{"id":614010,"date":"2024-01-24T00:00:00","date_gmt":"2024-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/btc-drops-20-since-11-january-peak\/"},"modified":"2024-01-24T00:00:00","modified_gmt":"2024-01-24T00:00:00","slug":"btc-drops-20-since-11-january-peak","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/btc-drops-20-since-11-january-peak\/","title":{"rendered":"BTC drops 20% since 11 January peak"},"content":{"rendered":"

Crypto winter is coming:<\/strong> BTC has dropped over 20% since the launch of BTCexchange-traded funds (ETFs) earlier this month \u2014 currently trading at USD 39.2k as of midnight yesterday, down from a USD 49k+ high during trading on 11 January.<\/p>\n

The why: <\/strong>BTC \u201chas been challenged by tougher macro conditions \u2014 evidenced by rallying rates and a strengthening USD \u2014 and significant selling pressure from traders unwinding their Grayscale BTC Trust arbitrage positions along with the FTX bankruptcy estate offloading assets,\u201d Fundstrat Global Advisors\u2019s head of digital-asset strategy Sean Farrell said in a note picked up by Bloomberg<\/a>.<\/p>\n

ICMYI- <\/strong>This month has marked a milestone for the currency with nine new BTC ETFslaunching on 11 January, granting BTC and other crypto more exposure to traders on the stock market. Investors \u2014 including investment manager giant BlackRock \u2014 poured a total USD 900 mn<\/a> into the BTC ETFs in the first three days of trading. <\/p>\n

Not everyone predicted this rocky start<\/strong>: <\/strong>Crypto investors earlier in the month excitedly predicted BTC to surpass the USD 100k a piece mark in 2024, following the US Securities and Exchange Commission\u2019s approval of spot BTC exchange-traded funds (ETFs), according to CNBC<\/a>. ETFs that allow investors to hold and trade cryptos on stock exchanges were 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.<\/p>\n

Asian markets are down in early trading this morning.<\/strong> Futures suggest Europe will follow suit, while it\u2019s a mixed bag from Wall Street with the Dow Jones in the red and the S&P 500 along with the Nasdaq in the green.<\/p>\n

<\/a><\/a> <\/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

27,587<\/p>\n<\/td>\n

\n

-1.6% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,105<\/p>\n<\/td>\n

\n

0.0% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,653<\/p>\n<\/td>\n

\n

-0.3% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,108<\/p>\n<\/td>\n

\n

+0.6% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,865<\/p>\n<\/td>\n

\n

+0.3% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,486<\/p>\n<\/td>\n

\n

0.0% (YTD: -3.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,466<\/p>\n<\/td>\n

\n

-0.3% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 79.78<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2.45<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2049.90<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 39,206.21<\/p>\n<\/td>\n

\n

-1.5% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 fell<\/strong> 1.6% <\/strong>at today\u2019s close<\/strong> on turnover of EGP 6.72 bn (112.5% above the 90-day average). Local investors were net sellers. The index is up 10.8% YTD.<\/p>\n

In the green: <\/strong>Oriental Weavers (+3.5%), E-finance (+0.8%) and CIRA Education (+0.8%).<\/p>\n

In the red: <\/strong>Orascom Development (-5.5%), GB Corp (-5.1%) and Eastern Company (-4.9%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

EG Bank to move forward with capital increase: <\/strong>EG Bank will increase its issued and paid-up capital by EGP 500.5 mn through its FY 2023 net income, the bank said in a disclosure (pdf)<\/a> to the EGX. The bank will issue freeshares, with the number of issued shares to be determined \u201cbased on the prevailing exchange rate of the USD on the date of issuance of the General Assembly's resolution,\u201d the company added. <\/p>\n","protected":false},"excerpt":{"rendered":"

BTC is now trading at c. USD 39k, down from a USD 49k+ high during trading on 11 January<\/p>\n","protected":false},"author":1,"featured_media":614011,"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":[344,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"617d0147-c0d5-46e8-9a27-6f95b0dcd49d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1990.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BTC drops 20% since 11 January peak","related_issue":[613989],"teaser":"BTC is now trading at c. USD 39k, down from a USD 49k+ high during trading on 11 January","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7e93a26d-0462-456e-a1b5-37205db0bc05.mp3"},"yoast_head":"\nBTC drops 20% since 11 January peak - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/01\/24\/btc-drops-20-since-11-january-peak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC drops 20% since 11 January peak\" \/>\n<meta property=\"og:description\" content=\"BTC is now trading at c. 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The share prices\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":557207,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/09\/el-salvador-wont-stop-btc-from-going-to-the-moon-according-to-standard-chartered\/","url_meta":{"origin":614010,"position":1},"title":"El Salvador won\u2019t stop BTC from going to the moon, according to Standard Chartered","author":"enterpriseam admin","date":"9 September 2021","format":false,"excerpt":"BTC will double in value and hit USD 100k by early 2022, a Standard Chartered research team is predicting, Reuters reports. \u201cBTC may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world,\u201d the team said in a note sent to clients. BTC\u2019s value sat\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":578683,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/food-was-pricier-than-ever-in-2022-goldman-bankers-to-get-the-boot-this-week\/","url_meta":{"origin":614010,"position":2},"title":"Food was pricier than ever in 2022 + Goldman bankers to get the boot this week","author":"enterpriseam admin","date":"10 January 2023","format":false,"excerpt":"World food prices hit an all-time high in 2022: Supply chain havoc that began during the pandemic and went into overdrive following the outbreak of war in Ukraine helped stoke food prices to an all-time high last year. The UN Food and Agriculture Organisation\u2019s (FAO) food price index averaged 143.7\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\/2023\/1\/145.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562400,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/crypto-markets-wild-gyrations-hit-other-asset-classes\/","url_meta":{"origin":614010,"position":3},"title":"Crypto markets\u2019 wild gyrations hit other asset classes","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"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 reportsBTC chaos ripples across financial markets: A violent week in the\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":542692,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/11\/us-regulator-wants-more-oversight-of-unicorns-tech-stocks-seesaw-btc-crash\/","url_meta":{"origin":614010,"position":4},"title":"US regulator wants more oversight of unicorns + tech stocks seesaw + BTC crash","author":"enterpriseam admin","date":"11 January 2022","format":false,"excerpt":"US unicorns could be forced into more transparency: The country\u2019s securities regulator is planning to make big private companies disclose closely-guarded information including earnings, business outlooks, risks, and manager pay, the Wall Street Journal reports. As companies secure increasingly massive funding rounds from private capital markets, some regulators are worried\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":613350,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/btc-to-hit-usd-100k-on-etfs-launch\/","url_meta":{"origin":614010,"position":5},"title":"BTC to hit USD 100k on ETFs launch?","author":"enterpriseam admin","date":"14 January 2024","format":false,"excerpt":"The US Securities and Exchange Commission recently gave its approval for spot BTC exchange-traded funds","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\/2024\/1\/787.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614010","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=614010"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614010\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614011"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614010"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614010"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}