Finance

Trending tickers: Bitcoin | Oil | Tesla


FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo/File Photo

Bitcoin is currently trading at just over $43,000 up from around $17,000 at the start of the year. (REUTERS / Reuters)

Bitcoin and a host of associated stocks and tokens headed higher as the year-end approaches, as markets continue to brace for a spot bitcoin ETF approval in the US.

While applications have been in the offing for years, it’s only been recently that there has been a glimmer of hope from the SEC that it might ratify some attempts from bigger players like Blackrock and Fidelity.

Bitcoin was trading at just over $43,000 (£33,583). It is up from around $17,000 at the start of the year. Ethereum (ETH-USD) also gained 5.8% to trade at $2,382. According to data CoinMarketCap, the total crypto market cap is up about 2.2% over the past day.

Besides coins, the sentiment across crypto-related stocks was generally good, with Marathon (MARA) finishing 15.2% higher on Wednesday, crypto exchange Coinbase (COIN) gaining 7.7% and Microstrategy (MSTR) up 11.1%.

Oil prices headed lower on Thursday, pulling back after a jump earlier in the week as tensions in the Middle East continue at a high octane.

Gains after Christmas had been supported by a weaker dollar, which fell due to worries about the continued conflict between Israeli forces and Hamas.

Recent days have seen a de-escalation of troubles in the Red Sea, but worries continue especially related to Iran’s involvement in the region.

Crude oil was down 0.5% to $73.76 a barrel. Brent crude was also down 0.5% to trade around $79.27.

Read more: What is a recession and what does it mean for me?

Tesla stock was rallying into the end of the year in premarket trade on Thursday, gaining 0.8% by 9.30am in London. This continues the 1.8% gain it saw on Wednesday.

The rally follows a note by Morgan Stanley analyst Adam Jonas, which told investors to “expect another challenging year for the auto business.” The note covered the EV maker’s ventures into robotics and AI, which it said could push the stock higher against margin pressures.

Jones’ team reiterated the “Overweight” rating and $380 price target per share it has on Tesla’s stock.

Apple stock ticked up 0.3% in pre-market trade as a US appeals court temporarily lifted a federal agency’s import ban on Apple watch models.

Apple has been embroiled in a patent litigation on its flagship timepiece, which caused it to halt sales of its Apple Watch Series 9 and Apple Watch Ultra 2 earlier in December.

The decision to pull the watches came after the International Trade Commission (ITC) granted medical device maker Masimo (MASI) cease-and-desist and limited exclusion orders preventing Apple from importing and selling the Series 9 and Ultra 2 in the US in October.

That kicked off a review period during which the Biden administration could veto the orders. The review period ended on 25 December.

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