Bitcoin market in a state of euphoria
Bitcoin prices climbed into a new rally in Asia on Friday morning, raising $ 16,000 and $ 17,000 to a record high of $ 17,627 before falling back.
The price action came after an outrageous price rally of bitcoin overnight, Hong Kong time, with a price close to $ 20,000 on Coinbase.
Extremely active trading even dropped the GDAX exchange held by Coinbase, although normal operations were restored after about half an hour, as reported by CCN.
At noon on Friday, bitcoin lost 5.12% to $ 16,501.
With the historic bitcoin race, the debate on its future is also heating up. On one side, there are people who are attracted to cryptocurrency because they believe that bitcoin is a better value than precious metals; On the other hand, people claim that nothing can justify its current rise in prices.
Ethereum fell slightly on Friday morning, although he subsequently ignored some losses early in the morning. In the middle of the day, the Ethereum was down 1.19% to $ 428. The coin had lost about $ 16 in a 5 am drop to $ 423 at 8 am before going back.
The story is similar for the litecoin, which was down 1.08% to $ 97 at noon. Litecoin has struggled to gain momentum since December 3.
Main Market Movements – Asian Negotiating Session at Midday
| Index | Value at noon | Daily Change |
| Japan – Nikkei 225 | 22,772 | 1.22% |
| China-China composite index | 3,269 | -0.09% |
| Hong Kong -Hang Seng | 28,465 | 0.54% |
| South Korea-KOSPI | 2,468 | 0.28% |
| Australia-ASX 200 | 5,995 | 0.29% |
| Futures S & P 500 E-Mini | 2,641 | -0.03% |
The main Asian stock markets recovered on Friday morning, extending the gains recorded Thursday, although the mainland market in China is still slightly down.
In Tokyo, the Nikkei 225 index rose 1.22% to 22,772 by noon Friday, after also rising 1.45% yesterday. A better-than-expected economic growth rate on Friday could have boosted investor confidence, adding to BOJ's voices that ultra-easy monetary policies and stimulus packages would be intact in the near future. Japan's GDP increased by 2.5% in the third quarter compared to the previous year.
In Hong Kong, the Hang Seng index edged up 0.54% to 28,465 at midday, reversing a recent downward trend.
Down, the ASX 200 went up 0.29 percent to 5.995 at noon.
In South Korea, Kospi also gained 0.28 percent at 2.468 at noon.
In mainland China, the Shanghai Composite Index was down 0.09% at 3,269.
The S & P 500 E-Mini Futures was down 0.03% to 2641.
Investors are currently waiting for November trade data for China, which is expected later today. In October, China's export growth slowed to 6.9 percent, but imports accelerated to 17.2 percent. China posted a trade surplus of $ 38.17 billion during the month. Investors will pay attention to demand for products from the world's second-largest economy in November.
In the United States, in a last-minute effort, US Democratic and Republican lawmakers saved the US government from closure this weekend by passing a bill on short-term spending. But, the bill only covers the time before December 23, when an annual spending bill must be completed.
Currencies
The Japanese yen lost 0.22% against the US dollar at noon Friday, changing hands at 113.32 to the dollar.
The Chinese yuan lost 0.03% against the US dollar at 6.6190 per dollar.
The Australian dollar lost 0.01% on the dollar, changing hands at 1.3208 to a dollar at midday.
Commodities
WTI Oil increased 0.02% to $ 56.61 per barrel.
Brent Crude gained 0.18% to $ 61.15 a barrel.
Gold was up 0.17% to $ 1,249 an ounce.
News Across Asia
In Japan, the third largest economy in the world experienced solid growth in the third quarter of the year, Friday showed new data. The Japanese economy grew 2.5%, beating a Reuters poll that estimated growth at 1.5%. Better than expected growth was largely supported by a 1.1% increase in investment spending in GDP.
Take away: The economy has developed rapidly, and the BOJ seems inclined to maintain current ultra-easy monetary policies and massive financial stimulus measures, despite their goals of Missing inflation rate. The long-term effects of this phenomenon on the Japanese economy are undoubtedly debatable.
In China, representatives of expressed their dissatisfaction with the new EU anti-dumping legal framework which only requires companies and industry groups to demonstrate "significant market distortion" when They file anti-dumping cases.
Take away: China is worried because it makes it easier for European companies to prevent Chinese products from breaking their market by denouncing "market distortion". There is a general consensus on distortion in China. Industries. An immediate escalation of trade tensions between the EU and China is unlikely, but it is a fundamental problem for China and the Chinese Ministry of Commerce said it would defend itself firmly against everything " abuse "potential of the rules of the WTO.
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Disclaimer: The author owns bitcoin, ethereum and litecoin. He holds investment positions in the coins, but does not carry out short-term transactions.