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Thursday, 9 September 2021

El Salvador won’t stop BTC from going to the moon, according to Standard Chartered

BTC will double in value and hit USD 100k by early 2022, a Standard Chartered research team is predicting, Reuters reports. “BTC may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world,” the team said in a note sent to clients. BTC’s value sat steady yesterday after a major selloff on Tuesday triggered by El Salvador’s adoption of the tokens as a legal tender, which left the cryptocurrency down 10%.

Up

EGX30

11,135

+0.4% (YTD: +2.7%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

11,455

+0.4% (YTD: +31.8%)

Up

ADX

7,771

+0.7% (YTD: +54.0%)

Down

DFM

2,906

-0.1% (YTD: +16.6%)

Down

S&P 500

4,514

-0.1% (YTD: +20.2%)

Down

FTSE 100

7,095

-0.8% (YTD: +9.8%)

Up

Brent crude

USD 72.60

+1.3%

Up

Natural gas (Nymex)

USD 4.92

+7.5%

Down

Gold

USD 1,791.60

-0.1%

Down

BTC

USD 46,655

-0.6% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 1.4 bn (81% below the 90-day average). Egyptian investors were net buyers. The index is up 2.7% YTD.

In the green: Speed Medical (+2.6%), Orascom Development Egypt (+2.6%) and Oriental Weavers (+2.5%).

In the red: Raya (-2.7%), Sidi Kerir Petrochemicals (-1.5%) and CIRA (-1.2%).

Asian markets are up/down in early trading this morning and futures suggest xx

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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