{"id":616500,"date":"2024-03-06T00:00:00","date_gmt":"2024-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/06\/btc-hits-fresh-all-time-high-before-tumbling-nearly-10\/"},"modified":"2024-03-06T00:00:00","modified_gmt":"2024-03-06T00:00:00","slug":"btc-hits-fresh-all-time-high-before-tumbling-nearly-10","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/06\/btc-hits-fresh-all-time-high-before-tumbling-nearly-10\/","title":{"rendered":"BTC hits fresh all-time high before tumbling nearly 10%"},"content":{"rendered":"

BTC ends month-long rally with record-high price: <\/strong>The world\u2019s largest cryptocurrency surged to a record high yesterday, driven by strong demand for new spot exchange-traded funds<\/a> and the expectation that global interest rates will fall later this year, Reuters<\/a> reports. BTC hit USD 69.2k \u2014 its highest level since its last peak of USD 69k in November 2021.<\/p>\n

But no<\/strong>thing lasts forever, especially on the notoriously volatile BTC market: <\/strong>After surpassing its previous record yesterday at around midday CLT, the price of BTC tumbled by 9% as of midnight last night. Throughout the whole 24-hour period, the cryptocurrency fell 6.2%.<\/p>\n

It\u2019s been <\/strong>a good few months for BTC: <\/strong>The cryptocurrency has already jumped 47.8% since the beginning of the year and is up a whopping 181% since the same time last year.<\/p>\n

\n

\n

MEANWHILE- Asian markets are in the red this morning<\/strong>, with CNBC<\/a> noting that markets are \u201ctracking Wall Street\u2019s slide\u201d in early trading as \u201cApple suppliers drop on declining iPhone sales in China.\u201d Futures were mixed overnight, suggesting a soft open for Wall Street and Europe later today. <\/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

30,669<\/p>\n<\/td>\n

\n

+0.4% (YTD: +23.2%)<\/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

21.25% deposit<\/p>\n<\/td>\n

\n

22.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,470<\/p>\n<\/td>\n

\n

+0.3% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,236<\/p>\n<\/td>\n

\n

-0.5% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,246<\/p>\n<\/td>\n

\n

-1.9% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,079<\/p>\n<\/td>\n

\n

-1.0% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,646<\/p>\n<\/td>\n

\n

+0.1% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,893<\/p>\n<\/td>\n

\n

-0.4% (YTD: +8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 82.04<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1.95<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2,141.90<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 63,210.57<\/p>\n<\/td>\n

\n

-6.2% (YTD: +47.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 8.4 bn (90.1% above the 90-day average). Regional investors were net sellers. The index is up 23.2% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+20.0%), Delta Sugar (+3.8%), and EFG Holding (+3.5%).<\/p>\n

In the red: <\/strong>Talaat Moustafa Group (-4.8%), Egypt Kuwait Holding (-4.7%), and Alexandria Container and Cargo Handling (-4.4%).<\/p>\n

\n

CORPORATE ACTION-<\/p>\n

#1- OFH taps Prime Capital to advise on B Investments acquisition: <\/strong>OrascomFinancial Holding (OFH) has appointed Prime Capital as its financial advisor on B Investments\u2019 bid to acquire up to 90% of the company<\/a> via a share swap, it said in a bourse disclosure (pdf)<\/a>. Prime Capital will conduct a fair value study of the offer \u2014 evaluating both parties\u2019 shares \u2014 and present it to OFH\u2019s shareholders before 10 April \u2014 5 days before B Investments' mandatory tender offer expires<\/a>. <\/p>\n

#2- Eastern Company\u2019s board approves capital increase: <\/strong>State-owned tobaccomanufacturer Eastern Company\u2019s ordinarygeneral assembly has approved increasing the company\u2019s issued capital to EGP 3 bn from EGP 2.2 bn and its authorized capital to EGP 15 bn from EGP 3 bn, the company said in an EGX disclosure (<\/a>pdf)<\/a>. <\/p>\n

Also approved: <\/strong>The assembly also approved a USD 400 mn credit facility from local banks,which will go towards opening up letters of credit to the company\u2019s suppliers and a USD 200 mn credit agreement with foreign banks to unlock letters of guarantee.<\/p>\n","protected":false},"excerpt":{"rendered":"

BTC ends month-long rally with record-high price: The world\u2019s largest cryptocurrency surged to a record high yesterday, driven by strong demand for new spot exchange-traded funds and the expectation that global interest rates will fall later this year, Reuters reports. BTC hit USD 69.2k \u2014 its highest level since its last peak of USD 69k […]<\/p>\n","protected":false},"author":1,"featured_media":616501,"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":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"9f7a208d-9f96-431b-a206-6aa4b660bd54","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/478.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BTC hits fresh all-time high before tumbling nearly 10%","related_issue":[616477],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.c67c4ba0-f276-4b11-b819-66b3de123e10.mp3"},"yoast_head":"\nBTC hits fresh all-time high before tumbling nearly 10% - 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\/03\/06\/btc-hits-fresh-all-time-high-before-tumbling-nearly-10\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC hits fresh all-time high before tumbling nearly 10%\" \/>\n<meta property=\"og:description\" content=\"BTC ends month-long rally with record-high price: The world\u2019s largest cryptocurrency surged to a record high yesterday, driven by strong demand for new spot exchange-traded funds and the expectation that global interest rates will fall later this year, Reuters reports. 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