Bitcoin Soars to an All-Time High. What’s Next.
Bitcoin, at last check, was at $66,673, according to CoinDesk.
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Bitcoin shot up to near $67,000 on Wednesday, passing its previous all-time high of US$64,888.99 reached in mid-April as the crypto community celebrated the launch of the first U.S. Bitcoin exchange-traded fund. The surge of exuberance follows a familiar pattern—traders bid up the price of Bitcoin on news of a groundbreaking event.
“This is the beginning of the normalization of digital currency,” said Anthony Denier, the CEO of stock and crypto trading platform Webull. “There’s a lot of excitement in the space, and deservedly so.”
Bitcoin, at last check, was at US$66,673, according to CoinDesk.
The move comes after the latest sign of legitimacy for cryptocurrencies. After eight years of rejecting proposed Bitcoin ETFs, the Securities and Exchange Commission allowed the ProShares Bitcoin Strategy ETF (BITO) to start trading on Tuesday. It attracted the second-most volume on its first day of any ETF. The ETF holds Bitcoin futures, which critics say make it an imperfect proxy for Bitcoin. But it may attract traditional advisors and investors who want to buy Bitcoin for their investment accounts without having to go to an outside provider.
Rallies like this, however, have sometimes led to heartbreak. After similar moves leading up to the launch of Bitcoin futures in 2017, and the market debut of Coinbase Global (ticker: COIN) stock this April, Bitcoin fell by more than 20% in a matter of days. Webull’s Denier said that the latest move is starting to feel like those moments.
“It’s been a very aggressive rally,” he said. For people trading Bitcoin “it’s feeling a little tough” to keep holding it at these levels. “If you’re a long-term believer, you’re looking to sell it at six figures.”
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CommSec research reveals this state is leading the country in economic growth, unemployment, construction and dwelling starts
2 min
South Australia is currently the strongest state or territory economy in the country, with economic activity 9.1 percent above its decade-average in the December quarter, according to CommSec research. NSW was second with economic output running 8.6 percent above its long-run average, followed by Victoria with 8.5 percent, the ACT at 8.3 percent and Western Australia at 6 percent.
Economic activity in both Queensland and Tasmania was 4.5 percent above average while the Northern Territory underperformed its long-term average by 0.5 percent.
The CommSec research ranks states and territories on several key economic metrics and compares the latest quarterly data with each area’s decade average. South Australia ranks first on four of the eight key indicators. They are economic growth, unemployment, construction and dwelling starts.
Western Australia ranks first on population growth and business and equipment investment. Population growth has been a key element in Perth and regional Western Australia becomingthe country’s hottest property markets over the past 12 months. CoreLogic figures released this week show home values are up 21.1 percent in Perth and 13.3 percent in the state’s regions.
Despite high inflation, retail spending remained above the long-term average in all states and territories in the December quarter. The ACT led with retail expenditure 12.2 percent higher than its long-term average, followed by Western Australia with 11.3 percent, Victoria at 11.2percent and Queensland at 11.1 percent.
Queensland is in the top spot for new home loans. Propelling this is very strong internal migration and a doubling of the First Home Owners Grant to $30,000 from 20 November last year. New home loans issued to first home buyers in November surged to a 15-month high, according to data from the Australian Bureau of Statistics. Queensland is currently the second strongest housing market, with home values up 16.1 percent in Brisbane and 11.2 percent in regional areas over the past year.
In all states and territories except the Northern Territory, housing finance commitments remained above decade averages in the December quarter. The value of home loans in Queensland was 21.1 percent higher than the state’s long-term average. The next strongest was Western Australia, up 17.5 percent, South Australia, up 14.2 percent, and the ACT, up 12 percent. The new CoreLogic data reveals 15 consecutive months of growth in the national median price, despite high interest rates.
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Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
