Bitcoin passed the $60,000 mark for the first time on Saturday, with analysts saying the giant US stimulus package helped boost the world’s most popular virtual currency on its record-breaking run.
The world’s financial leaders agreed on Friday to maintain expansionary policies to help economies survive the effects of COVID-19, and committed to a more multilateral approach to the twin coronavirus and economic crises.
Global shares slipped off record highs on Friday as gloomy data reminded investors of the struggles facing the economic recovery, curbing a rally fuelled by hopes of US stimulus by newly inaugurated President Joe Biden.
Global shares stumbled on Friday as hopes of a fiscal boost from a $1.9 trillion US stimulus plan were smothered by the prospect of stricter lockdowns in France and Germany and a resurgence of COVID-19 cases in China.
Asian shares vaulted to record highs on Friday and Japan’s Nikkei hit a three-decade peak as investors looked beyond rising coronavirus cases and political unrest in the United States to focus on hopes for an economic recovery later in the year.
Investors will be anxious to see whether upcoming quarterly reports and outlooks from US companies validate expectations for a strong 2021 rebound in earnings and the economy, which were ravaged by the coronavirus pandemic last year.
Investors shrugged off US President Donald Trump’s second impeachment and focused instead on reports that his successor, Joe Biden, will lay out a new US $2 trillion stimulus programme later.
Britain on Tuesday offered a 4.6 billion pounds ($6.2 billion) support package for businesses struggling to cope with a third national lockdown, imposed this week to stem a new wave of COVID-19 cases sweeping the country.
Under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council,