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Bitcoin jumps above $66,000 for first time ever

Economies.com
2021-10-20 17:08PM UTC

Bitcoin rose on Wednesday, and hit new all-time records, thanks to strong retail demand.

 

The cryptocurrency gained support yesterday after the announcement of the Bitcoin Strategy ETF (BITO), allowing investors to trade the ETF in the US stock exchange.

 

An exchange traded fund (ETF) is an investment that tracks a basket of assets and can be purchased in a stock exchange, as for the Bitcoin Strategy ETF, Bitcoin prices are tracked and mimicked rather than trading the digital currency itself.

 

Bitcoin Strategy ETF in the first trading session rose by 3.1%, and surpassed $41 a share.

 

Meanwhile, Bitcoin rose by 4% to its all-time high at $66,600 as of 15:45 GMT.

US crude inventories fall unexpectedly last week

Economies.com
2021-10-20 15:01PM UTC

The Energy Information Administration reported today that the US crude inventories fell 400K barrels to 426.5 million barrels during the past week, while analysts forecast a rise by 2 million barrels.

 

Gasoline stocks fell 5.4 million barrels to 217.7 million barrels, and the distillate stocks fell 3.9 million barrels to 125.4 million barrels.

 

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories rose 3.3 million barrels during the same period.

US stocks open higher, but Netflix stock falls

Economies.com
2021-10-20 14:20PM UTC

Most of the US stock indices opened higher on Wednesday, amid anticipation of more quarterly earnings reports, but the Netflix stock fell despite its upbeat earning results.

 

The White House revealed a plan to vaccinate children from 5 to 11 years old against the coronavirus.

 

The US Food and Drug Administration fully approved the Pfizer-BioNTech Covid-19 vaccine, after clinical tests proved its safety for use, and the vaccine was also tested on children and proven safe.

 

Netflix stock fell 1.7% to $627.9 as of 14:16 GMT, despite the company's announcement of more new subscribers in the third quarter, and profits and revenues that topped analysts' expectations.

 

As for stocks, Dow Jones rose 0.3% or 104 points to 35,561 as of 14:18 GMT, and S&P 500 rose 0.3% or 13 point to 4,533, while Nasdaq rose 0.1% or 20 points to 15,149.

Nickel extends gains above the $20,000 mark

Economies.com
2021-10-20 13:54PM UTC

Nickel prices rose on Wednesday, as the US dollar held against most major currencies, thanks to the recovery in global demand for metals and commodities.

 

Commodity prices rose recently thanks to the global economy's gradual recovery from the coronavirus pandemic, which leads to increased spending and demand, and causes high inflation rates.

 

The rising prices led to a spike in inflation in the US and Europe led their central banks to hint at reducing the pandemic quantitative easing and asset purchases programs.

 

Nickel, palladium and platinum are linked with the auto industry, and their prices received support after many companies started to work on the shortage of electronic chips.

 

The dollar index fell against a basket of major currencies by less than 0.1% to 93.7 points as of 13:42 GMT, after hitting a high of 93.8 points and a low of 93.6 points.

 

Nickel spot prices rose 1.1% to $20,222 per tonne as of 13:52 GMT.