Bitcoin tops $60,000 as investors eye record high
BITCOIN topped $60,000 for the first time in more than two years as the world’s largest cryptocurrency closed in on a new high.
The digital coin, which peaked at close to $69,000 in 2021, reached $63,933 amid predictions it could hit $150,000 next year.
That took gains this week to more than 20pc.
The value of bitcoin has been boosted by a regulatory breakthrough in the US, where the Securities and Exchange Commission approved exchange traded funds (ETFs) linked to its price, as well as the prospect of interest rate cuts.
Believers are also looking to a ‘halving’ event in April when the reward for mining bitcoin is cut in half. This tends to happen every four years and is designed to slow the release of the currency, hitting supply and pushing up the price.
The digital coin has yo-yoed in recent years and during the ‘crypto winter’ of December 2022 traded at around $16,000. London’s main markets were dragged down by bleak results from St James’s Place, Reckitt Benckiser and Halfords.
The FTSE 100 fell 0.76pc, or 58.04 points, to 7624.98 and the FTSE 250 was down 0.78pc, or 150.08 points, to 19,013.58.
Across the Atlantic, US plantbased firm Beyond Meat made gains a day after it outlined plans to raise prices following a slump in sales. The stock surged 41pc on Wall Street.
In London, Easyjet is set to return to the FTSE 100 after nearly four years, in a reshuffle that takes effect on March 18.
While Easyjet – down 3.1pc, or 17.2p, to 542p – returns to the top index, gold miner Endeavour – flat at 1277p – exits after the departure of its chief executive and the rising cost of doing business.
HS2 contractor Kier Group and takeover target Wincanton will be promoted to the second tier while IT professional services provider FDM and Tullow Oil bow out.
Rolls-Royce flew ahead after a vote of confidence from Deutsche Bank Research, which said the jet engine maker’s results last week showed its restructuring is ‘starting to deliver on promises’.
As a result, the broker upgraded its rating on the stock, which rose 3.3pc, or 11.9p, to 370.5p.
Drax came under renewed scrutiny over its green credentials.
Despite raking in £6bn in UK subsidies, the power firm is alleged to be burning wood from forests in Canada which were ‘ no- go areas’, according to BBC Panorama. Drax has rejected the claims but the shares fell 0.1pc, or 0.5p, to 418.9p.
There was little to cheer at Digital 9 Infrastructure as it outlined how it planned to wind down the business. It wants shareholders to approve plans to sell five assets, including sub-sea fibre operator Aqua Comms. Shares plunged 10.9pc, or 2.16p, to 17.62p.
Government contractor Capita, which collects the BBC licence fee and runs the London congestion charge, has signed a new deal with a top European telecoms provider it has worked with for more than 25 years.
The latest contract, worth up to £220m from now through to 2030 lifted it 3.5pc, or 0.7p, to 20.72p.
Aston Martin cruised in the fast lane after the luxury car maker narrowed losses to £239.8m last year from £495m in 2022.
Sales rose 18pc to £1.6bn in 2023, driven by a record average selling prices of £255,000 in the final quarter of 2023. Shares gained 4pc, or 7p, to 183.5p.
The third-largest investor in Asos, California investment company Camelot Capital Partners, bought almost £ 2m worth of shares in the fashion firm, raising it 1pc, or 3.8p, to 374.3p.