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London stocks fall as Prudential drops, spring budget in focus

 Cryptocurrency rises after Tether announces massive Bitcoin purchases

Cryptocurrency prices rose during Thursday's trading, led by Bitcoin, after the digital asset company "Tether" announced the purchase of huge quantities of them, and with a significant increase in trading volumes.

Bitcoin increased by 2.10% to $27,358, and Ethereum rose by 1.10% to $1,825, while Ripple settled at 44.45 cents.

Today, the total market capitalization of cryptocurrencies increased by 1.55% to approximately $1.14 trillion in the last 24 hours, while the trading volume in the same period increased by 17.30% to $33.29 billion.

Yesterday, cryptocurrency firm Tether said it would buy about $222 million, or 15% of its net profit, in bitcoins, to diversify its reserves backing its stablecoin.

However, pressure from regulators and pledges to tighten scrutiny of the cryptocurrency market in the US and UK have been bearish factors over the past few days.

London stocks fall as Prudential drops, spring budget in focus

On Wednesday, the London stock market began with a decline, as Prudential insurance company's entire year performance dragged down the FTSE 100 index. Meanwhile, the investors looked forward to the UK Spring budget scheduled to be released later on the same day.

By 0823 GMT, the FTSE 100 market index, which is considered to be a financially stable and reliable investment option, experienced a decrease of 0.4%. The market had previously seen a rise of over 1% on Tuesday, but is now trading lower than before.

Prudential's shares (PRU.L) decreased by 4.3%. The company, which operates mainly in Asia, announced that its profit had increased by 8% over the course of the full year. Additionally, James Turner, the CFO of Prudential, stated that the company had a debt of $1 million with Silicon Valley Bank, but noted that this was a small amount compared to their overall debt book of $23 billion.

The precious metal mining sector experienced a decline of 1.4% due to the decrease in the price of gold.

The FTSE 250 midcap index, which primarily pertains to domestic affairs, experienced a 0.3% decline.

Investors are highly anticipating the UK's spring budget speech by Finance Minister Jeremy Hunt, which is scheduled to take place around 1230 GMT in front of parliament.


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