Pound under pressure amid Brexit deadlock, but bitcoin zooms through $14,000 – business live

Guardian Web |

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Bitcoin's surge accelerates

Last night’s price surge was remarkable, even by bitcoin’s recent standards:

enltrBitcoin:
$0000 - $1000: 1789 days
* * *
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
$11000-$12000: 6 days
$12,000-$13,000: 17 hours
$13,000-$14,000: 3 hours

— christel quek (@ladyxtel)

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The agenda: Brexit weighs on the pound

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The pound is under pressure this morning as traders worry that Britain may not get a Brexit breakthrough before Christmas.

Sterling dipped overnight to $1.337 against the US dollar, with no immediate sign of an end to the deadlock over the Irish border question. That’s almost two cents lower than Monday, when optimism of a deal was rising.

It’s also a little weaker against the euro, at €1.133.

Tensions mounted after Michel Barnier, the EU’s chief Brexit negotiator, said the UK must agree the text on a potential deal by Friday night. Otherwise, the two sides can’t shift onto taking about that precious trade deal.

Related: Brexit: UK has 48 hours to agree potential deal or talks cannot progress

Time is running short, as analysts at FxPro warn this morning....

If talks do not move on to the next stage of discussions in December then the terms of a transition period will likely be pushed back until the next European council summit of leaders in March, by which time many businesses in the UK will have had to make decisions over their location and investments in the country.

So, the City is looking to Westminster for some serious progress between the UK government, the DUP (it’s Northern Irish partners) and Dublin.

But if each side sticks to its principles, this will be tough - so sterling could have a choppy ride.

enltrDUP source. “We’re going to slow it all down. This is a battle of who blinks first — and we’ve cut off our eyelids.” https://t.co/JHO4rllO4r

Jim Pickard (@PickardJE)

Bitcoin, meanwhile, continues to soar at an ever faster rate. The digital currency battered its way through the $14,000 mark overnight, having hit $12,000 yesterday.

enltrAnother day, yet another #Bitcoin record. The crypto-currency has now broken through $14,000 #Bitcoin14Kpic.twitter.com/RJO5wAvFzv

Peter Hoskins (@PeterHoskinsTV)

More consumers are jumping into bitcoin - presumably having heard stories of its rapid ascent. Institutional investors are also taking more interest, as they’ll soon be able to buy and sell bitcoin derivative contracts.

It will intensify the argument between those who think bitcoin is a monetary paradigm shift, and those who see a dangerous bubble.

Par example:

enltrBitcoin isn't a bubble, it's the pin.



— Freddy Callan[NO2X] (@descallan)

enltrBitcoin is a transaction tool, not a store of value. I

Its price is rising because new entrants are paying more for it (but crucially not to use it) and that's pumping the value of older participants.

This is - by any definition - a Ponzi scheme.

Martin Baccardax (@mdbaccardax)

We’ll also be watching out for new UK house price figures, updated eurozone growth stats and the weekly US unemployment report:

The agenda
  • : Halifax UK house price survey for November
  • : Eurozone GDP statistics for Q3 2016 (second estimate)
  • : US weekly jobless claims
  • : European Central Bank president Mario Draghi speaks at a press conference held by the Bank for International Settlement.

block-time updated-timeUpdated at

413 2017-12-10T08:00:00Z true 2017-12-07T08:00:39Z false false 2017-12-07T08:02:16Z true UK theguardian.com

https://gu.com/p/7yccy false true https://media.guim.co.uk/cfa47397c18e7b5270a4e647d92e2b67e708c519/0_82_4572_2744/500.jpg false en Last night’s price surge was remarkable, even by bitcoin’s recent standards: Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The pound is under pressure this morning as traders worry that Britain may not get a Brexit breakthrough before Christmas. Sterling dipped overnight to $1.337 against the US dollar, with no immediate sign of an end to the deadlock over the Irish border question. That’s almost two cents lower than Monday, when optimism of a deal was rising. It’s also a little weaker against the euro, at €1.133. Tensions mounted after Michel Barnier, the EU’s chief Brexit negotiator, said the UK must agree the text on a potential deal by Friday night. Otherwise, the two sides can’t shift onto taking about that precious trade deal. Time is running short, as analysts at FxPro warn this morning.... If talks do not move on to the next stage of discussions in December then the terms of a transition period will likely be pushed back until the next European council summit of leaders in March, by which time many businesses in the UK will have had to make decisions over their location and investments in the country. So, the City is looking to Westminster for some serious progress between the UK government, the DUP (it’s Northern Irish partners) and Dublin. But if each side sticks to its principles, this will be tough - so sterling could have a choppy ride. Bitcoin, meanwhile, continues to soar at an ever faster rate. The digital currency battered its way through the $14,000 mark overnight, having hit $12,000 yesterday. More consumers are jumping into bitcoin - presumably having heard stories of its rapid ascent. Institutional investors are also taking more interest, as they’ll soon be able to buy and sell bitcoin derivative contracts. It will intensify the argument between those who think bitcoin is a monetary paradigm shift, and those who see a dangerous bubble. Par example: We’ll also be watching out for new UK house price figures, updated eurozone growth stats and the weekly US unemployment report: The agenda : Halifax UK house price survey for November : Eurozone GDP statistics for Q3 2016 (second estimate) : US weekly jobless claims : European Central Bank president Mario Draghi speaks at a press conference held by the Bank for International Settlement. 2402 false The offices of the bank “La Maison du Bitcoin” in Paris this week.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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