BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before pairing back gains over the weekend to stand at USD 108.7k per token as of midnight last night. The digital currency is up 14.1% this month alone and 15.4% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

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Whetting the appetite of investors is the expectation that the US Senate will soon advance a stablecoin bill that would create the country’s first regulatory framework for digital assets, according to the Financial Times. The new rules could expand the stablecoin market more than 8x to USD 2 tn by 2028, according to investment bank Standard Chartered.

Pushing up the price of the digital currency has also been Moody’s decision todowngrade the US’ sovereign credit rating, which has pushed some investors to search for alternative investments outside the USD. While BTC is up 14.1% over the month, the USD Index is down -0.4%

Corporate purchases and acceptance has also been pointed to a reason behind the price rise, with crypto exchange Coinbase entering the S&P 500 and JPMorgan’s about-turn to let its clients buy the crypto currency.

Some think BTC still has a long way to rise in 2025, with Nexo co-founder Antoni Trenchev telling Reuters that “a target of USD 150k in 2025 is still very much on the cards” and Standard Chartered pencilling in an even higher USD 200k by the end of the year.

EGX30

31,976

+0.4% (YTD: +7.5%)

USD (CBE)

Buy 49.83

Sell 49.97

USD (CIB)

Buy 49.85

Sell 49.95

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

11,189

-1.0% (YTD: -7.0%)

ADX

9,665

0.0% (YTD: +2.6%)

DFM

5,464

+0.2% (YTD: +5.9%)

S&P 500

5,803

-0.7% (YTD: -1.3%)

FTSE 100

8,718

-0.2% (YTD: +6.7%)

Euro Stoxx 50

5,326

-1.8% (YTD: +8.8%)

Brent crude

USD 64.78

+0.5%

Natural gas (Nymex)

USD 3.33

+2.5%

Gold

USD 3,395

+2.1%

BTC

USD 108,702

+0.4% (YTD: +16.2%)

S&P Egypt Sovereign Bond Index

869.4

+0.1% (YTD: +11.8%)

S&P MENA Bond & Sukuk

142.8

+0.2% (YTD: +2.1%)

VIX (Volatility Index)

22.29

+9.9% (YTD: +28.5%)

THE CLOSING BELL-

The EGX30 rose 0.4% at Thursday’s close on turnover of EGP 4.3 bn (7.5% below the 90-day average). Local investors were the sole net buyers. The index is up 7.5% YTD.

In the green: Beltone Holding (+5.3%), Palm Hills Development (+3.4%) and EFG Holding (+3.1%).

In the red: GB Corp (-2.1%), Abu Qir Fertilizers (-1.6%), and Ibnsina Pharma (-1.5%).

CORPORATE ACTIONS-

Egypt Post divested EGP 9 bn worth of stakes in seven EGX-listed companies to the Finance Ministry in a move to settle its debt, Asharq Business reports, citing three unnamed sources. The move — which is part of a wider protocol designed to address financial entanglements between different government entities — will reportedly see Egypt Post handing over the same shares it had acquired from the National Investment Bank in December.

The details: The transaction included the sale of a 4.9% stake in Eastern Company, 3.4% in Alexandria Mineral Oils Company, 2.8% in Abu Qir Fertilizers, 1.7% in Alexandria Container and Cargo Handling Company, 1.5% in Sidi Kerir Petrochemicals, 1.1% in Egypt Kuwait Holding, and 0.7% in Misr Fertilizers Production Company.

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