{"id":665837,"date":"2025-05-25T00:00:00","date_gmt":"2025-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/25\/btc-surpasses-usd-110k-for-first-time-amid-stablecoin-bill-progress\/"},"modified":"2025-05-25T00:00:00","modified_gmt":"2025-05-25T00:00:00","slug":"btc-surpasses-usd-110k-for-first-time-amid-stablecoin-bill-progress","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/25\/btc-surpasses-usd-110k-for-first-time-amid-stablecoin-bill-progress\/","title":{"rendered":"BTC surpasses USD 110k for first time amid stablecoin bill progress"},"content":{"rendered":"

BTC re<\/strong>ached a new all-time high in trading at the end of last week<\/strong>, 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.<\/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

Whetting the appetite of investors is the expectation that the US S<\/strong>enate<\/strong> will soon <\/strong>advance a stablecoin bill<\/strong> that would create the country\u2019s first regulatory framework for digital assets, according to the Financial Times<\/a>. The new rules could expand the stablecoin market more than 8x to USD 2 tn by 2028, according to investment bank Standard Chartered.<\/p>\n

Pushing up the price of the digital currency has also been <\/strong>Moody\u2019s decision to<\/a><\/strong>downgrade<\/a><\/strong> the US\u2019 sovereign credit rating<\/strong>, 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%<\/p>\n

Corporate purchases and acceptance has also been pointed to a reason behind the <\/strong>price rise<\/strong>, with crypto exchange Coinbase entering the S&P 500 and JPMorgan\u2019s about-turn to let its clients buy the crypto currency. <\/p>\n

Some think BTC still has a long way to rise in 2025<\/strong>, with Nexo co-founder Antoni Trenchev telling Reuters<\/a> that \u201ca target of USD 150k in 2025 is still very much on the cards\u201d and Standard Chartered pencilling in an even higher USD 200k by the end of the year.<\/p>\n

\n\n\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

31,976<\/p>\n<\/td>\n

\n

+0.4% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.83<\/p>\n<\/td>\n

\n

Sell 49.97<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.85<\/p>\n<\/td>\n

\n

Sell 49.95<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

24.00% deposit<\/p>\n<\/td>\n

\n

25.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,189<\/p>\n<\/td>\n

\n

-1.0% (YTD: -7.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,665<\/p>\n<\/td>\n

\n

0.0% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,464<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,803<\/p>\n<\/td>\n

\n

-0.7% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,718<\/p>\n<\/td>\n

\n

-0.2% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,326<\/p>\n<\/td>\n

\n

-1.8% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 64.78<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.33<\/p>\n<\/td>\n

\n

+2.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3,395<\/p>\n<\/td>\n

\n

+2.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 108,702<\/p>\n<\/td>\n

\n

+0.4% (YTD: +16.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

869.4<\/p>\n<\/td>\n

\n

+0.1% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

142.8<\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

22.29<\/p>\n<\/td>\n

\n

+9.9% (YTD: +28.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.4% at <\/strong>Thursday\u2019s<\/strong> close<\/strong> 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.<\/p>\n

In the green: <\/strong>Beltone Holding (+5.3%), Palm Hills Development (+3.4%) and EFG Holding (+3.1%).<\/p>\n

In the red: <\/strong>GB Corp (-2.1%), Abu Qir Fertilizers (-1.6%), and Ibnsina Pharma (-1.5%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Egypt Post<\/strong> divested EGP 9 bn worth of stakes in seven EGX-listed companies to the <\/strong>Finance Ministry<\/strong> in a move to settle its debt, Asharq Business<\/a> reports, citing three unnamed sources. The move \u2014 which is part of a wider protocol designed to address financial entanglements between different government entities \u2014 will reportedly see Egypt Post handing over the same shares it had acquired<\/a> from the National Investment Bank in December.<\/p>\n

The details: <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency\u2019s gains came as US stocks and bond markets saw a sell-off<\/p>\n","protected":false},"author":1,"featured_media":665838,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[344,984,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-665837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-cryptocurrency","tag-donald-trump","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"6b9874af-6c28-4c61-b476-bea2692befbe","order":"16","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1011.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BTC 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