Pound under pressure amid Brexit deadlock, but bitcoin zooms through $14,000 – business live

All the day’s economic and financial news, as City traders look for progress in the Brexit talks – and watch Bitcoin head ever higher

Last night’s price surge was remarkable, even by bitcoin’s recent standards:

Bitcoin:
$0000 – $1000: 1789 days
* * *
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
$11000-$12000: 6 days
$12,000-$13,000: 17 hours
$13,000-$14,000: 3 hours

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The pound is under pressure this morning as traders worry that Britain may not get a Brexit breakthrough before Christmas.

Related: Brexit: UK has 48 hours to agree potential deal or talks cannot progress

If talks do not move on to the next stage of discussions in December then the terms of a transition period will likely be pushed back until the next European council summit of leaders in March, by which time many businesses in the UK will have had to make decisions over their location and investments in the country.

DUP source. “We’re going to slow it all down. This is a battle of who blinks first — and we’ve cut off our eyelids.”https://t.co/JHO4rllO4r

Another day, yet another #Bitcoin record. The crypto-currency has now broken through $14,000#Bitcoin14K pic.twitter.com/RJO5wAvFzv

Bitcoin isn’t a bubble, it’s the pin.

Bitcoin is a transaction tool, not a store of value. I

Its price is rising because new entrants are paying more for it (but crucially not to use it) and that’s pumping the value of older participants.

This is – by any definition – a Ponzi scheme.

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Read the original at Economics | The Guardian.