ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Mutual Funds
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » World News

Bitcoin futures make firm debut, dollar holds gains ahead of Fed meet

  • Twitter
  • Facebook
  • GPlus
Bitcoin futures make firm debut, dollar holds gains ahead of Fed meet
Bitcoin tokens are seen placed on a monitor that displays binary digits in this illustration picture. Image Source: Reuters
By Reuters
Updated: Mon, Dec 11, 2017
08:22 am
Reuters
RELATED NEWS
Bitcoin U-turn: Facebook eases bans on cryptocurrency ads Bitcoin U-turn: Facebook eases bans on cryptocurrency ads
Bitcoin scam: Bhardwaj brothers arrested at Delhi airport in Rs 2000 cr case Bitcoin scam: Bhardwaj brothers arrested at Delhi airport in Rs 2000 cr case
Virtual currencies: ICAI to come out with concept paper Virtual currencies: ICAI to come out with concept paper
Capital gains tax on Bitcoins! Pay 30% for 36 months, 20% beyond Capital gains tax on Bitcoins! Pay 30% for 36 months, 20% beyond
 Giving bitcoins as a 'gift' new fad among investors to escape taxes Giving bitcoins as a 'gift' new fad among investors to escape taxes

Futures in bitcoin, which has taken global financial markets by storm, swung above their launch price, while the dollar kept gains in Monday`s Asian session on expectations the Federal Reserve will stick to its tightening path.

The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $16,660. They were last quoted at $16,420, a near $1,300 premium to the price on the Luxembourg-based Bitstamp.

The cryptocurrency has skyrocketed to a record high this year, making a gravity-defying 15-fold gain since the start of the year and attracting institutional interest. The surge has also led to fears of a bubble.

"Bitcoin`s price surge continues to look like another speculative mania," said Shane Oliver, chief economist at AMP Capital in Sydney.

"Futures trading in bitcoin...will make it easier to trade which will only suck in more buyers," Oliver said. "It`s impossible to know how high it will get and for how long, so shorting it would be very high risk."

Bitcoin prices were up 5.1 percent at $15,473 on the Bitstamp exchange, having jumped more than 30 percent last week.

Some market participants believe the fallout across other financial assets from a potential bursting of the bubble would be limited as bitcoin`s market capitalisation, around $240 billion, is much smaller than the value of gold outstanding.

Asian Stocks were slightly higher with MSCI`s broadest index of Asia-Pacific shares outside Japan up 0.2 percent, staying above a recent two-month trough of 542.27 points amid optimism about global growth after the strong U.S payrolls data on Friday.

Japan`s Nikkei added 0.1 percent while Australian shares climbed 0.1 percent. Chinese shares opened firm following solid trade data on Friday, with the blue-chip CSI 300 index up 0.1 percent. Hong Kong`s Hang Seng index gained 0.3 percent.

China`s exports and imports accelerated last month after slowing in October in an encouraging sign for the world`s second-biggest economy.

Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady.

The dollar rose to near one-month top against the yen, having risen 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high.
RATE RISES?

Traders will keep their eyes peeled for the Fed`s future rate projections as U.S. wages growth and inflation crawl at a snail`s pace.

Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 percent gain.

The annual increase in wages was also slower than forecast: the November figure came in at 2.5 percent versus a 2.7 percent expectation.

The weakness persisted despite stronger-than-expected non-farm payrolls which rose by 228,000 in November.

"We`ll be listening close for any signs of a dovish shift," said Aerin Williams, New York-based forex strategist for Citi about the Dec 12-13 Fed meeting.

"This is not just due to wages but more so following Fed member Evans comments that the recent data may point to a delay in the rate increase."

Chicago Fed President Charles Evans told the New York Times that the case for a December rate hike was not "obvious" as he worried about the slow pace of inflation.

Elsewhere, oil prices slipped with U.S. crude down 17 cents at $57.19 a barrel. Brent crude inched 24 cents lower to $63.16, drifting away from a recent 2-1/2 year peak of $64.65.

Spot gold was barely changed at $1,247.31 an ounce. (Editing by Shri Navaratnam and Sam Holmes)
 

TAGS:
bitcoinsBitcoin futuresBitcoin valueBitcoin market priceFederal Reservedollar valueEconomy
RELATED NEWS
Bitcoin U-turn: Facebook eases bans on cryptocurrency ads Bitcoin U-turn: Facebook eases bans on cryptocurrency ads
Bitcoin scam: Bhardwaj brothers arrested at Delhi airport in Rs 2000 cr case Bitcoin scam: Bhardwaj brothers arrested at Delhi airport in Rs 2000 cr case
Virtual currencies: ICAI to come out with concept paper Virtual currencies: ICAI to come out with concept paper
Capital gains tax on Bitcoins! Pay 30% for 36 months, 20% beyond Capital gains tax on Bitcoins! Pay 30% for 36 months, 20% beyond
 Giving bitcoins as a 'gift' new fad among investors to escape taxes Giving bitcoins as a 'gift' new fad among investors to escape taxes

LATEST NEWS

Total Dhamaal Box Office Collection Prediction: Will it create magic at BO? What will be Gully Boy impact on it?

Now IndiGo faces operational headwinds; stock dives 7.5% in 10 days

LIC launches Micro Bachat plan with assured sum of Rs 2 lakh: Check benefits

Analysis: How a deal with PepsiCo made Varun Beverages a 'rich' stock to buy

Samsung Galaxy S10+ price leaked ahead of February 20 launch: This is how much it may cost

Gully Boy Box Office Collection: Rs 100 cr club! What Ranveer Singh-Alia Bhatt movie collected in domestic, overseas market

Anil Singhvi’s Strategy February 19: Market is Negative; Buy Page Industries Futures with Stop Loss 21,650

Rupee versus dollar: Tough times ahead? INR may slip up to 73 per greenback by March end

What is no claim bonus? How it is calculated? All your questions answered

Is Alexa recording your bedroom talk?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved