Bitcoin climbs to new all-time high, UK inflation rate unexpectedly falls [Video]

Eliman Dambell Sayvio AI

Bitcoin climbs to new all-time high

The world’s largest cryptocurrency rose for a sixth consecutive session on Wednesday, with prices surging to new highs as a result.

Moves in Bitcoin have come as the NYSE listed “BITO” ETF made its market debut during Tuesday’s session, with many hopeful that there could be similar ETFs to follow.

This optimism has reinvigorated mainstream bulls, who have been muted in recent months, after Elon Musk and Tesla pulled out of the Cryptocurrency space.

However today, 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.

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.

Visit here to see raw, real-time ECN spreads

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.