Cryptobros dream big: Cryptocurrency investors see BTC surpassing the USD 100k a piece mark in 2024 — up from USD 42.6k currently — following the US Securities and Exchange Commission’s approval of spot BTC exchange-traded funds (ETFs), according to CNBC. ETFs that allow investors to hold and trade cryptos on stock exchanges are expected to attract more investor appetite and boost its use as a mainstream currency as more Wall Street big shots like BlackRock, Invesco, and Fidelity pile into the new offering.

Market reax: BTC briefly hit USD 49k this week on dozens of ETF launches before tumbling down to around the USD 42k mark later in the week. The decline was partially driven by “a lot of selling” of Grayscale BTC Trust shares, SkyBridge Capital founder Anthony Scaramucci, adding that BTC holders “were selling to book losses and shifting to lower fee alternatives,” Bloomberg reported.

ALSO WORTH NOTING-

  • Shein takes steps towards IPO: Chinese-founded fast fashion giant Shein isseeking Beijing’s permission regarding its planned US IPO — which has received pushback from US lawmakers — in line with Beijing’s new listing rules. (Reuters)

EGX30

25,519

+0.2% (YTD: +2.5%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

12,116

-0.2% (YTD: +1.2%)

ADX

9,791

-0.5% (YTD: +2.2%)

DFM

4,104

-0.3% (YTD: +1.1%)

S&P 500

4,784

+0.1% (YTD: +0.3%)

FTSE 100

7,625

+0.6% (YTD: -1.4%)

Euro Stoxx 50

4,480

+0.9% (YTD: -0.9%)

Brent crude

USD 78.29

+1.1%

Natural gas (Nymex)

USD 3.31

+7.0%

Gold

USD 2,049.06

+1.0%

BTC

USD 42,964.15

-1.1% (YTD: +1.5%)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 3.8 bn (11.3% above the 90-day average). Regional investors were net sellers. The index is up 2.5% YTD.

In the green: B Investments (+3.8%), Oriental Weavers (+3.0%), and Abu Qir Fertilizers (+2.3%).

In the red: Beltone Holding (-2.5%), Madinet Masr (-1.9%), and EFG Holding (-1.7%).

Tags: