Latest news with #012
West Australian
22-05-2025
- Business
- West Australian
Bitcoin hits new record high as rally marches on
Bitcoin continued its blistering rally on Thursday, hitting a brand new record high above $111,000 ($172,304). Bitcoin hit $US111,886.41 in early trading hours in London, according to Coin Metrics, before paring some of those gains to trade at around $US111,012. Bitcoin's move has been 'driven by a mix of positive momentum, growing optimism around US crypto regulation, and continued interest from institutional buyers,' James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC. The price rise in world's largest cryptocurrency is taking place despite a drop in US stock markets on Wednesday. Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq. The diverging movements of Bitcoin and stocks could be the result of investors looking for alternative stores of value. 'The rally was also helped along by broader macro concerns, including Moody's recent downgrade of US sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability,' Butterfill noted. Ratings agency Moody's cut the United States' sovereign credit rating last week. There have been some positive developments for the crypto space on the regulatory front in the US too. The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. US President Donald Trump and his AI and crypto czar David Sacks have pushed forward a pro-crypto agenda in the US, which has helped support the market. Adding to upbeat news for crypto, JPMorgan CEO Jamie Dimon, a notable bitcoin skeptic, said that the bank will allow clients to buy the digital currency.
New Straits Times
24-04-2025
- Business
- New Straits Times
Palm futures steady as strong ringgit offsets boost from rival oils
JAKARTA: Malaysian palm oil futures traded sideways on Thursday, after two previous sessions of gain, as higher rival vegetable oils lent support while a strong currency limited gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM8, or 0.2 per cent, to RM4,045 (US$922.04)a metric ton by 0242 GMT. The contract traded between RM4,012 and RM4,054 a ton in early trade, after closing at RM4,037 in the previous session. FUNDAMENTALS Dalian's most-active soyoil contract was up 0.74 per cent, while its palm oil contract gained 0.88 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) rose 0.39 per cent. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. India has started raising palm oil purchases after a lull of five months as a correction in prices has made the tropical oil cheaper than rival soyoil, encouraging refiners to place orders to replenish inventories, four dealers told Reuters. Oil prices ticked up early on Thursday after falling nearly 2 per cent in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing US-Iran nuclear talks. Malaysian ringgit, the contract currency of trade strengthened 0.02 per cent against the US dollar. A stronger ringgit made the contract less attractive for foreign currency holders. Palm oil FCPOc3 may retrace into a range of RM3,929 to RM3,968 per metric ton, following its failure to break resistance at RM4,072, according to Reuters technical analyst Wang Tao. Stocks drifted on Thursday and a rebound in the dollar lost traction as investors tried to sift through the noise from the Trump administration and its fickle stance on tariffs and the Federal Reserve's leadership.
