Bitcoin plunges 15% in wild trading after hitting new record

Bitcoin tumbled more than 15 percent in volatile Asian trading Friday, dropping below $14,500 level after touching a record high above $16,000 earlier in the session and underlining concerns about its volatility. It was still up more than 30 percent for the week, as investors debated about whether the cryptocurrency was in a bubble that was […]

Sterling to coast, but Brexit talks progress would drive rally, poll shows

Sterling’s outlook is stable over the coming year, but a few currency strategists polled by Reuters expect it to make significant gains if negotiations over Britain’s departure from the European Union take a positive turn. Forecasts from the poll of around 60 foreign exchange specialists, taken Dec 4-6, predict the pound GBP= will be worth […]

Bitcoin to end the year at $10,000, says Hedge fund manager

Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, says the bitcoin rally still has some serious legs. After surging more than sevenfold since December, the largest and most widely known digital currency will end the year at $10,000 from about $8,200, he said. Smaller rival ether will […]

Bitcoin hits new record high, breaking $8,000 for the first time

Bitcoin hit a fresh all-time high Monday above the $8,000 mark after a wild week for the cryptocurrency. On Monday around 12:25 p.m. London time, it hit a record high of $8,121.56, according to data from industry website CoinDesk. Bitcoin first broke the $8,000 handle on Sunday. The rally comes on the back of a […]

South Africa’s rand under pressure, stocks set to open flat

South Africa’s rand weakened against the dollar early on Tuesday, staying close to a one-year low hit in the previous session, as the resignation of a top Treasury official and financial woes at the sole power utility hurt investor sentiment. According to Reuters’ report, at 0647 GMT, the rand was traded at 14.5100 per dollar, […]

Bitcoin soon to be official currency in Venezuela

The Venezuelan government has moved to legalise the use of Bitcoin as an official currency and legal tender in the country. This is aimed at addressing the hyperinflation its economy is facing at the moment. Daniel Osorio, the Chief Executive Officer at Andean Capital Management, explained that Venezuela may be on the verge on dumbing […]

South Africa’s rand slumps 1.3% against US dollar as Zuma reshuffles cabinet

South Africa’s rand led emerging-market currency declines against the dollar amid speculation that President Jacob Zuma is preparing to fire his deputy Cyril Ramaphosa days after removing another critic from his cabinet. The rand dropped as much as 1.3 percent and traded 1.1 percent weaker at 13.6309 per dollar by 9:37 a.m. in Johannesburg, bringing […]

Pound surges as markets bring forward Bank of England rate-rise expectations

The pound surged and U.K. government bonds fell as the Bank of England said it sees scope for stimulus reduction in coming months, spurring markets to bring forward expectations for a rate increase. Sterling rose to the highest in a year against the dollar and strengthened versus all of its Group-of-10 peers, with a rate increase fully […]