Bitcoin headed around 2% higher on Monday morning in London, heading past $27,000 (£21,780) as traders await decisions from central banks around the world on key interest rates.
The Bank of England, the Federal Reserve and the Bank of Japan are all set to update markets on their rate paths later this week. Bitcoin’s price is typically sensitive to macroeconomic movements such as interest rate rises and inflation readings.
The cryptocurrency‘s price has also been sensitive to news coming out of the FTX bankruptcy hearings, as a judge approved the sale of some of its assets. Its portfolio includes $560m of Bitcoin (BTC) and $192m worth of Ethereum (ETH-USD).
“While BTC and ETH have enough market participation and liquidity to absorb the potential sale without a serious impact on the price, market participants are worried about the effect of sales regarding less liquid altcoins,” said Matteo Greco, research analyst at Fineqia.
Chinese property company Evergrande saw its stock sink as much as 25% on Monday, before somewhat recovering, as officials in its wealth management unit were detained. It was not specified why they were detained or how many people were implicated.
The real estate stalwart has racked up debts worth hundreds of billions of dollars, as China’s economy struggles to get going post-COVID. Property accounts for around a quarter of China’s total GDP and has been seen as a key source of growth.
Read more: Stocks that are trending today
The debt pile of firms such as Evergrande therefore looms ever larger as Beijing ramps up efforts to spur fresh economic activity.
The stock price of French banking group Société Générale pulled back almost 10% on Monday morning as it delivered a strategic update which alarmed investors.
The bank has been in the midst of its first change in CEO in 15 years, as Frédéric Oudéa stepped back and Slawomir Krupa took control in May.
“It’s a realistic path, in which promises are less important than our ability to deliver them,” Krupa told reporters following the update.
FedEx stock looked set to open higher later on Monday, having lost about 1.2% of is value on Friday, as the market looks to its earnings report later this week.
FedEx has increased earnings per share for the last three quarters. Analysts expect the top line to decline year-on-year.
In August the company said it would up its shipping rates and customs clearance fees as of January next year. It also updated demand surcharges and fees, with additional handling surcharges for US Express Package Services, US Ground Services, and International Ground Service, starting on 2 October.