Bitcoin prices headed towards the $30,000 mark on Friday as the market was buoyed by optimism about the potential approval in the US of an exchange traded fund (ETF). This means the cryptocurrency was trading at its highest point since mid-August.
Earlier in the week it had briefly spiked to similar levels, after a false report inaccurately asserted that BlackRock's proposed spot bitcoin ETF had gained approval.
The report by Cointelegraph caused a surge in trading activity and volatility. While bitcoin pulled back after the report was debunked, it has still gained throughout the week.
Analysts view the false alarm at the beginning of the week as a dress rehearsal for what would occur if a spot bitcoin ETF were actually to be approved. In the past week, indications that the US Securities and Exchange Commission (SEC) will approve a spot bitcoin ETF have been increasing.
Elon Musk brainchild Tesla looked set to open slightly lower again on Friday, after its stock lost more than 9% in the trading session before.
The electric vehicle maker missed on earnings, while Musk voiced concerns about the global economy, future of its Mexico Gigafactory, and a challenging Cybertruck ramp-up.
“We dug our own grave with Cybertruck,” Tesla CEO Elon Musk said during the company’s Q3 earnings call on Wednesday night. “Special products that come along once in a long while are just incredibly difficult to bring to market, to reach volume, to be prosperous. It's fundamental to the nature of the newness.”
Despite the company finally revealing a 30 November delivery date for the Cybertruck, Musk warned of “enormous challenges” in ramping up Cybertruck production and that volume production of 250,000 units would not be reached until 2025.
Telecoms giant AT&T saw its stock finish 6.6% higher on Thursday as it topped its third-quarter earnings expectations, raising its free cash flow guidance.
AT&T earnings for the September quarter fell 6% to 64 cents. Revenue from continuing operations climbed 1% to $30.35bn.
Analysts had projected AT&T earnings of 62 cents a share on revenue of $30.2bn, according to FactSet. A year earlier, AT&T earned 68 cents a share on revenue of $30bn from continuing operations.
Earnings news was less positive for Blackstone, which saw its stock drop around 7.9% after a miss on Thursday.
The company reported a 12% drop in quarterly profit, as high interest rates continue to take their toll on financial services.
Distributable earnings, which represents the cash available to pay dividends to shareholders, fell to $1.2bn in the quarter, from $1.4bn a year earlier. That translated to distributable earnings per share of 94 cents, which missed the average analyst estimate of $1.01, according to LSEG data.
Watch: Crypto ETFs: How Europe is paving the way for the US