Crypto businesses are preparing for the regulatory axe to fall: Coinbase has stockpiled as much as USD 4 bn in reserves in its first months as a public company on the eve of closer regulatory crypto scrutiny, the Wall Street Journal reports. Buoyed by strong earnings of USD 1.61 bn in 2Q2021, compared with USD 32 mn in the preceding year, Coinbase’s cash balance amounted to USD 4.36 as of 30 June, about 4x higher than at the end of 2020, thanks to price volatility during the quarter that buttressed the company’s trading business. “We want to ensure that we maintain those cash reserves so that we can continue to invest and continue to grow our products and services in the event that we go into a crypto winter,” CFO Alesia Haas said.

Syria has suspended imports of 20 commodities and raw materials for six months in a move aimed at saving its declining foreign reserves for wheat purchases, Bloomberg reports. The list includes metal pipes and ceramics. The decision highlights the strain of rising crop prices on global buyers, especially for developing nations.

THE CLOSING BELL-

The EGX30 fell 0.2% at today’s close on turnover of EGP 2.3 bn (40.8% above the 90-day average). Foreign investors were net sellers. The index is up 0.6% YTD.

In the green: Raya (+2.8%), GB Auto (+1.6%), and Rameda (+1.0%).

In the red: Egyptian for Tourism Resorts (-4.0%), Fawry (-3.1%), and Eastern Company (-1.8%).

It’s a sea of red across Asian markets this morning, following Wall Street’s lead in response to US Fed minutes suggesting the central bank could start winding down stimulus later this year. US futures suggest Wall Street has a chance of opening in the green later today, but that European shares will come under pressure at the opening bell.