Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

Bitcoin Market Hits $1 Trillion In Value

Bitcoin Market Hits $1 Trillion In Value

The digital unit zoomed to another record at $54,182, meaning that the combined value of all bitcoin now stands at $1.002 trillion according to data provider Coinmarketcap.com.

Bitcoin hit a new record high on Friday and surpassed $1 trillion in market capitalisation, while European and US equities also pushed higher.

The digital unit zoomed to another record at $54,182, meaning that the combined value of all bitcoin now stands at $1.002 trillion according to data provider Coinmarketcap.com.

Oil prices sank meanwhile, as some companies began slowly restarting operations in the US producer state of Texas, where refineries have been hammered by a cold snap.

Meanwhile, data showed that the eurozone's economy is being hit hard by a new wave of lockdowns but the damage will be less severe than last year's virus-induced crash.

The closely watched PMI index compiled by IHS Markit rose to 48.1 points in February from 47.8 points in January, closer to the 50-point level which would have indicated growth.

However, businesses also expressed confidence that vaccinations would allow economic activity to rebound in the coming months, IHS Markit added.

'Seen as a positive'


Markets shrugged off the data because a recession was already expected owing to Covid-19 restrictions, according to CMC Markets analyst David Madden.

"The eurozone (economy) contracted by 0.7 percent in the fourth quarter -- and the first quarter is expected to be even worse on account of (coronavirus) restrictions, so a recession is priced in," Madden told AFP.

"At the moment -- if things do not get any worse -- that is seen as a positive."

Both Frankfurt and Paris added 0.8 percent, as investors digested upbeat German and French manufacturing figures.

"The PMIs made for interesting reading (but) Germany's manufacturing sector is powering ahead -- with the fastest expansion rate in three years," Madden noted.

Sterling tops $1.40


In Britain, London stocks stayed in positive territory even though the pound rose above $1.40 for the first time in almost three years and retail sales dropped sharply in January as the country entered another lockdown.

Sterling breached the symbolic level for the first time since April 2018, reaching $1.4036.

The currency was propelled by a vaccination drive that has boosted economic recovery hopes and eclipsed news of a lockdown-driven slump in retail sales, dealers said.

A strong pound nonetheless weighs on share prices of London-listed multinationals that earn in dollars.

The latest UK PMI came in at 49.8, close to the benchmark 50- point level, and was a major improvement from January's reading of 41.2, which analysts took as a sign the British economy was stabilising.

Wall Street stocks rebounded Friday, buoyed by positive news about coronavirus vaccines and after a top Biden administration official reiterated support for a massive economic relief package.

In comments late Thursday Treasury Secretary Janet Yellen once again made the case for President Joe Biden's $1.9 trillion pandemic aid package.

Yellen also downplayed inflation concerns which have shaken Wall Street investors this week, and was backed by IMF chief economist Gita Gopinath who dismissed fears about rising prices saying they are "nothing to be concerned about."

Asian equities diverged however as the region mulled the possibility that a longer-term global economic recovery could indeed fuel inflation.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×