Spreadex Market Update

Bitcoin smashes all-time high, and aims sights for $70,000



Bitcoin managed to climb to a price of $68,000 today, surpassing its previous all-time high set last month of about $67,000. It was only 5 years ago one bitcoin would have cost $700.

The recent rise is said to have been due to younger investors using bitcoin over gold as a hedge on inflation.

It is also likely to have been influenced by the launch of a bitcoin-linked ETF alongside Elon Musk’s recent twitter poll.

UK markets traded relatively flat as investors are still focusing on Thursday’s GDP announcements.

Even with Rolls Royce’s shares rising to a high of over 6% thanks to it securing funding for a new generation of mini nuclear reactors.

Similarly, the US markets slipped on open thanks to investors still digesting recent inflation data.

The PPI rose 0.6% in October from the previous month, and 8.6% more than this time last year.

Due to this we are likely to see this impressive streak of highs fail very soon.

Most are expecting a comparable outcome from tomorrows CPI data.

In spite of this slightly negative news, GE (+4.76%) managed to lift traders hopes as they announced a split into three separate public companies, focusing on Energy, Healthcare and Aviation.

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