Bitcoin fever is running wild, with the digital currency climbing to over $4,000.
Bitcoin rallied as high as $4,225 on Sunday, though it then pared some of those gains: CNBChas details on the digital currency’s spectacular run:
Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according toCoinDesk.
The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin’s market value is now around $64 billion, up about $10 billion in the last week.
Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.
Singapore’s Straits Times has an interesting column by David Kuo, CEO Of Motley Fool Singapore, looking at whether Chinese stocks are worth the risk, especially for Singapore-based investors:
China is still a risky market. Share trading is dominated by millions of retail investors, who see the stock market as a possible substitute for gambling. And as the 2016 crash in Chinese stocks showed, many investors trade on rumours and speculation rather than fundamentals. Additionally, corporate governance is still very much a work in progress. That is not a healthy state of affairs.
For many Singapore investors, there are other ways to get exposure to the Chinese economy. We need look no further than the Singapore Exchange. More than half of the Straits Times Index stocks have revenue exposure to China. They range from 1 per cent in the case of Ascendas Reit to 70 per cent for Hongkong Land, which has a 70 per cent exposure to Greater China.
North Korea continues to simmer away as the biggest geopolitical flash point for investors, but it’s not clear whether new sanctions will bring the rogue regime to heel. Bloomberg has an interesting story on an obvious flaw in the latest round of sanctions aimed at halting Pyongyang’s nuclear missile program:
But for all the humanitarian and economic pain, the new measures aren’t likely to deter Kim Jong Un from his ambition of developing an arsenal of nuclear-tipped missiles. That’s because Kim, who’s banking on military power to survive, has a web of illicit channels to skirt sanctions and the new curbs leave out the vital ingredient of oil.
“North Korea’s dependency on Chinese fuel is China’s choke hold on Pyongyang,” said Dennis Wilder, former senior director for Asia at the National Security Council during the George W. Bush administration. “If this goes, the North Korean air force can’t fly jets and their electricity system can’t function.”