Bitcoin has surged and crossed the $94,000 point for the first time as the strength of the cryptocurrency market is put to testimony. The biggest digital currency by market has risen by over 100% this year as investors and institutions continue to pour money into the market. Bitcoin stood at $92,104 in Asian trading hours as of Wednesday morning, which was near its record high after it spiked to $94,078 in early trading. This increase has come against the backdrop of a dominant bullish run within the market, with other leading cryptocurrencies also experiencing sharp hikes.
On the other hand, Asian share markets have been on a defensive mode for the past week while investors wait on the edge for the third quarter earnings from Nvidia, which is the worlds most valuable chip maker. Nvidia rose 4.9% in after-hours trading after releasing its most recent earnings report, and options markets were pricing in a potential volatility of nearly 9% in either direction. Evaluations of the company are always perceived as a reflection of the condition within the artificial intelligence market and the technologies market as a whole.
Oil prices have stabilised at slightly higher levels much boosted with the upsurge in conflict between Russia and Ukraine respectively major players in the global oil market. These tensions have always had possible effects on supplies resulting to an increase in crude prices. Moreover, positive signals concerning the demand have started to appear in China, the largest oil importing country, and have also stimulated the oil market.
In the precious metals segment, the gold 24-carat has been priced at Rs. 77,253 for 10 grams and silver at Rs. 94,700 for one kilogram in Delhi. Market isbufio(fig) as always focusing on price of gold since it acts as an influential commodity in periods of volatility and inflation.
In the same corridor, Adani Infrastructure announced that it has set its views towards buying a 30.07 percent stake in PSP Projects from one of the founders for Rs 685 crore. This step is one of the recent strategic developments of the Adani Group aimed at increasing infrastructure capacities within the construction industry. The seller is Prahaladbhai S Patel, one of the promoters of PSP Projects, an experienced construction firm.
In other business news, Strides Pharma get approval from the National Company Law Tribunal (NCLT) for its specialty pharma CDMO OneSource. This integration is backed by an equity investment of Rs 801 crore ($95 million) from a group of investors at a pre-money equity deal worth $ 1.65 billion. The shift puts OneSource is a good place for a listing down the road while existing shareholder Strides should see a boost in the company’s capabilities in the CDMO market.
Investors around the world continue to follow key calendar events and data releases in the global markets that are facing different economic and geopolitical risks. The quarterly earnings release of Nvidia, activities related to cryptocurrency, and conflicts between nations are expected to set direction of the market in the next few days. These factors imply that the market participants should remain alert and ready of volatility as they occur.
