Bitcoin went through a deep “crypto winter” after hitting its previous heights, but after a remarkable rally it is now hitting new heights above $71,000. The cryptocurrency on Monday morning UK time hit a record of $71,209, adding further to a rally from less than $16,000 in late 2022. The price of bitcoin had surged to a record of $68,550 in November 2021 amid euphoria from retail investors – many of whom had received money to help them through the coronavirus pandemic lockdowns. Historically low interest rates were also thought by many economists to have helped drive the price higher. The crypto winter meant that many of the same investors who had piled in to the cryptocurrency were burned. However, institutional investors have shown increasing interest in the biggest cryptocurrency by market value after the US regulator approved new bitcoin exchange-traded funds (ETFs). In UK corporate news, mid-sized electronics retailer Currys appears to have fended off interest from US private equity investors Elliott Advisors. Currys on Monday reported that Elliott had declined to make a formal offer after its approaches were rejected by the retailer’s board.International private equity investors have targeted UK companies, which are undervalued compared to their peers on many metrics. In a statement to the stock market, Elliott said: "Elliott Advisors (UK) Ltd, acting on behalf of the funds it advises confirms that, following multiple attempts to engage with Currys’ board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it. Elliott therefore confirms it does not intend to make an offer for Currys." Under the UK’s takeover rules, Elliott will be unable to make a new bid for Currys for at least six months (unless it gains the approval of the Currys board or there is a change in circumstances). The agenda • 9:30am GMT: UK update to consumer price index basket We’ll be tracking all the main events throughout the day ...
If you have any questions or comments about any of our newsletters please email [email protected]
… there is a good reason why not to support the Guardian
Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read. If this is you, please continue to read for free. But if you are able to, then there are three good reasons to support us today.
1
Our quality, investigative journalism is a powerful force for scrutiny at a time when the rich and powerful are getting away with more and more
2
We are independent and have no billionaire owner telling us what to report, so your money directly powers our reporting
3
It doesn’t cost much, and takes less time than it took to read this message
Help power the Guardian’s journalism in this crucial year of news, whether with a small sum or a larger one. If you can, please support us on a monthly basis from just £2. It takes less than a minute to set up, and you can rest assured that you're making a big impact every single month in support of open, independent journalism. Thank you.
You are receiving this email because you are a subscriber to Business Today. Guardian News & Media Limited - a member of Guardian Media Group PLC. Registered Office: Kings Place, 90 York Way, London, N1 9GU. Registered in England No. 908396
