Bitcoin back above $40k as US regulates, ASX to rise as US stocks end losing streak

The Australian share market is set to finish its week on a high, as stocks on Wall Street end a three-day losing streak with help from technology stocks.

At 7:15am AEST, ASX 200 futures were up 0.4 per cent.

The market also closed 1.3 per cent higher yesterday, which was against Wall Street losses that day.

The AUD is up slightly against a softer US dollar, to 77.71 US cents, as fears recede in the US that rising inflation will soon attract a curtailment of economic measures.

“We still expect AUD can lift towards 0.80 by quarter end,” ANZ analysts said in a briefing this morning. 

“We judge it is undervalued against its fundamentals.”

US markets end three-day losing streak 

“Equity markets in the London, Europe and the US were back in the black today,” NAB analysts said. 

“That was helped by the combination of some further easing in oil prices, general market stability including bitcoin and especially in the US session, a marked reduction in US Treasury yields, mainly from a pull-back in market-implied inflation rates.”

Elon Musk has announced that Tesla has suspended purchases using Bitcoin.(

Reuters: Mike Blake

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Bitcoin has been on a wild ride this week, largely thanks to more tweeting by Elon Musk, along with tougher regulation in China.

It is now back above $US40,0000.

That is even despite a new announcement by US regulators that they will require larger cryptocurrency transfers to be reported to its Internal Revenue Service.

The Federal Reserve has also flagged a closer look at cryptocurrencies.

Fed chair Jerome Powell released a message about how “technological advances are driving rapid change in the global payments market”.

He also flagged that it’s looking at issuing its own digital currency.

More to come.