Bitcoin price rebound, after falling below $30,000

Bitcoin price rebound, after falling below $30,000

Bitcoin prices rebounded in today’s session after briefly falling below $30,000 earlier in the week.

The declines in the cryptocurrency came as a result of a crackdown on mining, which was led by several local authorities in China.
Prices rebounded by close to 20% in yesterday’s session, and have now climbed above $34,000 on Thursday, rising by over $2,000 on the day.

Market volatility has been higher in recent months in the aftermath of tweets from Elon Musk, stating Tesla’s updated position on the cryptocurrency. 
 
Bitcoiners now will look towards the $40,000 level as the next potential price target. 

NASDAQ, S&P 500 record new highs

U.S. indices rallied on Thursday as the latest weekly jobless claims figures showed that the number of American’s seeking unemployment benefits had fallen.

Both the NASDAQ and S&P 500 hit new highs as it was shown that claims fell by 7,000 applications in the last report. 

Figures from the Labor Department  reported that Initial claims for state unemployment benefits came in at 411,000 for the week which ended June 19th.

Since President Biden’s stimulus package was approved, jobless claims have lessened, as more and more American’s returned to work.

Many now look toward next week’s Non-farm payrolls number for further indication of a healthy labour market.

Bank of England keep rates unchanged

Following on from the Federal Reserve and European Central Bank, the Bank of England today announced that it will be keeping interest rates unchanged.

The BOE opeted to hold rates at 0.1%, whilst also maintaining its asset purchasing programme at its current level.

Despite inflation rising beyond the bank's 2% target, the Monetary Policy Committee voted 8 - 1 to maintain its course. 

Regarding potential changes, the MPC stated that, “In judging the appropriate stance of monetary policy, the Committee will, consistent with its policy guidance and as always, focus on the medium-term prospects for inflation, including the balance between demand and supply, and medium-term inflation expectations, rather than factors that are likely to be transient”.

The FTSE 100 rose for a second consecutive day on the news.