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Bitcoin climbs to a new all-time high
The world’s largest cryptocurrency rose for a sixth consecutive session on Wednesday, with prices surging to new highs.
Moves in Bitcoin have come as the NYSE listed ProShares “BITO” ETF made its market debut during Tuesday’s session, with many hopeful that there could be similar ETFs to follow. Investors pouring new money into ETFs would increase demand for BTC.
This optimism has reinvigorated mainstream bulls, who have been muted in recent months.
Both Bitcoin and Ethereum rallied to new feats, with BTCUSD trading at an intraday high, and record price of $66,923.
ETHUSD on the other hand hit a new all-time high of $4,077.
UK inflation rate unexpectedly falls
In the United Kingdom, figures released today showed that inflation rates marginally declined last month.
Data from the Office for National Statistics reported that rose by 3.1% in September, versus expectations for a 3.2% increase.
Despite the marginal gains, many still believe that the Bank of England will still move to hike rates in November.
| 💡 What are the experts saying? Some economists think the BoE risks making a mistake if it raises rates now because many of the inflation pressures in the British economy are global in nature and beyond its influence. |
GBPUSD hovered around 1-month lows on the news, hitting an intraday high of 1.3824.
Meanwhile, London’s FTSE 100 closed the session marginally higher.
Shares in the streaming giant Netflix were lower on Wednesday, despite the company posting better than expected Q3 earnings.
Netflix, held its earnings call after Tuesday’s closing bell, reporting that it had acquired 4.4 million subscribers in the quarter, vs the 3.5 million expected.
The company attributed the growth in subscribers to the recent success of the “squid games” series, which saw 142 million member households tuned in.
| 💡 Good news… But shares still dropped? Any downward revisions to future sales, earnings, cash flow, and more could lead to concerns over the stock’s future value. Downward revisions or developments that decrease future value expectations can be a fundamental reason why a stock might fall alongside good news. |
In addition to subscriber growth, the company’s earnings also rose, with its EPS coming in at $3.19 vs $2.56.
Revenue for the quarter however failed to beat forecasts, coming in as expected at $7.48 billion.
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.”
– Robert G. Allen
