Bitcoin price falls 6% in Asian trade
Bitcoin price dropped to $17,657.53 on Thursday, down 5.74 percent on the day, after losing $1,074.9 from its previous close.
Bitcoin price dropped to $17,657.53 on Thursday, down 5.74 percent on the day, after losing $1,074.9 from its previous close. Bitcoin, the world`s biggest and best-known crypto-currency, has risen 358.6% from the year`s low of $3,850 on March 13.
Wall Street opened higher on Tuesday as the formal go-ahead for President-elect Joe Biden`s transition to the White House ended weeks of political uncertainty, while Tesla surged 3.3% to cross $500 billion in market capitalization for the first time.
The Dow Jones Industrial Average rose 154.84 points, or 0.52%, at the open to 29,746.11.
The S&P 500 opened higher by 16.93 points, or 0.47%, at 3,594.52, while the Nasdaq Composite gained 58.70 points, or 0.49%, to 11,939.33 at the opening bell.
The Dow had breached 30,000 points for the first time on Tuesday as investors bet on a swift economic recovery next year following progress on coronavirus vaccines and the formal go-ahead for President-elect Joe Biden`s transition to the White House.
Economically-sensitive industrial stocks surged to a record high, while the financials and energy indexes jumped 3.3% and 4.8%, respectively.
Electric-car maker Tesla Inc rose 4%, crossing $500 billion in market capitalization as investors lapped up its shares in the run-up to its addition to the S&P 500 index.
"Investors are getting optimistic about the coming six months," said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.
"There has been a lot of positive vaccine news recently and with the announcement that the transition of the Biden administration is kicking off, it just makes a lot of uncertainties of the future disappear."
Recent data suggesting a COVID-19 vaccine could be available before the end of the year has put the S&P 500 on course for its best November ever and sparked demand for value-linked stocks that were hammered following the coronavirus-driven crash earlier this year.
The S&P value index has gained about 15% so far in November compared with an 11% rise in the S&P 500. By contrast, the growth index, comprising the technology mega-caps that were seen as safe during the recession, is up less than 9%.
The story has been taken from a news agency
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