Bitcoin topped $60,000 for the first time in more than two years as the world’s largest cryptocurrency closed in on a new high.

The digital coin, which peaked at close to $69,000 in 2021, reached $63,933 amid predictions it could hit $150,000 next year.

That took gains this week to more than 20 per cent.

The value of bitcoin has been boosted by a regulatory breakthrough in the US, where the Securities and Exchange Commission approved exchange traded funds (ETFs) linked to its price, as well as the prospect of interest rate cuts.

Believers are also looking to a ‘halving’ event in April when the reward for mining bitcoin is cut in half. 

Crypto rally: Bitcoin, which peaked at close to $69,000 in November 2021, reached $61,389 amid predictions it could hit $150,000 next year

Crypto rally: Bitcoin, which peaked at close to $69,000 in November 2021, reached $61,389 amid predictions it could hit $150,000 next year

This tends to happen every four years and is designed to slow the release of the currency, hitting supply and pushing up the price.

The digital coin has yo-yoed in recent years and during the ‘crypto winter’ of December 2022 traded at around $16,000. 

London’s main markets were dragged down by bleak results from St James’s Place, Reckitt Benckiser and Halfords.

The FTSE 100 fell 0.76 per cent, or 58.04 points, to 7624.98 and the FTSE 250 was down 0.78 per cent, or 150.08 points, to 19,013.58.

Across the Atlantic, US plant-based firm Beyond Meat made gains a day after it outlined plans to raise prices following a slump in sales. The stock surged 41 per cent on Wall Street.

In London, Easyjet is set to return to the FTSE 100 after nearly four years, in a reshuffle that takes effect on March 18.

While Easyjet – down 3.1 per cent, or 17.2p, to 542p – returns to the top index, gold miner Endeavour – flat at 1277p – exits after the departure of its chief executive and the rising cost of doing business.

Stock Watch –  Animalcare

Animalcare sold its stake in pet microchipping firm Identicare to funds managed by Bridgepoint for nearly £25million.

The AIM-listed firm makes drugs and treatments for dogs, cats and horses as well as livestock and other farm animals.

Chief executive Jenny Winter said the sale of the 83 per cent stake provides ‘additional financial flexibility and firepower as we concentrate on growing our pharmaceutical-focused animal health business’. 

It soared 15.8 per cent, or 30.5p, to 223p.

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HS2 contractor Kier Group and takeover target Wincanton will be promoted to the second tier while IT professional services provider FDM and Tullow Oil bow out.

Rolls-Royce flew ahead after a vote of confidence from Deutsche Bank Research, which said the jet engine maker’s results last week showed its restructuring is ‘starting to deliver on promises’.

As a result, the broker upgraded its rating on the stock, which rose 3.3 per cent, or 11.9p, to 370.5p.

Drax came under renewed scrutiny over its green credentials.

Despite raking in £6billion in UK subsidies, the power firm is alleged to be burning wood from forests in Canada which were ‘no-go areas’, according to BBC Panorama. Drax has rejected the claims but the shares fell 0.1 per cent, or 0.5p, to 418.9p.

There was little to cheer at Digital 9 Infrastructure as it outlined how it planned to wind down the business. 

It wants shareholders to approve plans to sell five assets, including sub-sea fibre operator Aqua Comms. Shares plunged 10.9 per cent, or 2.16p, to 17.62p.

Government contractor Capita, which collects the BBC licence fee and runs the London congestion charge, has signed a new deal with a top European telecoms provider it has worked with for more than 25 years.

The latest contract, worth up to £220million from now through to 2030 lifted it 3.5 per cent, or 0.7p, to 20.72p.

Aston Martin cruised in the fast lane after the luxury car maker narrowed losses to £239.8million last year from £495million in 2022.

Sales rose 18 per cent to £1.6billion in 2023, driven by a record average selling prices of £255,000 in the final quarter of 2023. Shares gained 4 per cent, or 7p, to 183.5p.

The third-largest investor in Asos, California investment company Camelot Capital Partners, bought almost £2million worth of shares in the fashion firm, raising it 1 per cent, or 3.8p, to 374.3p.

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