The yuan depreciated past 7 per dollar last week for the first time since the global financial crisis of 2008, which prompted the U.S. Treasury Department to designate China as a currency manipulator.

Trump has repeatedly complained that a cheaper yuan will give China a trade advantage as it makes Chinese exports more attractive in international markets.

The PBOC lets the currency’s spot rate trade with a range of 2% above or below the day’s official midpoint fix and this is known as the onshore yuan. The less restrictive exchange rate used outside mainland China is known as the offshore yuan.

Investors usually look at the difference between the onshore and offshore exchange rates to determine if the Chinese central bank is manipulating the yuan.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: weizhen tan
Keywords: news, cnbc, companies, daily, expected, midpoint, weaker, traded, offshore, china, yuan, 70268, chinese, dollar, bank, onshore, fixes


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One California police officer killed, two injured in Riverside gun battle

China fixes its yuan midpoint at 7.0326 per dollar, stronger than…Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates. China Economyread more


China fixes its yuan midpoint at 7.0326 per dollar, stronger than…Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates. China Economyread more
One California police officer killed, two injured in Riverside gun battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: joanna tan
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One California police officer killed, two injured in Riverside gun battle

China fixes its yuan midpoint at 7.0326 per dollar, stronger than…

Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates.

China Economy

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Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: joanna tan
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China fixes its yuan midpoint at 7.0136 per dollar, setting it weaker than 7 for the second time this week

It was the second time this week that the People’s Bank of China set the daily benchmark at a weaker level than the psychologically important 7-yuan-per-dollar. That followed Thursday’s midpoint rate of 7.0039 yuan per dollar. Analysts were expecting China to set the midpoint at 7.0222 per dollar on Friday, according to Reuters estimates. Onshore yuan traded at 7.0487 per dollar while the offshore yuan traded at 7.0725 at 2:42 p.m. HK/SIN Friday. But I wouldn’t expect too weak a yuan going forwa


It was the second time this week that the People’s Bank of China set the daily benchmark at a weaker level than the psychologically important 7-yuan-per-dollar. That followed Thursday’s midpoint rate of 7.0039 yuan per dollar. Analysts were expecting China to set the midpoint at 7.0222 per dollar on Friday, according to Reuters estimates. Onshore yuan traded at 7.0487 per dollar while the offshore yuan traded at 7.0725 at 2:42 p.m. HK/SIN Friday. But I wouldn’t expect too weak a yuan going forwa
China fixes its yuan midpoint at 7.0136 per dollar, setting it weaker than 7 for the second time this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, 70136, traded, china, level, set, kumada, yuan, midpoint, dollar, going, bank, fixes, weaker, second, week, setting


China fixes its yuan midpoint at 7.0136 per dollar, setting it weaker than 7 for the second time this week

China’s central bank on Friday set the official midpoint reference for the yuan at 7.0136 per dollar — the weakest level since April 3, 2008 but stronger than what analysts were expecting.

It was the second time this week that the People’s Bank of China set the daily benchmark at a weaker level than the psychologically important 7-yuan-per-dollar.

That followed Thursday’s midpoint rate of 7.0039 yuan per dollar. Analysts were expecting China to set the midpoint at 7.0222 per dollar on Friday, according to Reuters estimates.

Onshore yuan traded at 7.0487 per dollar while the offshore yuan traded at 7.0725 at 2:42 p.m. HK/SIN Friday.

“The pressure on the yuan will be, if anything, on the downside as long as we have uncertainties surrounding the broader outlook in trade and some other issues,” ” Mikio Kumada, executive director and global strategist at LGT Capital Partners, told CNBC’s “Street Signs ” on Friday. “And also because the direction that the Chinese domestic economy is going is one that requires more stimulus and easing.”

“That’s not something that fundamentally strengthens a currency,” he said.

The PBOC will “manage to keep (the yuan) broadly stable — probably for a while, it will keep a 7 handle and slightly north to 8. But I wouldn’t expect too weak a yuan going forward either,” Kumada added.


Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, 70136, traded, china, level, set, kumada, yuan, midpoint, dollar, going, bank, fixes, weaker, second, week, setting


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Dow rises 150 points as bond yields rebound

Stocks rose on Thursday as global bond yields rebounded while investors digested better-than-expected trade data out of China. The Dow Jones Industrial Average traded 150 points higher, or 0.6%. The jump in global bond yields coincided with a Reuters report saying Germany is considering issuing new debt to finance a climate protection package. Yields plummeted around the world on Wednesday as investors piled into safer assets on worries over the global economy. Tumbling yields can signal global


Stocks rose on Thursday as global bond yields rebounded while investors digested better-than-expected trade data out of China. The Dow Jones Industrial Average traded 150 points higher, or 0.6%. The jump in global bond yields coincided with a Reuters report saying Germany is considering issuing new debt to finance a climate protection package. Yields plummeted around the world on Wednesday as investors piled into safer assets on worries over the global economy. Tumbling yields can signal global
Dow rises 150 points as bond yields rebound Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: fred imbert
Keywords: news, cnbc, companies, global, germany, sp, investors, dow, yields, trade, points, bond, traded, rebound, report, rises, negative, 150


Dow rises 150 points as bond yields rebound

Stocks rose on Thursday as global bond yields rebounded while investors digested better-than-expected trade data out of China.

The Dow Jones Industrial Average traded 150 points higher, or 0.6%. The S&P 500 gained 0.9% while the Nasdaq Composite climbed 1%.

The benchmark 10-year Treasury note yield traded at 1.76%. In Germany, the 10-year bund yielded negative 0.5% after sliding to negative 0.6% — a record low — in the previous session.

The jump in global bond yields coincided with a Reuters report saying Germany is considering issuing new debt to finance a climate protection package. The report cited a German senior government official.

Yields plummeted around the world on Wednesday as investors piled into safer assets on worries over the global economy.

Tumbling yields can signal global growth concerns from investors and fuel sharp pullbacks in equity markets. An escalation in trade tensions between China and the United States has accentuated these fears in recent days. Wall Street saw a wild ride Wednesday when the S&P 500 logged its biggest intraday comeback of the year.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: fred imbert
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Hong Kong shares drop close to 3% amid disruptions due to a general strike

Hong Kong shares declined Monday as businesses faced major disruptions amid a general strike aimed at bringing the city to a standstill. The unrest in Hong Kong started since early June when protesters took to the streets to oppose an extradition bill proposal — which has since been suspended, but not fully withdrawn. More than 100 flights had already been cancelled while rail operator MTR Corp announced the suspension of services between parts of Hong Kong as commuters struggled to get to work,


Hong Kong shares declined Monday as businesses faced major disruptions amid a general strike aimed at bringing the city to a standstill. The unrest in Hong Kong started since early June when protesters took to the streets to oppose an extradition bill proposal — which has since been suspended, but not fully withdrawn. More than 100 flights had already been cancelled while rail operator MTR Corp announced the suspension of services between parts of Hong Kong as commuters struggled to get to work,
Hong Kong shares drop close to 3% amid disruptions due to a general strike Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: eustance huang
Keywords: news, cnbc, companies, week, amid, dollar, close, drop, general, traded, shares, kong, hong, yuan, levels, strike, disruptions, trading


Hong Kong shares drop close to 3% amid disruptions due to a general strike

Hong Kong shares declined Monday as businesses faced major disruptions amid a general strike aimed at bringing the city to a standstill. The benchmark Hang Seng index dropped 2.85% to close at 26,151.32. Carrie Lam, Hong Kong’s embattled chief executive, said Monday that she believed the city was on the verge of “a very dangerous situation. ” The unrest in Hong Kong started since early June when protesters took to the streets to oppose an extradition bill proposal — which has since been suspended, but not fully withdrawn. Monday’s strike followed another weekend of violent protests, according to Reuters. More than 100 flights had already been cancelled while rail operator MTR Corp announced the suspension of services between parts of Hong Kong as commuters struggled to get to work, the news wire reported. Shares of Cathay Pacific, Hong Kong’s main airline, were down 4.24%.

Most Asian markets lower

Chinese yuan breaks 7 against dollar

The onshore Chinese yuan weakened past the threshold of 7-yuan-per-dollar. The currency pair last traded at 7.0310. The offshore yuan last traded at 7.0755 against the dollar. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.903 after seeing levels above 98.7 last week. The Japanese yen was trading at 105.92 against the dollar after strengthening from levels above 108.8 in the previous trading week. Elsewhere, the Australian dollar changed hands at $0.6758 after declining from highs above $0.688 last week. Oil prices declined Monday afternoon during Asian trading hours, with the international benchmark Brent crude futures contract slipping 1.52% to $60.95 per barrel. U.S. crude futures also fell 1.56% to $54.79 per barrel.

HSBC earnings

In company news, HSBC announced the departure of its CEO John Flint on Monday, citing the need for a change at the top amid “a challenging global environment.” The lender said its first-half pretax profit jumped 15.9% while announcing a further buyback of $1 billion. Hong Kong-listed shares of HSBC fell 1.85% on Monday.

Asia-Pacific Market Indexes Chart


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: eustance huang
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Apple supplier predicts strong consumer demand – and European chip stocks climb higher

European chip stocks traded higher Tuesday after Apple supplier AMS reported strong second-quarter sales and an upbeat outlook in its consumer business. Shares of AMS, which provides 3D sensors for Apple’s FaceID technology as well as for Android devices, surged as much as 9% after the company said it expects revenue to reach $600-$640 million in the third quarter from its second quarter current revenue of $415 million. The Austrian chipmaker said it expects growth will be driven by “high volume


European chip stocks traded higher Tuesday after Apple supplier AMS reported strong second-quarter sales and an upbeat outlook in its consumer business. Shares of AMS, which provides 3D sensors for Apple’s FaceID technology as well as for Android devices, surged as much as 9% after the company said it expects revenue to reach $600-$640 million in the third quarter from its second quarter current revenue of $415 million. The Austrian chipmaker said it expects growth will be driven by “high volume
Apple supplier predicts strong consumer demand – and European chip stocks climb higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-23  Authors: elizabeth schulze
Keywords: news, cnbc, companies, traded, consumer, supplier, european, quarter, higher, demand, climb, ams, volume, strong, company, million, stocks, predicts, chip, revenue, expects


Apple supplier predicts strong consumer demand – and European chip stocks climb higher

European chip stocks traded higher Tuesday after Apple supplier AMS reported strong second-quarter sales and an upbeat outlook in its consumer business.

Shares of AMS, which provides 3D sensors for Apple’s FaceID technology as well as for Android devices, surged as much as 9% after the company said it expects revenue to reach $600-$640 million in the third quarter from its second quarter current revenue of $415 million. The Austrian chipmaker said it expects growth will be driven by “high volume ramps for smartphone sensing solutions.”

“The results reflect the strength of AMS’ portfolio and more supportive demand trends in the consumer market,” the company said in its earning release.

European chipmakers STMicro, BE Semiconductor, ASML and Infineon Technologies traded between 2% and 3% higher on the back of the report.


Company: cnbc, Activity: cnbc, Date: 2019-07-23  Authors: elizabeth schulze
Keywords: news, cnbc, companies, traded, consumer, supplier, european, quarter, higher, demand, climb, ams, volume, strong, company, million, stocks, predicts, chip, revenue, expects


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Gold rises after IMF says US dollar is overvalued

Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency. Spot gold traded 0.3% higher at $1,410.06 per ounce. The dollar index, which tracks the greenback’s performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals. The IMF’s comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar


Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency. Spot gold traded 0.3% higher at $1,410.06 per ounce. The dollar index, which tracks the greenback’s performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals. The IMF’s comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar
Gold rises after IMF says US dollar is overvalued Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, gold, traded, dollar, rate, rises, trade, slightly, session, imf, overvalued, president, ounce, trump


Gold rises after IMF says US dollar is overvalued

Gold rose slightly on Wednesday as the dollar dipped following remarks from the International Monetary Fund on the U.S. currency.

Spot gold traded 0.3% higher at $1,410.06 per ounce. U.S. gold futures climbed just 0.04% to $1,411.80.

The dollar index, which tracks the greenback’s performance against six other currencies, fell 0.1% after the IMF said the U.S. currency is overvalued by 6% to 12%, based on near-term economic fundamentals.

The IMF’s comment is likely to give President Donald Trump more fodder for his frequent complaints that dollar strength is hampering U.S. exports.

Earlier in the day, gold had traded slightly lower as stronger economic data from the previous session dampened hope for a rate cut later this month.

Chicago Fed President Charles Evans, meanwhile, said on Tuesday that an interest rate cut of a half a percentage point at the U.S. central bank’s July 30-31 policy meeting could mean that the Fed’s inflation goal is reached sooner.

Investors now await the Fed’s ‘Beige Book’ later in the day for insight on how trade tensions are affecting the business outlook.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion. They also boost the dollar, in which the metal is priced.

In the latest on the trade row, Trump said on Tuesday the United States still has a long way to go to conclude a deal with China but could impose tariffs on an additional $325 billion worth of Chinese goods if needed.

“Gold remains locked within the $1,400 – $1,420 range, while more broadly we look for a move outside of $1,380 – $1,440 for medium-term direction,” trading firm MKS PAMP said in a note.

Meanwhile, silver held steady at $15.56 an ounce, extending gains for a fourth straight session. It hovered close to a more than four-month high of $15.69.


Company: cnbc, Activity: cnbc, Date: 2019-07-17
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Stocks fall slightly from records as investors cautious on upcoming earnings reports

Stocks slipped after reaching record highs on Monday as Wall Street remained cautious to start off the corporate earnings season. Citigroup kicked off the earnings season by reporting second-quarter numbersthat topped analyst expectations. Gains from the initial public offering of Tradeweb, an electronic bond trading platform, drove the bank’s results past Wall Street estimates. The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second qua


Stocks slipped after reaching record highs on Monday as Wall Street remained cautious to start off the corporate earnings season. Citigroup kicked off the earnings season by reporting second-quarter numbersthat topped analyst expectations. Gains from the initial public offering of Tradeweb, an electronic bond trading platform, drove the bank’s results past Wall Street estimates. The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second qua
Stocks fall slightly from records as investors cautious on upcoming earnings reports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: fred imbert
Keywords: news, cnbc, companies, lower, stocks, upcoming, wall, record, earnings, fall, cautious, results, reports, sp, slightly, season, morgan, investors, street, records, traded


Stocks fall slightly from records as investors cautious on upcoming earnings reports

Stocks slipped after reaching record highs on Monday as Wall Street remained cautious to start off the corporate earnings season.

The Dow Jones Industrial Average traded 21 points lower, or 0.1%. The S&P 500 also lost 0.1%. The Nasdaq Composite hovered around the flatline. The major indexes notched fresh record highs at the open before pulling back from those levels.

Citigroup kicked off the earnings season by reporting second-quarter numbersthat topped analyst expectations. Gains from the initial public offering of Tradeweb, an electronic bond trading platform, drove the bank’s results past Wall Street estimates. Citigroup shares traded higher in the premarket after the results were released, but traded more than 1% lower shortly after the open.

Other big banks like J.P. Morgan Chase, Morgan Stanley, Bank of America and Goldman Sachs are expected to report quarterly earnings later this week.

The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second quarter, according to FactSet data.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: fred imbert
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Stocks fall after strong jobs report dampens hope of a Fed rate cut

Stocks fell on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy. The Dow Jones Industrial Average pulled back 16 points, while the S&P 500 and the Nasdaq Composite were little changed. “The jobs number was solid,” said Gregory Faranello, head of U.S. rates at Amerivet Securities. Economists had forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 jobs were created in May, according to Dow Jones. Bregar added, however,


Stocks fell on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy. The Dow Jones Industrial Average pulled back 16 points, while the S&P 500 and the Nasdaq Composite were little changed. “The jobs number was solid,” said Gregory Faranello, head of U.S. rates at Amerivet Securities. Economists had forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 jobs were created in May, according to Dow Jones. Bregar added, however,
Stocks fall after strong jobs report dampens hope of a Fed rate cut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: fred imbert, patti domm
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Stocks fall after strong jobs report dampens hope of a Fed rate cut

Stocks fell on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy.

The Dow Jones Industrial Average pulled back 16 points, while the S&P 500 and the Nasdaq Composite were little changed.

Earlier in the session, the Dow dropped as much as 232.67 points, while the S&P 500 and Nasdaq slid nearly 1% each.

“The jobs number was solid,” said Gregory Faranello, head of U.S. rates at Amerivet Securities. “The real theme now will be shifting very quickly to what the number means in the context of what we’re pricing in for the Fed in July.”

The U.S. economy added 224,000 jobs in June. Economists had forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 jobs were created in May, according to Dow Jones.

Treasury yields jumped on the data. The benchmark 10-year yield traded at 2.05%. The 2-year rate rose to 1.87%. Bank shares got a lift from the higher rates. Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo all traded higher.

Gold futures dropped 1.4% to settle at $1,400.10 per ounce. The dollar rose 0.6% against a basket of currencies.

“Markets never make it easy. We’ve had a rate-cut trade in place for a while now. That is buy gold, buy bonds. But these things never go on a straight line,” said Erik Bregar, head of FX strategy at the Exchange Bank of Canada.

Bregar added, however, he does not think the strong jobs data is enough to keep the Fed from cutting rates. “If you look at bond markets around the world, they’re worried about something,” he said. “I don’t think central banks have the guts to go against the bond market.”


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: fred imbert, patti domm
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Bitcoin soars close to $13,000, hitting a 17-month high

Bitcoin skyrocketed close to $13,000 on Wednesday, notching a 17-month high and continuing a stunning turnaround for the cryptocurrency in 2019. The digital currency surged as high as $12,919 in early morning trade, according to CoinDesk’s bitcoin price index, which tracks prices from various exchanges. Bitcoin last traded about 11% higher on Wednesday to $12,565. Bitcoin has enjoyed a spectacular rally this year as investors look to major companies like Facebook getting involved in the crypto s


Bitcoin skyrocketed close to $13,000 on Wednesday, notching a 17-month high and continuing a stunning turnaround for the cryptocurrency in 2019. The digital currency surged as high as $12,919 in early morning trade, according to CoinDesk’s bitcoin price index, which tracks prices from various exchanges. Bitcoin last traded about 11% higher on Wednesday to $12,565. Bitcoin has enjoyed a spectacular rally this year as investors look to major companies like Facebook getting involved in the crypto s
Bitcoin soars close to $13,000, hitting a 17-month high Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: ryan browne
Keywords: news, cnbc, companies, trade, bitcoin, including, high, traded, market, close, rally, 17month, 13000, hitting, digital, cryptocurrency, higher, soars


Bitcoin soars close to $13,000, hitting a 17-month high

Bitcoin skyrocketed close to $13,000 on Wednesday, notching a 17-month high and continuing a stunning turnaround for the cryptocurrency in 2019.

The digital currency surged as high as $12,919 in early morning trade, according to CoinDesk’s bitcoin price index, which tracks prices from various exchanges.

That was the highest level the virtual coin had traded at since January 2018. It’s now up 230% since the start of this year. Bitcoin last traded about 11% higher on Wednesday to $12,565.

It was the biggest gainer among some of the most popular cryptocurrencies, with ether up nearly 6% at $332 and XRP just 0.2% higher at about 47 cents. Bitcoin’s dominance of the market now stands at over 60%, according to CoinMarketCap.

Bitcoin has enjoyed a spectacular rally this year as investors look to major companies like Facebook getting involved in the crypto space. The social media giant announced plans for a cryptocurrency called Libra last week. The digital token will be used for payments and is being overseen by a consortium of companies including Visa and Uber.

There are other theories behind bitcoin’s move higher, including the idea that it may be viewed as a hedge amid ongoing U.S.-China trade uncertainty. Another reason for the rally, experts say, is that traders are anticipating a so-called “halvening” event next year that cuts the rewards to bitcoin miners in half.

The story in 2019 is in stark contrast with what happened in the market last year. Bitcoin plummeted more than 70% over the course of 2018, with other cryptocurrencies also falling sharply. That was after an almost $20,000 record high hit in late 2017.


Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: ryan browne
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