World Street | Crypto may debut on LSE, Bitcoin blazes past $70k, Reddit to launch IPO and more

World Street offers a sneak peek into the world of business and economy.

The ongoing rally in Bitcoin finds fresh legs as the LSE announced that it will accept applications for exchange-traded notes. The cryptocurrency has blazed past the $70,000 with no indications of fatigue. Social media behemoth Reddit is planning on going public, with an IPO of around $750 million.  All this and much more on World Street.

Going Global

Bitcoin and Ethereum received the thumbs up from the London Stock Exchange which will accept applications for exchange-traded notes of the cryptocurrencies. This opens an entirely new market segment in the UK. These ETNs will only be available to "professional investors".

Bitcoin Tops $70,000

Bitcoin surged past the $70,000 level to fresh lifetime highs, jumping 350 percent since 2022-lows of $15,000. The market has come to believe that cryptocurrency is at an inflexion point, soon leading to acceptance of other cryptocurrencies such as Ethereum and crypto ETFs.

Public Offerings

Social media giant Reddit is planning on going public, looking to raise around $750 million in an IPO of its common stock. In a filing, Reddit noted that its IPO will include around 22 million shares, with a price band between $31 and $34 per share. The social media firm expects to net $450 million from the proceeds.

Shutters Down

The Body Shop has filed for bankruptcy in Canada and America, as the group struggles with major cash shortages. The UK parent collapsed last month, and suppliers in Australia reportedly have not received their payments. Around 400 jobs in the US will be at risk, along with the distribution centre, that holds products worth millions of dollars.

Booked Out?

Choice Hotels cancelled its pursuit of acquiring its rival Wyndham Hotels & Resorts. Choice failed to find support from Wyndham Hotels' shareholders for its hostile takeover bid. Its exchange offer for purchasing Wyndham's shares has expired and therefore, Choice Hotels was withdrawing its offer.

Record Scratch Moment

Vinyl records have made a re-entry into the basket of goods used to calculate inflation in the UK after 30 years. This has largely been influenced by the pop singer Taylor Swift, who has multiple best-selling vinyl LPs under her belt. Sales of vinyl in the UK are at their highest level since 1990, with Taylor Swift leading the charge of its resurgence. Additionally, air fryers have also been added to the basket of goods.

Realty Bites

The beleaguered Chinese real estate sector will not see any assistance from the government or a bailout. The Chinese authorities have indicated that those who harm the larger population will be punished. “For real estate companies that are seriously insolvent and have lost the ability to operate, those that must go bankrupt should go bankrupt, or be restructured, per the law and market principles,” said the Chinese minister of Housing and Urban-Rural Development.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.