Bitcoin hits record high just shy of $112,000
The world's largest cryptocurrency touched a high of $111,988.90 and was last up 2 per cent at $110,922.48.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
South Korea to expand securities settlement hours for global investors
SEOUL :South Korea will extend operating hours for transaction settlement systems at the central bank and the securities depository starting April 2026, aiming to ease access for foreign investors across different time zones, the finance ministry said on Thursday. The Bank of Korea's operating hours will expand to 9 a.m. and 8 p.m. local time (0000-1100 GMT), from 9 a.m. and 5:30 p.m, aligning closer to those of countries included in FTSE Russell's World Government Bond Index, which South Korea is set to join in April 2026. The measure is the first step taken by the government since forming a task force to upgrade South Korea's domestic stock market to developed-market status from emerging market classification by Morgan Stanley Capital International (MSCI). Achieving MSCI's developed status remains a long-standing national goal and a key pledge by President Lee Jae Myung.
CNA
3 hours ago
- CNA
Asian markets mixed as bitcoin surges to new high
TOKYO: Bitcoin hit a new peak during early Asian trading on Thursday (Aug 14), as the yen surged after the United States Treasury Secretary said he expects Japan to hike interest rates. The cryptocurrency rose above its previous July record, briefly exceeding US$124,500 before retreating. Bitcoin's value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. "The crypto market is enjoying a period of highly favourable fundamentals," said Samer Hasn, senior market analyst at XS. Japan's currency rose significantly against the dollar, climbing to its highest level since late July after US Treasury Secretary Scott Bessent said that he had told the Bank of Japan governor that it was "behind the curve" in its fight against inflation. "So they're going to be hiking and they need to get their inflation problem under control," Bessent told Bloomberg TV. Bessent said that the Bank of Japan was "behind the curve" in its fight against inflation, telling Bloomberg he had discussed the issue with the institution's governor, Kazuo Ueda. "So they're going to be hiking and they need to get their inflation problem under control," he added. The Bank of Japan, which has long maintained a negative interest rate policy, began monetary tightening in 2024. However, it left rates unchanged at the end of July and is expected by observers to maintain the status quo at its next monetary policy meeting in September. Bessent "may be trying to weaken the dollar through his comments", according to Hideo Kumano of Dai-Ichi Life Research Institute, as cited by Bloomberg. Bessent and President Donald Trump are pushing Federal Reserve Chairman Jerome Powell to lower rates as quickly as possible. Hopes of rate cuts following soft inflation data released on Tuesday had boosted stock markets, with the broad-based S&P 500 index and the tech-heavy Nasdaq reaching new summits this week.
CNA
3 hours ago
- CNA
Dollar struggles as Fed rate-cut bets build, bitcoin soars to record
TOKYO :The U.S. dollar languished at multi-week lows versus major peers on Thursday as traders ramped up bets for the Federal Reserve to resume reducing interest rates next month. The greenback fared worst against the yen after U.S. Treasury Secretary Scott Bessent suggested the Bank of Japan needs to hike rates again soon, while the Fed cuts aggressively. Rising expectations for monetary easing combined with increasing institutional cryptocurrency investment powered bitcoin to a fresh record peak. Australia's dollar gained after data showed the labour market to be surprisingly resilient. That was a different story than the U.S., where Fed rhetoric has turned broadly more dovish on signs of a cooling labour market, while President Donald Trump's tariffs are yet to add to price pressures in a significant way. Traders see a Fed rate cut on September 17 as a near certainty, according to LSEG data, and even lay around 7 per cent odds on a super-sized half-point reduction. "For the markets, it's not even a matter of if the Fed cuts interest rates in September, it's a question of how much," said Kyle Rodda, an analyst at "Signs of a downturn in the labour market have pushed futures to bake in a series of rate cuts before the end of the year." The Fed also continues to be under intense political pressure to ease. Trump has repeatedly criticised Fed Chair Jerome Powell for not cutting rates sooner, even threatening to oust him before Powell's term expires in May. Treasury Secretary Scott Bessent on Wednesday called for a "series of rate cuts," and said the Fed could kick off the policy easing with a half-point cut. Bessent also said the BOJ had gotten "behind the curve" by delaying rate hikes. "Bessent's comments are having a strong impact on USDJPY," said Norihiro Yamaguchi, an economist at Oxford Economics. At the same time, "gains in the yen are being accelerated by low liquidity in the market as fewer market participants are around this week" due to the Obon holiday, he said. The U.S. dollar dropped as much as 0.7 per cent to 146.35 yen on Thursday, its weakest since July 24. Sterling edged up enough to reach its highest since July 24 at $1.3590. The euro hovered at $1.1703, just below Wednesday's peak of $1.1730, a level last seen on July 28. Meanwhile, a weaker U.S. dollar, the spectre of political interference in central bank policy, and the increase in investor risk appetite amid Fed easing prospects all converged to buoy bitcoin to its first record peak since July 14. The world's leading cryptocurrency pushed as high as $124,480.82 in the latest session, before last changing hands at around $123,000. Bitcoin was already underpinned by increased institutional money flows this year in the wake of a spate of regulatory changes spearheaded by Trump, who has billed himself the "cryptocurrency president." In the latest move, an executive order last week paved the way to allow crypto assets in 401(k) retirement accounts. "Corporate treasuries like MicroStrategy and Block Inc. continue to buy bitcoin," said IG analyst Tony Sycamore. "Technically, a sustained break above $125,000 could propel bitcoin to $150,000." The Australian dollar advanced as much as 0.4 per cent to the highest since July 28 at $0.65685, although it later trimmed those gains to stand at $0.6552. Australian employment rebounded in July as firms took on more full-time workers, pulling the jobless rate down from a 3-1/2-year high.
