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Bitcoin slumps to new low as series of selloffs hits global markets

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1 year ago

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The leading cryptocurrency Bitcoin reached a fresh two-month low breaking out of its recent tight range as a wave of risk-averse sentiment rushed across global markets on Friday.

On Thursday, Bitcoin fell 7.2% in its biggest one-day drop since November 2022 when top exchange FTX collapsed, reported Reuters.

It then slipped to a two-month low of $26,172 during Asian trading hours on Friday, its lowest since June 16. By 0835 GMT, it had partly recovered to $26,441, down 0.8% on the day.

Global markets have been hit by a wave of selling, with Wall Street’s main indexes closing lower on Thursday and Asian shares heading for a third week of losses over concerns about China’s economy and fears that U.S. interest rates would stay higher for longer given a resilient economy.

Ether, the second biggest cryptocurrency, was steady at $1,685.20, having also dropped sharply on Thursday.

Some analysts attributed crypto’s drop to a Wall Street Journal report that Elon Musk’s SpaceX sold its bitcoin holdings after writing the value down by $373 million. Musk is influential among crypto enthusiasts, and bitcoin prices have previously moved in response to his tweets.

The SpaceX report was the “immediate catalyst” for Bitcoin’s sell-off, said Ben Laidler, global markets strategist at eToro.

“The broader driver is that crypto assets are not immune to the deepening risk-off selling pressure seen across all asset classes,” Laidler added.

Joseph Edwards, head of research at Enigma Securities, attributed the bitcoin price move to low volatility and a lack of enthusiasm from retail investors.

Bitcoin had been hovering close to $30,000 in recent months, having gradually recovered this year after dropping sharply in 2022 when various crypto firms collapsed, leaving investors with large losses.

Crypto markets were boosted in June by BlackRock applying to launch a spot bitcoin exchange-traded fund (ETF) in the United States. Some investors interpreted that move as an indication that the U.S. Securities and Exchange Commission would approve spot bitcoin ETF applications from various asset managers, including Grayscale.

“The big concern right now is that this might be a front run on the outcome of Grayscale’s lawsuit against the SEC; optimism on that front has been keeping markets inflated above whether they might otherwise be for much of the summer,” Edwards said.

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SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

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The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

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The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

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At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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6 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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