Feuding crypto bros tank BTC
Crypto is crashing this morning as a schism at the top of the industry raises fears of further volatility in the market. Changpeng Zhao, the owner of the world’s largest crypto exchange, Binance, appears to have triggered a bank-run on the third-largest platform FTX in the latest move in an ongoing feud with its owner Sam Bankman-Fried. Binance is now acquiring the exchange after it experienced a “significant liquidity crunch” that left it on the verge of collapse. BTC plunged to as low as USD 17.2k last night, its lowest level since late 2020. (Bloomberg | Financial Times | Barron’s | The Guardian).
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EGX30 |
11,268 |
-1.5% (YTD: -5.7%) |
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USD (CBE) |
Buy 24.34 |
Sell 24.42 |
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USD at CIB |
Buy 24.35 |
Sell 24.40 |
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Interest rates CBE |
13.25% deposit |
14.25% lending |
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Tadawul |
11,487 |
-1.0% (YTD: +1.8%) |
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ADX |
10,600 |
-0.1% (YTD: +24.9%) |
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DFM |
3,384 |
+0.2% (YTD: +5.9%) |
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S&P 500 |
3,828 |
+0.6% (YTD: -19.7%) |
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FTSE 100 |
7,306 |
+0.1% (YTD: -1.1%) |
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Euro Stoxx 50 |
3,739 |
+0.8% (YTD: -13.0%) |
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Brent crude |
USD 95.12 |
-2.9% |
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Natural gas (Nymex) |
USD 6.21 |
-10.5% |
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Gold |
USD 1,715.60 |
+2.1% |
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BTC |
USD 18,572 |
-10.1% (YTD: -60.3%) |
THE CLOSING BELL-
The EGX30 fell 1.5% at yesterday’s close on turnover of EGP 1.35 bn (19.1% above the 90-day average). Local investors were net buyers. The index is down 5.7% YTD.
In the green: Cleopatra Hospitals (+1.5%), Housing and Development Bank (+1.1%) and EFG Hermes (+0.8%).
In the red: Alexandria Containers and Cargo Handling (-4.5%), e-Finance (-3.0%) and GB Auto (-2.5%).