All the day’s economic and financial news, as new Chinese trade figures beat expectations
Bitcoin hit $5,800
Chinese imports surge by 18.7%, suggesting strong demand
US surplus hits record high, but trade with North Korea tumbles
MSCI World Index hits new peak
FTSE 100 hit new closing high last night
Coming up: US inflation; IMF meeting
So, is bitcoin a sensible investment at today’s record levels, or should you keep well away?
Cryptographic money’s numerous supporters will contend that City organizations are awakening to bitcoin’s potential, (for example, the capacity to exchange cash securely, safely, and inexpensively around the world).
Two weeks back, it developed that Goldman Sachs has been thinking about whether to dispatch another exchanging operation devoted to bitcoin and other computerized monetary forms. On the off chance that that happens, it would apparently be the greatest underwriting yet from Wall Street.
However, pundits contend that the current rally is an air pocket, that could blast if there is a hurry to the ways out.
Lee Wild, head of value technique at Interactive Investors, says anybody considering putting resources into advanced monetary forms should be mindful:
“The value of bitcoin has almost doubled in less than a month which is clearly attracting further interest from speculators. There’s evidence of growing institutional activity, too, and if China reopens cryptocurrency exchanges after the Communist Party Congress which starts next week, some believe the price could reach $10,000 by the end of the year.
“However, there could be near-term turbulence around changes to the code the bitcoin network runs on, due to be implemented in mid-November. “It is crucial that retail investors understand the many risks involved in cryptocurrency trading, not least the volatility – bitcoin has lost more than a third of its value on two occasions since June. It is clearly not for the faint-hearted.”