Bitcoin falls below $20 000 for the first time since 2020 Sat, 18 Jun 2022 10:39:12 +0000
Bitcoin dropped below $20 000 for the first time since December 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening.
World stocks headed for their worst week since markets' pandemic meltdown in March 2020 as leading central banks doubled down on tighter policy in an effort to tame inflation, setting investors on edge.
The Federal Reserve raised interest rates by three-fourths of a percentage point, the biggest increase since 1994.
European Central Bank policymakers called an emergency meeting on Wednesday, as more indebted eurozone states have come under pressure from rising borrowing costs.
Markets are waiting to see the size of an interest rate hike that the US Federal Reserve will deliver later on Wednesday.
Panic has swept through trading floors since data on Friday showed US consumer prices rising at their fastest pace in decades on surging energy and food costs caused by the Ukraine war and supply chain snarls.
The JSE has published a guide for companies to improve their reporting on sustainability and climate-related impacts.
Global equities, oil prices and bitcoin plunged Monday on heightened recession fears triggered by runaway inflation.
Bitcoin tumbled Monday to an 18-month low under $23 000 in a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global markets selloff, just seven months after the virtual unit surged to a record high.
The JSE's All-Share index lost more than 2% on Monday.
The dollar continued to push higher on expectations for a sharp increase in US rates.
The tide appears to be turning as China eases Covid curbs and a crackdown on tech firms.
The dollar rallied on Friday, after data showed US consumer prices accelerated in May, suggesting the Federal Reserve may have to continue with interest rate hikes through September to combat inflation.
A toxic cocktail of sluggish growth and high inflation, plus Brexit and fallout from the coronavirus pandemic, is set to weigh on the pound in the coming months, economists warned.
World stocks hit a two-week low on Friday as rate hike guidance from the European Central Bank and jitters over upcoming US inflation data stoked concerns about global growth.
Most Asian and European markets fell Thursday as a rally in oil ramped up inflation fears, with top officials warning of more pain to come as the Ukraine war continues to push prices up and put further pressure on the global economy.
Stock markets were lower on Wednesday as investors weighed the prospect of recession while inflation soars around the world.
Major stock markets mostly retreated Tuesday, while the yen struck a fresh 20-year low against the dollar.
A change in the way South Africa’s central bank implements monetary policy may lead to greater volatility in the rand.
Iron ore topped up its biggest weekly gain in 13 weeks as traders tracked China’s moves to rein in Covid-19 restrictions that have weighed on steel demand this quarter.