The ASX 200 wobbled but was up 0.3 per cent in afternoon trading to 7440 with the banks and mining sector trading higher. Eventually, the benchmark index ended up 1.7 points today to 7,415.4. Over the last five days, the index has gained 1.42 per cent and is currently 2.85 per cent off of its 52-week high. On the sectoral front, 6 of 11 sectors traded higher. A-REIT was the best performing sector, gaining 1.65 per cent and 2.60 per cent for the past five days. Asian stocks were a tad higher today as investors weighed corporate earnings, elevated inflation, and risks from China’s property sector. Stocks plunged in Japan and swayed in China and Hong Kong. Bitcoin, the world’s largest cryptocurrency by market value has rallied to a record, topping USD 66,000 for the first time. The rise is evident as more professional investors, businesses and even the government of El Salvador buy into Bitcoin. Having said that, the main catalyst seems to be the optimism for greater mainstream acceptance in the wake of the successful launch of the inaugural exchange-traded fund for US investors. Australia’s Select Committee on Financial Technology and Regulatory Technology has tabled its final report into the regulation of cryptocurrencies such as bitcoin and Ethereum in Australia after six months of hearings and submissions on the topic. Let’s see how things unveil for Australia’s booming cryptocurrency industry!
