Thursday, May 23, 2024

Bitcoin Pushes Closer To $50,000, Global Stocks Mixed

Following an upbeat times for Cryptocurrency,  Bitcoin moved closer to $50,000 for the first time on Tuesday, while the dollar declined as equity traders monitored anticipated US fiscal stimulus and Covid-19 vaccine developments.

Asia’s main stock indices closed stronger, with Tokyo hitting a 30-year high, while the Dow Jones index edged down from an all-time high following a mixed session in Europe.

Bitcoin briefly pushed to a record-high of $48,215.83 after winning a huge boost Monday from news that Elon Musk’s electric carmaker Tesla had invested $1.5 billion in the cryptocurrency.

It later eased back to a level near $47,335.

Investors remained optimistic about additional government spending and President Joe Biden met with the CEOs of JPMorgan Chase, Walmart and other companies to build support for his $1.9 trillion rescue plan.

Besides stimulus expectations, the market also has been boosted by progress on coronavirus vaccines that have raised hopes for earnings growth in 2021 and beyond.

In another sign of more upbeat times, crisis-hit Japanese carmaker Nissan upgraded its full-year forecast again as the global auto industry shows signs of recovery from the coronavirus pandemic.

But US auto giant General Motors extended shutdowns of three factories through at least mid-March due to the global shortage of semiconductors.

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