Search Mark
Home / Industry Dynamics

Cryptoverse: Bitcoin Miners Get Stuck In A Bear Pit

Sept 27 (Reuters) – Spare a thought for the beleaguered bitcoin miner.

In late 2021, miners were the toast of the town with a surefire path to profit: hook powerful computers up to cheap power, crack fiendishly complex maths puzzles and then sell newly minted coins on the booming market.

A year’s a long time in crypto.

Global revenue from bitcoin mining has dropped to $17.2 million a day amid a crypto winter and global energy crisis, down about 72% from last November when miners were racking up $62 million a day, according to data from

Full coverage: REUTERS

Rampant Dollar Pauses For Breath As Bears Stalk Stocks

HONG KONG, Sept 27 (Reuters) – Asian markets attempted to stabilise on Tuesday after a wild few days during which most assets, barring the dollar, fell, with the greenback easing a bit and stocks flat.

Sterling, which collapsed to a record low $1.0327 on Monday, recovered to $1.0772. S&P 500 futures rose 0.7% and Europe futures rose 0.6%.

MSCI’s broadest index of Asia shares outside Japan (.MIAPJ0000PUS) fell 0.3%, the smallest fall in five straight sessions of losses, even if it hit another two-year low. Japan’s Nikkei was up by 0.5%.

Full coverage: REUTERS

Morning Bid: A BoE Bitter Pill?

A look at the day ahead in European and global markets from Tom Westbrook

Sterling has bounced 4.5% from Monday’s record low in a manner almost as unsettling as its plunge. Support is being drawn from the rout of the gilt market.

Two-year and five-year gilt yields are up 100 basis points in two days. The cost of money is moving so fast that mortgagees can’t keep up and have pulled products to reprice them.

Full coverage: REUTERS

Oil Prices Claw Back Some Losses As Focus Turns To Possible Supply Cuts

Sept 27 (Reuters) – Oil prices rose on Tuesday, after plunging to nine-month lows a day earlier, on indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices.

Brent crude futures for November settlement rose 65 cents, or 0.77%, to $84.71 per barrel by 0502 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery were up 64 cents at $77.35 per barrel.

In the previous two trading sessions, Brent plunged 7.1% while WTI slumped 8.1% under the dual pressure of a surging dollar that makes greenback-denominated crude more expensive for buyer using other currencies and mounting concerns that rising interest rates will trigger a recession that will curtail fuel demand.

Full coverage: REUTERS

Pound Rebounds As Traders Turn To BoE Response

SYDNEY, Sept 27 (Reuters) – Sterling bounced on Tuesday, but was running mostly on hope, profit taking and soaring British yields, leaving traders unnerved about the broader fallout from its record dive.

As the dollar eased, the pound rose 1% in Asia to $1.0805 and is up nearly 5% from Monday’s low at $1.0327. The kiwi also rose 1%, its first gain in seven sessions, the euro rose 0.5% and the Aussie rose 0.7%.

Little has changed fundamentally, however, since sterling’s plunge was triggered by concern at Britain’s gambit of relying on unfunded tax cuts to spur growth – apart for an implosion in gilts that has sent short-term yields up 100 bps in two days.

Full coverage: REUTERS

Share to

Industry Dynamics

UK Inflation Rate Unexpectedly Rises To 10.4% In February

LONDON, March 22 (Reuters) – British inflation unexpectedly rose to 10.4% in February, pushed up by higher food prices and pricier drinks in pubs and restaurants, official data showed on Wednesday, a day before the Bank of England announces its latest interest rate decision. Economists polled by Reuters had forecast that the annual CPI rate […]

2023-3-22 | Industry Dynamics

Dollar Pauses, Sterling Drops Ahead Of Fed, BoE

LONDON/SINGAPORE, March 21 (Reuters) – The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled […]

2023-3-21 | Industry Dynamics

Analysis: UBS Swallows Doomed Credit Suisse, Casting Shadow Over Switzerland

LONDON, March 20 (Reuters) – UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender. The unprecedented move announced late on Sunday in Zurich capped a race against time by regulators to avert a […]

2023-3-20 | Industry Dynamics