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Bitcoin skyrockets to US$48,000 a coin as Tesla purchases $1.5 Billion worth of the cryptocurrency


09.02.2021
Bitcoin skyrockets to US$48,000 a coin as Tesla purchases $1.5 Billion worth of the cryptocurrency

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.2700-1.2800

Euro                 1.5350-1.5450

Sterling            1.7500-1.7600

 

The US Dollar Index is weaker this morning as the Greenback has given back some of the gains it made during the last few sessions. Once again, the currency market continues to watch the path of the Biden Administration's stimulus plan and question will it get watered down to get some bipartisan support in Congress?

 

Markets are also watching the rise of Bitcoin this morning after it was announced that Tesla purchased some $1.5 Billion worth of the coin and is considering accepting it as a form of payment for its cars. I read some reports this morning that Apple should also accept the crypto currency as a form of payment as it would help make the currency more mainstream and possibly push it towards $100,000 a coin. If I had only paid attention in computer class!!!!

 

The Canadian Dollar has been able to pick up some small gains against the US Dollar but it did lose ground to the other currencies. USD.CAD opens the day at the low end of the range at 1.2730 (0.7856) and it most likely will be range bound again today as there is no news to push very far in either direction.

 

Nothing of note on the calendar today, Stocks are poised to open a bit lower so if that trend continues, we may see the Greenback recover and USD.CAD once again move back towards the 1.2800 (0.7813) level.

 



Comment (58)
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Today's expected range for the Canadian Dollar against the major currencies:

US Dollar             1.2850-1.2950

Euro                     1.3050-1.3150

Sterling                1.5600-1.5700

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Today's expected range for the Canadian Dollar against the major currencies:

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