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 The price of bitcoin continued to surge Sunday, reaching a one-year intraday high as it closed in on $9,000, according to Coindesk data. Bitcoin edged above $8,900 Sunday night, though it quickly receded and was last at $8,740. The last time bitcoin peaked that high was May 2018. The price of a single bitcoin, the world's largest cryptocurrency by market cap, has surged in recent weeks, and is up more than 130% year to date. Prices are still far below their record of around $19,000 in late 2017.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Apple Inc. could be hit hard if China imposes a retaliatory ban against its products, but the founder and chief executive of Huawei Technologies Co. doesn't think it'll come to that. In an interview with Bloomberg Television published Sunday, Ren Zhengfei said he'd "protest" such a move. "That will not happen, first of all. And second of all, if that happens, I'll be the first to protest," Ren told Bloomberg. "Apple is my teacher, it's in the lead. As a student, why go against my teacher? Never." Last week, Goldman Sachs warned Apple's per-share earnings could take a 29% hit if China stops importing its products. Ren acknowledged that the Trump administration's import ban against Huawei products could hurt the Chinese tech giant in the short run, but the real impact "depends on how fast our repairmen are able to fix the plane."
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The British pound jumped, then pulled back on the news U.K. Prime Minister Theresa May will step down, after she failed three times to get a Brexit deal passed through Parliament. Making the announcement from Downing Street, May said her last day as prime minister and Conservative party leader will be June 7. The pound initially jumped on the move that had been widely reported, rising to a session high of $1.2725, before falling back to $1.2674, but still up 0.2% on the day. "The fact is that sterling volatility is going to rise from here and Boris Johnson is going to go for the hard Brexit which is going to be a huge disaster for the country," said Naeem Aslam, chief market analyst at TF Global Markets, in reference to former foreign secretary and Brexit hardliner Johnson.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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