What's hot in businessWednesday, October 27, 2021
The value of Bitcoin jumped to a record US$66,000 last week. The cryptocurrency was trading up 7.6 per cent last week after falling below US$30,000 in the summer. According to CoinDesk, the previous all-time high was just under US$65,ooo.
The surge comes as the first Bitcoin Exchange Traded Fund (ETF) launched last week. The Bitcoin ETF is based on Bitcoin “futures” that trade on the Chicago Mercantile Exchange. Futures are financial contracts obligating a buyer or seller to buy or sell an asset at a specified time and cost in the future. Futures allow investors to speculate on the direction of that asset.
The approval of the Bitcoin ETF is a major shift for the Securities Exchange Commission (SEC), which had previously been reluctant to approve it due to the intense volatility, as well as broader concerns about the unregulated nature of cryptocurrencies. But chairman of the US Securities and Exchange Commission (SEC) Gary Gensler has said that the commission would be more comfortable with “future-based” ETFs because they trade on a regulated market.
The Jamaica Stock Exchange (JSE) and the Cayman Islands Stock Exchange (CSX) now officially recognise each other. The JSE says the move is a collaboration for growth and development of the region's capital markets. JSE Managing Director Marlene Street Forrest said mutual recognition makes it easier for issuers, investors, and other participants in the financial sector to access each exchange for listings and other services.