FTSE 100 reaches 20-month high
|The FTSE100 has managed to extend its upward move and after closing higher the last 6 sessions has reached the highest level since January 2020 as it trades around 7200 points. The UK index is up almost 3% since the beginning of October and despite recent supply issues, labour shortages and rising fuel prices, was able to break through previous highs and today reach the highest level in 20 months. While this is an encouraging sign for the UK economy, it remains to be seen if the index will be able to hold onto those gains or if it will pull back once again as the growing inflation concerns along with uncertainty about monetary policy could impact investors confidence moving forward.
Bitcoin tests $60,000 after SEC statement
Bitcoin rallied overnight and tested the $60,000 level for the first time since mid-April 2021 with the most famous cryptocurrency now at less than 10% from it’s all time high. While Bitcoin along with many other currencies has been trading higher lately, the recent move was sparked by news indicating that the US financial regulator (SEC) would not oppose or block applications for exchange-traded funds that would invest primarily in Bitcoin futures. This is a key development for the crypto space as it would allow many investors who were on the fence to enter the market in more traditional ways, thus reassuring them about previously associated risks such as lack of regulations and the possibility of having their wallet hacked. While this is another step on the road to normalization of crypto currencies in the US, it could have cascading effects as other governments begin to follow and integrate them, which could in turn lead to an even bigger increase in demand.
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