UK

Business Briefing: Bitcoin, Zimbabwe, House prices and the Pound

City of London- Business briefing, get all your latest news in your daily briefing pack!

Business Briefing Bitcoin bounces back, And the demand for Bitcoin in Zimbabwe explodes following the coup and the Pound keeps on tumbling.

Bitcoin is surging again

Bitcoin continued its surge today, edging closer to the $7,000 level after a period of high volatility over the weekend. where the value dropped significantly.

The cryptocurrency first smashed the $7,000 mark at the beginning of the month, and it proceeded to climb to a record high of more than $7,800 just last week. However, over the weekend, prices plunged to around $5,600 amid a debate over a new split in bitcoin’s underlying technology, wiping off almost a quarter of its value.


Bitcoin is being traded at double its value in Zimbabwe

Bitcoin is trading at $13,500 in Zimbabwe, at almost double the value of the cryptocurrency on international exchanges. Demand for bitcoin has surged dramatically in the cash-strapped African country after the military seized power on Wednesday.

In Harare, Zimbabwe’s capital the digital cryptocurrency is currently trading at almost double the rate that it is worth on international Markets.


The Value of the Pound Fell Yesterday & it’s still falling today

Sterling was 0.9 per cent lower against the dollar in early trading in London, at $1.3083, and 0.6 per cent lower against the euro, at €1.1239. The pound tumbled against both the dollar and the euro in the early hours of today after a catalogue of woes hit the Prime Minister over the weekend.

Businesses and banks are increasingly impatient and worried. Investors are leaving the pound due to the chaotic political environment inside and outside the UK.


House Prices Tumble

House Prices have fallen again closing the north south divide. More than one in three of properties on the Rightmove property portal are now advertised below their initial asking price.

There are also far too many vendors in London who think a reduction of £10,000 is enough. This barely moves the needle when you turn it into a percentage. Some analyst believe the market is still adjusting from the surge in sales prior to the new stamp duty announcements. Causes such as Brexit and the referendum have almost negated market forces.


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