Your trading week in summary: Lockdown, Bitcoin, and more

 Your trading week in summary: Lockdown, Bitcoin, and more

Your trading week in summary.

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SA re-enters level 3 lockdown with adjustments, alcohol ban reinstated

On Monday, Pres Cyril Ramaphosa addressed the nation after SA had surpassed the one- million mark on confirmed cases on Sunday. On top an adjusted lockdown level 3, the ban on the sale, distribution and transportation of alcohol was reinstated. This comes as result of reckless behaviour due to alcohol intoxication not only greatly increasing the rate of infection due to superspreader events, but also alcohol-related accidents, incidents and violence, which places substantial pressure on hospital and emergency resources.

Claims of new variant found in UK originating in SA rejected

The past two weeks saw flights from SA being banned by several countries after it was alleged that the new variation of Covid-19, 501.V2, spreading across the UK, originated in SA and was carried over by two South African travellers. It was found that the UK variant had already been identified a month prior to that identified in South Africa.

Hawkes probe into MTI operations

Following the lodging of applications by two MTI investors after having experienced difficulties in retrieving their funds from the Bitcoin trading platform, the Western Cape High Court granted a provisional liquidation order. Meanwhile, the Hawks have started a probe into the operations of MTI and the founder and CEO, Johann Steynberg, who is currently missing in action. This follows the Financial Services Conduct Authority having issued public warnings against MTI.

Bitcoin soars to new heights

Bitcoin has reached a new record selling price of $29 000, or R425 311,10, adding to the nearly 50% gain during December. Despite the Covid-19 pandemic and its impact on various financial markets, Bitcoin’s value has quadrupled, with the rally expected to continue well into the new year.

Chris Louw

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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