Ethereum reaches new all time high
|Moods in cryptocurrency markets have improved after positive news emerged from Asia and following the solid performance of Bitcoin, which closed October with the highest monthly gain in 2021, further boosting investor confidence. The second biggest cryptocurrency by market cap has now also managed to reach a new all time high with Ethereum breaking above the previous high and reaching a new one after gaining over 3% as the majority of coins appear to be rising. While it is unclear whether this move will continue, today’s achievement could further boost confidence in the current market as it comes after an updated prediction of Ethereum by Goldman Sachs which projected the coin reaching $8000 before the end of the year. Furthermore, prospects for a potential Ethereum ETF after the approval and launch of Bitcoin ETFs appears to be a possibility in the near future, which in turn continues to point towards increased adoption of the new blockchain technologies along with a wider appeal of this type of asset as more investors shift towards the space.
BP announce positive quarter and boost share buyback
BP announced another quarter of positive results, indicating rising commodity prices and improving conditions as main drivers for the company’s continued growth. The company also announced an expansion of its ongoing share buyback program by adding a further $1.25billion which will be adding to the $1.4billion already executed in the first half of the year. While net debt remains a key area of concern, totalling around $32billion, investors may look favourably on today’s report as it highlights the companies resilience and adaptability along with it’s prioritization of cash flow to strengthen its financial position as future prospects of rising oil prices driven by increased demand and limited supply could also potentially improve the outlook, particularly for the next quarter.
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