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Thursday, 10 March 2022

BTC surges after Biden signs crypto executive order

BTC jumps after Biden takes first step to regulation: BTC surged as much as 9% to almost USD 42k last night, after US President Joe Biden signed an executive order outlining a “national policy for digital assets.” The order requires the government to look into the potential benefits and risks of bringing crypto assets into the fold of the traditional economy — including by creating a central bank digital currency. “The market has clearly been heartened by talk of supporting responsible innovation and a constructive approach to regulating the evolving digital token economy,” crypto exchange Bitfinex told Reuters.

Uber’s Middle East ride-hailing subsidiary Careem is looking to raise USD 500 mn from investors to fund expansion plans, Al Mal reports, citing people familiar with the matter. The firm will approach sovereign wealth funds in the Gulf, including the Saudi Public Investment Fund and Abu Dhabi-based ADQ, to invest in the firm, the people said. Bank of America is reportedly advising on the transaction.

Up

EGX30

10,416

+0.2% (YTD: -12.8%)

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

Down

Tadawul

12,739

-0.9% (YTD: +12.9%)

Down

ADX

9,523

-2.2% (YTD: +12.2%)

Down

DFM

3,385

-0.8% (YTD: +5.9%)

Up

S&P 500

4,278

+2.6% (YTD: -10.3%)

Up

FTSE 100

7,191

+3.3% (YTD: -2.6%)

Down

Brent crude

USD 112.66

-12.0%

None

Natural gas (Nymex)

USD 4.53

0.0%

Down

Gold

USD 1,996.90

-2.3%

Up

BTC

USD 41,974

+8.9% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 864 mn (7.8% below the 90-day average). Foreign investors were net sellers. The index is down 12.8% YTD.

In the green: Rameda (+4.2%), Cleopatra Hospital (+3.6%) and AMOC (+3.5%).

In the red: e-Finance (-2.9%), Orascom Construction (-2.5%) and Telecom Egypt (-2.3%).

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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