Skip to content


Softer sentiment in Asia, Bitcoin surges past $9,500


  • Stocks in Asia turn red weighed by weakness in Chinese markets
  • Balck Friday online sales rise by almost 17% y/y, we’ve got Cyber Monday today
  • Bitcoin (BTCUSD on xStation5) prices surge by over $1,500 at the weekend

Shares in Asia has had a feeble start to the week despite a good finish of the previous week in Europe and in the US. Chinese stock market was the worst performer. Moreover, EURUSD jumped above 1.19 mark, in part on the back of fading political uncertainty in Germany. The last but not least, Bitcoin surged above $9,500 handle as South Korea’s second-largest bank announced that it’s testing Bitcoin vault and wallet services for its clients.

Session in Asia brought declines. The largest drop posted Chinese equities - Hang Seng CE (CHNComp) dipped by over 1% whilst Shanghai Composite lost about 1.30%. Last week the stock market in China was hurt by a rout in the domestic bond market and fresh moves to reduce risks in the asset management industry that may bring a sea change for banks. Nevertheless, it’s worth mentioning that the latest data on profits of China’s companies was very solid. In October industrial firms improved their incomes by 25.1% y/y - it was the second best result this year - mainly due to higher commodity prices. Besides China, Japan’s Nikkei (JAP225) slid by 0.28%, while Australian S&P/ASX200 managed to post modes gain (+0.10%). We also got results of online Black Friday sales. According to Adobe, they reached a record $5.03bn rising by nearly 17% y/y. However, we have to wait for complete data including sales in brick and mortar stores. The National Retail Federation expects a year-over-year increase in holiday sales of 3.6% to 4% for a total of $678.75bn to $682.0bn. The results may influence the US stock indices. Moreover, one should remember that we have Cyber Monday today - it’s another day of sales in online stores.

link do file download link

 CHComp has halted a rally after it reached a key resistance at 11,945 pts. However, the benchmark is still on the upward trend. Source: xStation5

This weekend Bitcoin was the biggest market mover as it jumped by over $1,500 and it’s currently priced at about $9,600. What was the reason for this sharp rally? There are reports saying that the second largest bank in South Korea tests Bitcoin vault and wallet services for its clients. They should be available for customers by mid-2018. South Korea is one of the largest markets for cryptocurrencies. 

link do file download link

 BTCUSD has been moving with a huge bullish momentum of late, buyers may eye $10,000 handle. Source: xStation5


This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.