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 Blockchain.com.
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
