Market Brief December 18th: Bitcoin hits a new-time high at $ 20, 000 per coin

18 December, 2017 - 06:32AM

Bitcoin– the cryptocurrency broke all- time highs on Sunday at $ 20, 000 per bitcoin and a market cap of more than $ 300 billion. The break-neck speed at which the currency is increasing shows that more and more people are flocking to buy the asset. Bitcoin has outperformed all asset classes so far. For the year 2017, the cryptocurrency has grown by 1,950 %. It started the year at just $ 974 per coin. Crucially, prices were pushed up due to the fact that the Chicago Board Options Exchange launched futures contracts for the first time on December 10th. Even further recognition has been granted to the currency by the much larger Chicago Mercantile Exchange. The ever increasing prices show mass consumer interest.
European Union

EUR 10:00 a.m. GMT CPI (YoY) (Nov)- This is the high-impact event of the day. The Consumer Price Index measures the change in the price of goods and services from the perspective of the consumer. Market analysts project no change for the month of November, this year compared to last year’s performance at 1.5%. If the reading is higher than expectations, this should be read as a bullish sign for the euro. A softer result, missing the projection could bring down the currency.

United Kingdom

GBP 11:00 a.m. GMT CBI Industrial Trends Orders (Dec)- a leading indicator of business conditions in the U.K.. The data is compiled in the form of a survey of 550 manufacturers. A level above zero indicates that order volume is expected to increase while a level below zero shows lower volumes expected. Expectations for December point to a decrease in orders at 14 compared to last month’s result at 17.

If the actual reading today shows an increase in orders, this should be read as a bullish sign for the pound while a lower than expected result should be seen as a bearish factor in the valuation of the currency.

 

Wishing you Happy and Successful Trading!

 

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