{"id":562400,"date":"2021-05-23T04:06:46","date_gmt":"2021-05-23T04:06:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/crypto-markets-wild-gyrations-hit-other-asset-classes\/"},"modified":"2021-05-23T04:06:46","modified_gmt":"2021-05-23T04:06:46","slug":"crypto-markets-wild-gyrations-hit-other-asset-classes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/crypto-markets-wild-gyrations-hit-other-asset-classes\/","title":{"rendered":"Crypto markets\u2019 wild gyrations hit other asset classes"},"content":{"rendered":"

<\/a> Wall Street was mixed on Friday<\/strong>, with the S&P closing flat to turn in its first back-to-back weekly decline since February, the Nasdaq inching down 0.5% and the Dow advancing 0.4% thanks to a jump in Boeing shares, CNBC<\/a> reports<\/p>\n

BTC chaos ripples across financial markets:<\/strong> A violent week in the crypto markets was felt in other asset classes, raising questions about the potentially destabilizing effects of a huge Bitcoin sell-off, the Financial Times<\/a> says. As BTC crashed 30% on Wednesday, government bonds and the safe-haven JPY gained, while S&P 500 futures and oil slipped.<\/p>\n

This has left some analysts scratching their heads:<\/strong> \u201cThe catalyst for these moves appears to have been a sudden rout in BTC,\u201d Rabobank analysts wrote in a note<\/a>, while adding an important caveat that it \u201cseems hard to conceive of how there can be a direct link between BTC\u2019s gyrations and movements on the part of the global financial market.\u201d<\/p>\n

For others, it was very simple:<\/strong> \u201cFor people to say BTC shouldn\u2019t influence equity prices on a short-term basis, that\u2019s crazy,\u201d Bloomberg<\/a> quoted a former Merrill Lynch trader as saying. \u201cWe live in a 24\/7 market and at least in the short term, it\u2019s run by algorithms and they all trade the same stuff<\/strong>. When you get a negative headline you\u2019re going to see it all sell.\u201d<\/p>\n

BTC had another rough day on Friday<\/strong>, after Chinese regulators reiterated their intention to regulate the mining and trading of cryptocurrencies. The price of BTC fell more than 8.5% during the day, leaving it down more than 40% from its peak, according to CNBC<\/a>. The currency has plummeted 37% since 9 May on comments made by Elon Musk and Beijing\u2019s threat of a crackdown.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,732<\/p>\n<\/td>\n

\n

-0.7% (YTD: -1.04%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.63<\/p>\n<\/td>\n

\n

Sell 15.73<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.63<\/p>\n<\/td>\n

\n

Sell 15.73<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,340<\/p>\n<\/td>\n

\n

-0.3% (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

6,518<\/p>\n<\/td>\n

\n

- (YTD: +29.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,751<\/p>\n<\/td>\n

\n

+1.5% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,156<\/p>\n<\/td>\n

\n

-0.1% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,018<\/p>\n<\/td>\n

\n

- (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 66.44<\/p>\n<\/td>\n

\n

+2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.91<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,878.90<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 38,048.25<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.69% on Thursday<\/strong> on turnover of EGP 1.56 bn (19.5% above the 90-day average). Foreign investors were net sellers. The index is down 1.04% YTD.<\/p>\n

In the green: <\/strong>EFG (+2.1%), Cr\u00e9dit Agricole (+1.3%) and Emaar Misr (+1.3%).<\/p>\n

In the red: <\/strong>Elsewedy Electric (-4.2%), MM Group (-3.1%) and Fawry (-2.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Wall Street was mixed on Friday, with the S&P closing flat to turn in its first back-to-back weekly decline since February, the Nasdaq inching down 0.5% and the Dow advancing 0.4% thanks to a jump in Boeing shares, CNBC reports BTC chaos ripples across financial markets: A violent week in the crypto markets was felt […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1173,72,120,122,1653,897],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562400","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-boeing","tag-enterpriseam","tag-nasdaq","tag-planet-finance","tag-sp","tag-wall-street","wpautop","entry"],"acf":{"mongo_id":"4702af39-42e2-4918-bb18-3315a3156751","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562376],"teaser":"","voice_url":""},"yoast_head":"\nCrypto markets\u2019 wild gyrations hit other asset classes - 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Altimer Capital is leading the offering\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558320,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/a-second-covid-summer-isnt-good-for-em-that-rely-on-tourism-wall-street-is-loving-earnings-season\/","url_meta":{"origin":562400,"position":4},"title":"A second covid summer isn\u2019t good for EM that rely on tourism + Wall Street is loving earnings season","author":"enterpriseam admin","date":"4 August 2021","format":false,"excerpt":"A second covid summer will hit tourism-reliant economies hard, with many emerging economies missing out on potential revenues as the cost of fighting the pandemic weighs on their balance sheets, the Financial Times reports. The first five months of 2021 saw international travel 85% down from its pre-covid levels, according\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560841,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/what-the-markets-are-doing-on-15-march-2021\/","url_meta":{"origin":562400,"position":5},"title":"What the markets are doing on 15 March 2021","author":"enterpriseam admin","date":"15 March 2021","format":false,"excerpt":"Short sellers are circling SPACs, with the value of short positions being taken against SPAC shares tripling to USD 2.7 bn since the start of the year, according to financial data provider S3 Partners, the Wall Street Journal reports. Post-IPO companies are attractive for short sellers because SPAC investors are\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=562400"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562400\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562376"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562400"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562400"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}