BTC hits fresh all-time high before tumbling nearly 10%

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.

THE CLOSING BELL-

The DFM fell 1.9% yesterday on turnover of AED 295.9 mn. The index is up 4.6% YTD.

In the green: Orascom Construction (+9.9%), Dubai Islamic Ins. and Reins. (+8.2%) and National International Holding Company (+7.1%).

In the red: Al Salam Sudan (-8.6%), Commercial Bank of Dubai (-6.9%) and National Central Cooling (-5.3%).

Over on the ADX, the index fell 0.5% on turnover of AED 980.2 mn. Meanwhile Nasdaq Dubai closed down 1.6%.

CORPORATE ACTIONS-

#1- Americana Restaurants International intends to buy 25 mn of its own shares as part of a long-term incentive program for its employees, according to an ADX disclosure (pdf). The decision is subject to approval from regulatory bodies and agreement from shareholders at the upcoming general assembly.

#2- Satellite comms firm Yahsat is paying a total of AED 401 mn in dividends at 16.5 fils per share for 2023, after the board approved the distribution of AED 200 mn for 2H 2023, according to an ADX filing (pdf).

#3- Drake & Scull proposed to increase its share capital by up to AED 600 mn through issuing 2.4 bn new shares at a discounted price of AED 0.75 each, a DFM filing (pdf) reads. The capital increase would raise the company’s total share capital to AED 3.5 bn. The proposals are still pending regulatory approvals and agreement from shareholders at the upcoming general assembly, set to take place on Wednesday, 27 March.

The construction company is also seeking approval for a 5-year AED 600 mn mandatory convertible sukuk, with each certificate valued at a minimum of AED 5k, according to the statement.

#4- Deyaar issues debut dividends: Real estate development company Deyaar is set to distribute AED 175 mn in dividends for 2023, equivalent to 4 fils per share, a DFM filing (pdf) reads. The dividend distribution marks the first in the real estate company’s history, according to the statement.

#5- Abu Dhabi National Hotels proposed distributing dividends worth AED 240 mn for 2023, at AED 0.02 per share, an ADX filing (pdf) reads. The company is also proposing to distribute 5% bonus shares, amounting to AED 60 mn, which represents 600 mn shares.

#6- First Abu Dhabi Bank will distribute AED 7.8 bn worth of dividends for 2023, at a rate of AED 0.71 per share, an ADX filing (pdf) reads.