Bitcoin’s sudden rise
So the eagle-eyed among you will have noticed that Bitcoin traded up sharply yesterday to break the $5,000 level for the first time since November.
It had been bumbling along between $3,000 and $4,000 in the interim period until apparently there was a huge order in the market yesterday from Asia for $100million-worth that was spread across three digital currency exchanges.
This sounds like a one-off to me, but if we see a few more orders like that, Bitcoin could be set for another upward frenzy. It’s currently trading just under the $5,000 mark.
Julian Dunkerton’s return to Superdry
The other thing I wanted to mention today was the return of Julian Dunkerton to Superdry, the company he co-founded.
There was a vote yesterday and he won the right to return and put it back on the growth track after a very difficult period in the company’s history.
Dunkerton stepped down from the board last year but has recently been calling for a major overhaul of the company following a massive cratering in its share price.
The ousted management blamed poor performance on a hangover from Dunkerton’s time at the helm but Dunkerton blamed it on their lack of vision.
All nine board members resigned after Dunkerton won 51% of the vote.
He will be the interim CEO but has also brought the current chairman of boohoo.com on board to help with the turnaround.
We’ll see soon enough who was right! For the moment, he says that he will be able to stop declining sales in four months, but a full turnaround could take two years.