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Bitcoin Hits $14000 Dollar Rallies | Market Update

By AvaTradeMarket OverviewDec 07, 2017 08:08AM ET
www.investing.com/analysis/bitcoin-hits-14000-dollar-rallies--market-update-200271293
Bitcoin Hits $14000 Dollar Rallies | Market Update
By AvaTrade   |  Dec 07, 2017 08:08AM ET
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  • Technology stocks reclaim some losses
  • US tax agreement spurs a dollar rally
  • Disappointing trade data sends the Australian dollar lower
  • Oil prices rebound
  • Bitcoin hits $14000

Technology stocks inched higher as investors bought into the recent dip. However, momentum is fading as the European session unfolds, as investors mull over the value of the technology sector.

The tech-heavy Nasdaq 100 is 0.13% higher and the DAX 30 is up 0.18%. Meanwhile, the Dow Jones is 0.11% lower, while the S&P 500 is flat.

The regulatory crackdown in China kept Chinese assets lower overnight. The cautious Asian session meant a 1.43% decline for China A50.

The dollar is marching higher, supported by the promise of tax cuts in the US. The reforms will be solidified before the year end, helping the greenback to add 0.1% against a basket of its peers.

The pound remains subdued after the disappointing blow to Brexit talks. Britain and European officials are struggling to move negotiations forward. The lack of progress has sent sterling 0.14% lower against the dollar and 0.15% weaker against the euro.

The Aussie dollar is losing traction after trade data showed October’s trade surplus missed expectations, thanks to lower demand for coal and iron. The Australian dollar has given up 0.5% against its US counterpart.

Brent oil, the international benchmark, has gained 0.73%, after losing 2.6% in the previous session. Crude oil, the US benchmark, is 0.46% higher. Crude stockpiles fell by more than expected last week, although petrol supplies rose by more than forecasted.

Bitcoin reached passes the $14000 threshold for the first time today. The cryptocurrency is the stand-out asset of 2017, surging from $1000 in January to its current price of $14370.

The rise comes just days before Bitcoin futures are due to be launched, although some fear there may be some backlash on the lack of regulation in the digital asset sector.

Bitcoin Hits $14000 Dollar Rallies | Market Update
 
Bitcoin Hits $14000 Dollar Rallies | Market Update

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