Sign in
Crypto winter is coming: BTC has dropped over 20% since the launch of BTCexchange-traded funds (ETFs) earlier this month — currently trading at USD 39.2k as of midnight yesterday, down from a USD 49k+ high during trading on 11 January.
The why: BTC “has been challenged by tougher macro conditions — evidenced by rallying rates and a strengthening USD — and significant selling pressure from traders unwinding their Grayscale BTC Trust arbitrage positions along with the FTX bankruptcy estate offloading assets,” Fundstrat Global Advisors’s head of digital-asset strategy Sean Farrell said in a note picked up by Bloomberg.
ICMYI- This month has marked a milestone for the currency with nine new BTC ETFslaunching on 11 January, granting BTC and other crypto more exposure to traders on the stock market. Investors — including investment manager giant BlackRock — poured a total USD 900 mn into the BTC ETFs in the first three days of trading.
Not everyone saw this coming: Crypto investors earlier in the month excitedly predicted BTC to surpass the USD 100k a piece mark in 2024, following the US Securities and Exchange Commission’s approval of spot BTC exchange-traded funds (ETFs), according to CNBC. ETFs that allow investors to hold and trade cryptos on stock exchanges were expected to attract more investor appetite and boost its use as a mainstream currency as more Wall Street big shots like BlackRock, Invesco, and Fidelity pile into the new offering.
|
TASI |
12,105.33 |
-0.04% (YTD: +1.2%) |
|
|
MSCI Tadawul 30 |
1,575.76 |
+0.01% (YTD: +1.6%) |
|
|
USD : SAR (SAMA) |
3.75 Buy |
3.75 Sell |
|
|
Interest rates |
6% repo |
5.5% reverse repo |
|
|
EGX30 |
27,587.00 |
-1.7% (YTD: 10.8%) |
|
|
ADX |
9,653.34 |
-0.3% (YTD: +0.8%) |
|
|
DFM |
4,107.52 |
+0.6% (YTD: +1.2%) |
|
|
S&P 500 |
4,864.60 |
+0.3% (YTD: +2%) |
|
|
FTSE 100 |
7,485.73 |
-0.03% (YTD: -3.2%) |
|
|
Euro Stoxx 50 |
4,465.91 |
-0.3% (YTD: -1.2%) |
|
|
Brent crude |
USD 79.55 |
-0.6% |
|
|
Natural gas (Nymex) |
USD 2.50 |
+2.1% |
|
|
Gold |
USD 2,050.20 |
+0.2% |
|
|
BTC |
USD 39,601.60 |
-0.1% (YTD: +73.8%) |
THE CLOSING BELL-
The TASI fell 0.04% yesterday on turnover of SAR 8.5 bn. The index is up 1.2% YTD.
In the green: Bahri (+4.5%), Sumou (+4.2%) and AlMawarid (+4.2%).
In the red: MBC Group (-9.9%), 2P (-3.4%) and MESC (-3%).
CORPORATE ACTION-
Plastics manufacturer Takween Advanced Industries shareholders will vote on a capital increase through a SAR 300 mn rights offering on 13 February. If approved, the offering would bring the company’s capital to SAR 765 mn.
