Bitcoin scaled a two-year high on Monday, breaking $64,000 as a wave of money carried it within striking distance of record levels.
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Bitcoin reaches beyond $64 K as record beckon
Bitcoin touched $64,285 early in the Asian day, its highest since late 2021, and was last 2% firmer for the session at $63,850. Bitcoin’s record high is $68,999.99 set in November 2021. The largest cryptocurrency by market value has gained 50% this year and most of the rise come in the last few weeks where trading volume has surged for U.S.-listed bitcoin funds.
Spot bitcoin exchange-traded funds were approved in the United States earlier this year. Their launch opened the way for new large investors and has re-ignited enthusiasm and momentum reminiscent of the run up to record levels in 2021. “The flows are not drying up as investors feel more confident the higher price appears to go,” said Markus Thielen, head of research at crypto analytics house 10x Research in Singapore.
Smaller rival ether has hitched a ride on speculation that it too may soon have exchange-traded funds driving inflows. It’s up 50% year-to-date though at $3,490 on Monday stayed just shy of two-year highs made last week. The rally has come in tandem with records tumbling on stock indexes from Japan’s Nikkei to the S&P 500 and tech-heavy Nasdaq and with volatility gauges in equities and foreign exchange turning lower.
“In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer,” said Brent Donnelly, trader and president at analysis firm Spectra Markets. “We are back to a 2021-style market where everything goes up and everyone is having fun.”
Indeed data shows, Australia Job Ads Fall 2.8% In February
Sydney, March 4 – Australian job advertisements resumed their decline in February after two months of gain, data showed on Monday, adding to signs that the labour market is loosening as high interest rates slow the economy. Data from Australia and New Zealand Banking Group and employment website Indeed showed job ads fell 2.8% in February from January, when they gained by an upwardly revised 3.4%.
Ads were down 12.4% from the same month a year earlier, but remained 37.8% higher than February 2020 before the first anti-pandemic lockdowns. The Reserve Bank of Australia has raised interest rates by 425 basis points since May 2022 to 4.35% to tame inflation, though signs of loosening in the labour market – including fewer hours worked and deeper underutilisation – have added to growing market conviction that rates have peaked.
“The downward movement in Job Ads suggests there is scope for the unemployment rate to rise further, as do recent changes in labour market flows,” said ANZ economist Madeline Dunk. “That said, we think most of the near-term adjustment in the labour market will be via a fall in hours worked rather than employment.” The data showed the biggest contributors to February’s decline were from the technology, food preparation and personal care sectors.
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