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Cryptocurrency News Articles
Bitcoin Nears $100,000 as War Overshadows US Crude Supplies, Equities Diverge
Nov 21, 2024 at 08:08 pm
Oil prices rallied "as geopolitical tensions outweighed concerns over rising US crude supplies", noted Matt Britzman, senior equity analyst, Hargreaves Lansdown.
Major stock markets diverged and the dollar was mixed Thursday as traders digested escalating tensions in the Russia-Ukraine war and awaited Wall Street's reopening.
Bitcoin extended its surge, striking a record high of over $98,000 as the world's biggest cryptocurrency closed in on the key $100,000 level.
Oil prices rose sharply as concerns over the conflict outweighed data showing another hefty build in US crude inventories.
Kyiv accused Russia of launching an intercontinental ballistic missile attack at Ukraine for the first time on Thursday but without a nuclear warhead, in a new escalation of the seven-month war.
The ICBM flew over Ukraine and landed in the Poltava region, officials said, adding that it was likely targeting the Kremenchuk dam further down the Dnieper river.
The accusation came a day after Russia unleashed a fresh wave of missile and drone strikes on Ukrainian energy facilities, leaving millions of people without power or water.
Asian and European stock markets travelled in different directions as blockbuster earnings late Wednesday from US chip titan Nvidia smashed forecasts but fell short of investor hopes.
A driver of artificial-intelligence transitioning by companies, Nvidia's market value has rocketed 200 percent over the last year to become the world's-richest company.
But its stock fell in after-hours trading.
"The negative market reaction to Nvidia's results suggests investors are now focusing on the minutiae rather than the big picture," noted Dan Coatsworth, investment analyst at AJ Bell.
"That's a natural evolution as the more people zoom in on a company, the more they learn about it, and the more granular detail they want."
Elsewhere on the corporate front, shares in Indian conglomerate Adani Group tanked after US prosecutors charged its industrialist owner Gautam Adani with handing out more than $250 million in bribes for key contracts.
Flagship operation Adani Enterprises dived almost 20 percent, while several of its subsidiaries —- from coal to media businesses —- lost between 10 and 20 percent.
On the upside, bitcoin closed in on $100,000 having soared since Donald Trump was elected US president in early November.
"The bitcoin boom shows no signs of slowing, with the crypto king… edging closer to the coveted six-figure milestone," added analyst Britzman.
Trump's "return to the White House is fuelling hopes of a more crypto-friendly federal stance", he said.
- Key figures around 1100 GMT -
London - FTSE 100: UP 0.2 percent at 8,101.90 points
Paris - CAC 40: DOWN 0.4 percent at 7,170.84
Frankfurt - DAX: FLAT at 18,998.49
Tokyo - Nikkei 225: DOWN 0.9 percent at 38,026.17 (close)
Hong Kong - Hang Seng Index: DOWN 0.5 percent at 19,601.11 (close)
Shanghai - Composite: UP 0.1 percent at 3,370.40 (close)
New York - Dow: DOWN 0.3 percent at 43,408.47 (close)
Euro/dollar: DOWN at $1.0521 from $1.0545 on Wednesday
Pound/dollar: DOWN at $1.2632 from $1.2652
Dollar/yen: DOWN at 154.39 yen from 155.45 yen
Euro/pound: DOWN at 83.28 pence from 83.33 pence
Brent North Sea Crude: UP 1.7 percent at $74.06 per barrel
West Texas Intermediate: UP 1.9 percent at $70.02 per barrel
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