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HomeNewsExchange: Bitcoin price rally causes price jump at crypto miner Bitfarms

Exchange: Bitcoin price rally causes price jump at crypto miner Bitfarms

The Dax continued to swing back and forth in a narrow range just below its record high on Monday. At the close of trading on Xetra (5.30 p.m.), the German benchmark index was 0.1 percent weaker at 15,745 points. He just missed the record of 15,810 points on Friday. The MDax of the medium-sized stocks also stood still, as did the Eurozone benchmark index EuroStoxx 50. In the USA, however, there was much more movement: The shares of the German vaccine manufacturer Biontech, listed on the Nasdaq, rose after submission of quarterly figures and a billion-dollar profit in the second Quarter by more than 15 percent and climbed to a record high.

The larger indices in the USA, on the other hand, hardly made any progress. The recovery in the US labor market fueled speculation that the US Federal Reserve might curb its bond purchases earlier than previously expected. At the same time, stock marketers focus on rising interest rates. Ulrich Leuchtmann, foreign exchange expert at Commerzbank, pointed out that the labor market alone is not a sufficient condition for a rate hike by the Fed – this also requires rising consumer prices. He is hoping for clues from the inflation report expected on Wednesday.

Dax, Dow and stocks at a glance: Click here to go to the stock exchange page

Gold price under pressure

The increased prospect of an earlier than expected rate hike by the US Federal Reserve after the US labor market report also let the Gold prices plummet to $ 1,684 per troy ounce. In the course of trading, the precious metal reduced the losses to minus one percent and was available for $ 1,727. the The dollar climbed to a four-month high against the euro. In turn, the euro fell to $ 1.1741.

Delivery Hero gives in

In the individual stocks, the shares of Delivery Hero held the red lantern with minus 3.2 percent. The food delivery service joins British competitor Deliveroo. Jefferies analysts judged why Delivery Hero took a stake in Deliveroo. They expect companies to provide more insight when they release their quarterly figures – Deliveroo on Wednesday and Delivery Hero on Thursday. Deliveroo founder Will Shu currently holds the majority of the voting rights in the company, which should make a hostile takeover difficult.

Bitcoin rises above $ 45,000, price rally among crypto miners

The course of the digital currency Bitcoin continues its rally from the weekend on Monday. Most recently, the digital currency was quoted on the Bitstamp trading platform at a good 45,200 dollars, around 4 percent higher than the previous day. At the beginning of August, the Bitcoin price came under some pressure. Before that, however, he had recovered from around 30,000 in a short period of time.

The soaring in Bitcoin allows investors in the US to grab the stocks of cryptocurrency miners. Bit Mining stocks up a third in early U.S. trading, Bitfarms stocks up 17 percent and are among the most heavily traded stocks. The cryptocurrency itself is up 4.5 percent and is trading at $ 45,800, its highest level since mid-May.

Tesla shares increase

Tesla shares jump 2.5 percent to $ 716. An upgrade by the experts at Jefferies plays a role here: They now recommend the paper to buy (previously hold) and raised their price target to 850 from 700 dollars. In addition, there is a Reuters report that India is considering drastically lowering import tariffs on electric cars. Tesla had campaigned massively for this.

Oil price is falling significantly

The slump in the oil price caused unrest in the market. The Brent variety from the North Sea and the The US WTI variety fell at its peak by around four and a half percent to 67.60 and 65.15 dollars per barrel, respectively. In the past week, oil prices had already lost around six percent.

For one thing, the rise in the dollar put oil prices under pressure. A stronger dollar makes oil more expensive for holders of other currencies as crude oil is traded in the US currency. On the other hand, the rise in corona infections in Asia made commodity investors cautious. “As the Delta variant infection rate accelerates, concerns about possible erosion of global oil demand have re-emerged,” said Gordon Ramsay, an analyst at RBC Bank. Investors feared that new restrictions in China, in particular, could set back the global recovery in fuel demand.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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