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Global crypto funds post sharp gains in 2021 -BarclayHedge

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3 years ago

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Global cryptocurrency funds racked up steep gains last year after most digital currencies soared in price, led by bitcoin and ether amid strong institutional interest and greater acceptance from regulators worldwide, according to BarclayHedge, a division of Backstop Solutions

The BarclayHedge cryptocurrency traders index was up 138.1% for 2021, according to data the firm posted on Friday, showing results for about 39 funds, or less than 50% of the digital asset management firms it tracks. That followed record gains of 173% in 2020, as crypto funds benefited from extreme volatility that the coronavirus pandemic stoked across financial markets.

Bitcoin gained 60% in 2021 as it hit a record peak of $69,000 in November, while ether, the token used for the Ethereum blockchain, surged roughly 400%.

“There is an air of legitimacy now. Bitcoin is no longer viewed as an esoteric digital currency used only on the fringes by techies and cypherpunks,” according to CoinDesk’s annual crypto and blockchain review for 2021.

For the month of December, however, crypto funds showed losses of around 11%, as bitcoin and ether slumped as well. Bitcoin dropped 19% last year, while ether fell 20%.

“Crypto was the only sub-sector that didn’t make money in December, as many of the industry’s headline assets suffered whiplash from a sharp price downturn,” said Ben Crawford, head of research at BarclayHedge.

Crypto’s more traditional cousin, foreign exchange, on the other hand, turned in modest returns in 2021.

BarclayHedge’s currency trader’s index showed a gain of 2.2% last year, based on 60% of funds that reported. Currently there are 40 FX programs tracked by BarclayHedge.

The 2021 gain for FX funds followed a 4% rise in 2020. Returns were subdued last year as global central banks kept a lid on interest rates, depressing volatility.

Currency funds’ returns, meanwhile, showed an anemic 0.23% rise in December.

 

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Alden Bentley and David Gregorio)

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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3 weeks ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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4 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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4 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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