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ASX to jump as Bitcoin ETF sends price sky high

·2-min read
The depiction of a Bitcoin and the ASX board showing price changes.
Bitcoin boomed overnight after the sucessful launch of the first Bitcoin ETF. And, the local market is expected to open higher today (Source: Getty)

Good morning.

ASX: The local market is set for a jump this morning after a bumper session on Wall Street.

This comes after rising bond yields helped keep the market flat in yesterday's session as the Reserve Bank continued its standoff over when rates would go up.

Wall St: US markets were boosted by upbeat results as reporting season continued. The S&P 500 was just under 1 per cent away from a record high hit in early September.

BTC: Bitcoin boomed overnight after the successful launch of the first Bitcoin ETF listed on the New York Stock Exchange.

The Proshares Bitcoin Strategy ETF (BITO) launched on the NYSE with a positive reaction from investors.

Bitcoin is currently sitting just under its record high at US$64,290.46.

Aussie recovery: Treasurer Josh Frydenberg has said he is optimistic of a strong recovery despite the widely expected economic contraction in the September quarter.

The likely contraction is the result of the COVID-19 lockdowns in the country’s major states.

However, consumer and business confidence has been buoyed by NSW emerging from a lengthy lockdown, as has the ACT, and Victoria is about to follow suit this week.

Super funds: Does your super fund communicate well with you about your retirement savings? If the answer is no, you’re not alone.

A new study has found superannuation funds need to do much better in explaining complex financial information to their members.

Cyber crime: Cyber attacks are worse than ever, according to Australia’s cyber security agency, after having responded to over 1,630 incidents in the last financial year.

And, while fewer cyber threats were reported compared to the year before, they had a more considerable impact, with a higher proportion being placed in the "substantial" category.

Have a great day.

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