{"id":636768,"date":"2024-08-06T00:00:00","date_gmt":"2024-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/"},"modified":"2024-08-06T00:00:00","modified_gmt":"2024-08-06T00:00:00","slug":"optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/optimism-over-cryptocurrencies-sours-as-btc-eth-plummet-amid-stock-market-slump\/","title":{"rendered":"Optimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump"},"content":{"rendered":"

Bad news for crypto bros:<\/strong> Cryptocurrencies are the latest victims of plummeting stock markets, as investors flee risky assets for safer harbors. BTC had tumbled by 8.9% over the last 24 hours as of midnight yesterday, while the second largest cryptocurrency ETH fell 11.9% in the same period, marking some of the largest single-day drops seen in years.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

This souring of sentiment marks a sharp reversal of the optimism that had recently<\/strong> permeated crypto markets<\/strong> following the US Securities and Exchange Commission in January approving ETFs that track the spot prices of BTC<\/a> and ETH<\/a>. Crypto also got a boost last month as US presidential candidates Donald Trump and Kamala Harris jockeyed to position themselves<\/a> as the \u201cpro-crypto\u201d candidate. Trump\u2019s appearance at the BTC 2024 convention even pushed BTC above USD 70k<\/a> for the first time in over a month \u2014 despite his one-time branding<\/a> of the cryptocurrency as a \u201cscam.\u201d<\/p>\n

Your reminder that crypto is not a safe haven: <\/strong>While crypto\u2019s fall is largely the result of the<\/a>same pressures<\/a> that are impacting assets everywhere, its risk profile makes it particularly susceptible to market downturn. \u201cIt's a big reminder that BTC and crypto in general are risk assets and sit at the pointy end of the risk spectrum,\u201d market analyst at IG Tony Sycamore tells Reuters<\/a>.<\/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

27,841<\/p>\n<\/td>\n

\n

-2.3% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.19<\/p>\n<\/td>\n

\n

Sell 49.33<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.2<\/p>\n<\/td>\n

\n

Sell 49.3<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,504<\/p>\n<\/td>\n

\n

-2.1% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,975<\/p>\n<\/td>\n

\n

-3.4% (YTD: -6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,046<\/p>\n<\/td>\n

\n

-4.5% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,186<\/p>\n<\/td>\n

\n

-3.0% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,008<\/p>\n<\/td>\n

\n

-2.0% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,572<\/p>\n<\/td>\n

\n

-1.5% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 76.30<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 1.96<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,452<\/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 53,920<\/p>\n<\/td>\n

\n

-8.9% (YTD: +27.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 2.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.1 bn (14.4% above the 90-day average). Foreign investors were net buyers. The index is up 11.8% YTD.<\/p>\n

In the green: <\/strong>Oriental Weavers (+1.3%), Telecom Egypt (+1.3%), and ADIB (+1.0%).<\/p>\n

In the red: <\/strong>Elsewedy Electric (-6.4%), Eastern Company (-5.8%), and Amoc (-5.8%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

#1- ESAC welcomes new shareholders:<\/strong> The Egyptian Soda Ash Company (ESAC) approved the entry of new state-owned shareholders Misr Ins. and the Egyptian Company for Mineral Resources into the company\u2019s ownership structure. This came during the company\u2019s first ordinary and extraordinary general assembly, according to an Oil Ministry statement<\/a>. <\/p>\n

Remember: <\/strong>The company was set up in early 2023 to lead the project to build a soda ash<\/a>complex<\/a>. It is primarily state-led<\/a> with Egyptian Petrochemical Holding Company, Chemical Industries Holding Company, and the military\u2019s Arab Organization for Industrialization among its shareholders. A 45% stake in the firm is held between private-sector firms Polyserve, AMN Industrial Investment, and Life Chemicals Group . <\/p>\n

#2- <\/strong>Sidi Kerir Petrochemicals<\/strong> wants to increase its capital: <\/strong>The petrochemicals producer wants to hike its issued and paid-up capital to EGP 1.8 bn from EGP 1.5 bn, according to an EGX disclosure (pdf)<\/a>. The extraordinary general assembly will meet on 29 August to vote on the increase. <\/p>\n

#3- <\/strong>Eastern Company\u2019s ordinary general assembly approved the sale of one of its <\/strong>factories <\/strong>in <\/strong>6<\/strong> of October<\/strong>, according to an EGX disclosure (pdf)<\/a>. The move, which is still pending approval from the Industrial Development Authority, will see United Tobacco acquire Eastern\u2019s Factory 9 for EGP 1.6 bn. <\/p>\n","protected":false},"excerpt":{"rendered":"

The reversal in sentiment follows an uptick in crypto\u2019s outlook after BTC EFTs hit the market<\/p>\n","protected":false},"author":1,"featured_media":636769,"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-636768","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":"8c64b355-60a3-4e4b-b64f-dcd0f4009e38","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/390.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Optimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump","related_issue":[636746],"teaser":"The reversal in sentiment follows an uptick in crypto\u2019s outlook after BTC EFTs hit the market","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.d8266b87-7f6f-4abd-8926-a3bf62de0cee.mp3"},"yoast_head":"\nOptimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump - 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