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Bitcoin Above $62,000, Is it Set For an All-Time High? Netflix Prepares Q3 Earnings Report & FTSE 100 Starts the Week Lower

Bitcoin nears new all-time high

As equity markets were closed over the weekend, the attention was in cryptocurrencies, with Bitcoin rallying to trade above $60,000.

BTCUSD climbed above $62,000 for the first time since April, as investors anticipated that a Bitcoin ETF would be approved this week.

The surge in prices comes, as many believe that once the U.S. SEC approves the ETF, trading volumes in Bitcoin will increase as a result.

💡 Stay tuned…
The much-anticipated ETF from ProShares, which will track the bitcoin futures market, will begin trading Tuesday on the NYSE under the ticker “BITO,” the company confirmed.

In today’s session, Bitcoin hit an intraday high of $62.626, hovering around its highest value since April 19th, prior to Tesla removing the coin as a payment method.

Despite recent highs, some expect that BTCUSD could enter a bear market, as volumes currently appear to be overbought.

Netflix shares higher, ahead of Q3 earnings

Shares in Netflix were trading higher to start the week, as the company was preparing to have its Q3 earnings call on Tuesday.

The streaming giant, which was one of the biggest winners during last year’s pandemic, has recently been under fire, due to content on its platform, from Comedian Dave Chapelle.

Despite this, the company is expected to announce revenue of around $7.48 billion for the quarter, with earnings per share coming in at $2.55.

In addition to this, analysts have forecasted that close to 3.5 million subscribers would have joined the platform, helped by the success of “Squid Game”.

💡 Netflix’s value after Squid Games
Netflix’s mega hit“Squid Game” stands out both for its popularity, and its relatively low cost. The South Korean show, about indebted people in a deadly contest for a cash prize, generated $891.1 million in impact value, a metric the company uses to assess the performance from individual shows. 

As of writing, $NLFX was trading 0.80% higher.

FTSE 100 lower, as BOE hint at rate hike

In the United Kingdom, the FTSE 100 started the week lower, as the Bank of England hinted at adjusting its current monetary policy.

This news comes as inflation in the UK has surpassed the bank’s 2% target, leading to Governor Andrew Bailey commenting on potential pending actions.

Speaking today, Bailey stated that, “Monetary policy cannot solve supply-side problems – but it will have to act and must do so if we see a risk, particularly to medium-term inflation and to medium-term inflation expectations”. 

He went on to add that, “And that’s why we at the Bank of England have signaled, and this is another such signal, that we will have to act”.

London’s FTSE 100 closed 0.42% on the news.

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Eliman Dambell

Senior Market Analyst

 

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