BTC ends month-long rally with record-high price: The world’s 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 — its highest level since its last peak of USD 69k in November 2021.

But nothing lasts forever, especially on the notoriously volatile BTC market: 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%.

It’s been a good few months for BTC: 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.

MEANWHILE- Asian markets are in the red this morning, with CNBC noting that markets are “tracking Wall Street’s slide” in early trading as “Apple suppliers drop on declining iPhone sales in China.” Futures were mixed overnight, suggesting a soft open for Wall Street and Europe later today.

TASI

12,470

+0.3% (YTD: +4.2%)

MSCI Tadawul 30

1,586

-0.4 (YTD: +2.2%)

USD : SAR (SAMA)

3.75 Sell

3.75 Buy

Interest rates

6.5% repo

5.5% reverse repo

EGX30

30,669

+0.4% (YTD: +23.2%)

ADX

9,236

-0.5% (YTD: -3.6%)

DFM

4,246

-1.9% (YTD: +4.6%)

S&P 500

5,073

-1.1% (YTD: +6.1%)

FTSE 100

7,646

+0.1% (YTD: –1.1%)

Euro Stoxx 50

4,893

-0.4% (YTD: +8.2%)

Brent crude

USD 82.1

-0.88%

Natural gas (Nymex)

USD 1.96

+2.3%

Gold

USD 2,129

+0.7%

BTC

USD 63,372.71

-6.1% (YTD: +185.5%)

THE CLOSING BELL-

The TASI rose 0.3% yesterday on turnover of SAR 10.5 bn. The index is up 4.2% YTD.

In the green: Alyamamah Steel (+10%), Amiantit (+9.9%) and Sadr (+9.8%).

In the red: Albaha (-6.7%), Avalon Pharma (-5.4%) and Chubb (-3.1%).

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