Bitcoin record

Investors pushed Bitcoin to an all-time high on Wednesday following the successful launch of the first US bitcoin futures exchange-traded fund.

The world’s best-known cryptocurrency rose 3.9% to surpass $67K, renewing the previous intraday record of $64,899 in mid-April.

The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts pegged to the future price of the cryptocurrency, gained nearly 5% in its first trading day on Tuesday on the New York Stock Exchange (NYSE).

US stocks

The Dow Jones Industrial Average jumped to a record high on Wednesday as better-than-expected earnings reports and Bitcoin set a new record.

The Dow hit an all-time high of 35,669.69 at the start of the session, closing the day at around 35,609.34, up 152.16 points, or 0.4%. On an intraday basis, it exceeded the highest level in August, while the average of 30 stocks closed just below the record.

The S&P 500 added 16.57 points, or 0.3%, to 4,536.19, below its own record 0.2%. The Nasdaq Composite Index fell 0.05% to 15,121.68.

The market has got investors worry over the past two months amid the Covid delta volatility, supply chain breaks, the real estate crisis in China, the Fed’s signal to remove stimulus and rising inflation reports.

Canadian CPI

In Canada, the annual September Consumer Price Index (CPI) increased by 4.4%, exceeding market expectations of 4.3%, reaching the highest level in nearly 18 years. Transport costs and food costs contributed to the figure seen since February 2003.

While the CPI, which the central bank BoC gives the most importance when evaluating the economy, the common value of the CPI remained flat with 1.8%, while the median CPI increased by 2.8%. CPI trim value rose to 3.4%.

The Bank of Canada is holding its monetary policy meeting next week.

Biden’s new tax plan

Senior Biden officials briefed Democratic lawmakers on Wednesday about a possible change in the party’s tax plans. The White House is seeking unity within the party over the trillion-dollar economic package bill, according to three sources speaking to the Washington Post.

The Biden administration initially proposed raising the corporate tax rate to 28 percent, it is instead considering a range of alternative tax increases as the package’s new revenue source. The White House told democrat legislators that a plan to raise the corporate tax rate is unlikely to go into a compromise bill, Reuters relays. The plan could end the tax cuts under former president Donald Trump.

Weidmann exits

Jens Weidmann, President of the German central bank (Bundesbank) and member of the European Central Bank’s governing council, announced on Wednesday that he will step down, ten years after taking office.

In a statement made by the Bundesbank, it was stated that Jens Weidmann will leave the post at the end of the year for personal reasons.

The heads of national central banks in the Eurozone’s 19 countries each hold a seat on the ECB’s governing council. Weidmann stood out in his ECB role as the chief critic of expansionary stimulus policies such as bond purchases.