Bitcoin Achieves Longest Weekly Winning Streak in Three Years

Bitcoin Achieves Longest Weekly Winning Streak in Three Years
Bitcoin continues to lead the cryptocurrency market, marking its longest weekly winning streak in over three years,
amid growing optimism about the sector’s future.

The anticipated support from the incoming administration of President-elect Donald Trump is boosting investor appetite for digital currencies, putting Bitcoin on an unprecedented upward trajectory.

 

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Optimism in the Cryptocurrency Market with Trump Administration Support


Bitcoin is on track to record gains for the seventh consecutive week, setting it up for the longest weekly winning streak in over three years. This positive momentum is fueled by growing expectations of support from the U.S. President-elect Donald Trump’s administration for the cryptocurrency market.

The last time Bitcoin experienced a similar streak was in September 2021, when it peaked at $69,000 before sharply declining due to crises and scandals that hit the industry. With a current surge of 50% since Trump’s victory in last month’s presidential election, the market seems to be responding positively to Trump’s regulatory promises.

 

 

 

 

Trump Administration and Regulatory Policies

Strahinja Savic, Head of Data and Analytics at FRNT Financial,
noted that Trump’s positive stance on cryptocurrencies has reduced concerns about the market’s regulatory environment.
Additionally, Trump’s nominations of cryptocurrency advocates,
such as appointing Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC),
have boosted confidence and helped Bitcoin surpass the $100,000 mark for the first time,
reaching a record high of $103,800.

 

 

 

 

 

 

New Investment Inflows

Political support wasn’t the sole driver of this momentum.
Inflows into exchange-traded funds (ETFs) linked to Bitcoin have significantly contributed to the rising demand.
According to Peter Chung, Head of Research at Presto Research,
investors facing legal or social restrictions on direct Bitcoin holdings are finding alternatives through ETFs
and shares in companies like MicroStrategy and Coinbase.

With continued market optimism and increasing institutional involvement, hopes are growing for sustained stability
and growth in the cryptocurrency sector in the coming months.

 

 

Bitcoin Achieves Longest Weekly Winning Streak in Three Years

Market Movements and Their Impact on Global Investments

Market Movements and Their Impact on Global Investments: In today’s news report, we examine the key developments in global markets.
We examine how crypto startups continue to attract investments despite a market slowdown.
We also review the International Energy Agency’s revision of oil refinery profit estimates and,
finally, the impact of MSCI’s reduction of China’s weight in its indices on the Chinese economy.

 

Contents

Crypto Companies
International Energy Agency

MSCI

 

 

Crypto Companies Raise More Funds Despite Market Slowdown

Crypto startups raised more funds but closed fewer deals during the second quarter of the year,

reflecting a broader slowdown in the crypto asset world.
Data from PitchBook reveals that venture capital investments in
crypto companies reached $2.7 billion in the three months ending in June,
a 2.5% increase from the first quarter but a 9.8% year-over-year decline.

 

International Energy Agency Cuts Refinery Profit Estimates After Methodology Adjustment

The International Energy Agency significantly lowered its profit estimates for oil refineries.
This comes after it announced changes to its methodology for calculating processing margins starting in 2020.
The new method includes regional utility costs but does not account for all energy or other significant expenses.

 

 

 

MSCI to Reduce China’s Weight and Exclude Dozens of Stocks from Its Indices

MSCI continues to exclude Chinese company stocks from its indices, and it plans to remove 60 companies this month.
This move will pave the way for a further reduction in China’s share in a major emerging markets index.
The changes highlight pessimistic expectations for the world’s second-largest economy,
as Chinese stocks risk losing their presence in emerging market asset portfolios.

 

 

Market Movements and Their Impact on Global Investments

Bitcoin and Ethereum Decline Amid Risk Aversion Wave

Bitcoin and Ethereum Decline Amid Risk Aversion Wave: Investors in Dilemma

The world’s two largest cryptocurrencies, Bitcoin and Ethereum,
have suffered sharp declines due to deteriorating investor sentiment following a drop in major tech stocks.
This downturn has had a significant impact on global markets, causing concern among traders and investors.

 

Topic

Ethereum

Investor Sentiment Decline

Ethereum ETFs

Future Outlook

 

 

 

 

 

 

Ethereum:

Significant Drop

Ethereum, the world’s second-largest cryptocurrency, fell by 6%,
marking its biggest drop in three weeks, trading at $3,170 as of 11:13 AM Singapore time on Thursday.
Meanwhile, Bitcoin, the largest cryptocurrency, decreased by 3%, reaching $64,110.

 

 

Investor Sentiment Decline:

The Story Behind the Numbers

U.S. stock exchanges experienced their worst day since 2022 on Wednesday
due to a decline in major tech stocks and the fading AI frenzy.
This downturn significantly impacted investor sentiment,
leading to a wave of risk aversion in the markets.

 

 

 

 

 

 

Ethereum ETFs:

A New Beginning

On Tuesday, eight spot ETFs investing directly in Ethereum were launched in the United States. Additionally, the largest Ethereum Trust, Grayscale Ethereum Trust, with $8 billion in assets, was converted from a closed-end fund to an exchange-traded fund.

This conversion has facilitated exits for those seeking quick profits by leveraging price differences in the cryptocurrency across various markets. According to Bloomberg data, $811 million has exited the fund since its conversion.
Nevertheless, there remains some caution in the market despite other Ethereum funds attracting investments.

 

 

 

Future Outlook:

Will Sentiment Improve?

Noelle Acheson, author of the “Crypto Is Macro Now” newsletter,
wrote that “some selling pressure” might appear following the launch of the Ethereum ETFs,
but she predicted that it would “soon dissipate” if market sentiment improved.

 

 

 

Bitcoin and Ethereum Decline Amid Risk Aversion Wave

 

Optimism Dominates Crypto Traders

Optimism Dominates Crypto Traders After Biden’s Withdrawal

The digital markets saw a significant surge in Bitcoin prices, reaching their highest levels in over a month following President Joe Biden’s announcement to withdraw from the presidential race. Traders swiftly reacted to the news, stabilizing Bitcoin around $67,600 this morning in New York.

 

Topic

Trump’s Support for Cryptocurrencies

Trump Prepares for Bitcoin Conference in Nashville

Harris’s Unclear Stance

Market Optimism

 

 

 

 

 

 

Trump’s Support for Cryptocurrencies

Tony Sycamore, a market analyst at IG Australia, stated that this upward move reflects market expectations that Democrats, led by Kamala Harris, will not be able to defeat Donald Trump, known for his support of cryptocurrencies. Sycamore emphasized that this bolsters optimism for Bitcoin’s future under a Trump administration.

Benjamin Sillermager, co-CEO of investment at Magnet Capital, echoed this sentiment, predicting that the market could become more attractive for investment under Trump’s leadership. He expects cryptocurrencies with real value drivers, such as Maker, Aave, and Lido protocols, to perform well.

 

 

 

Trump Prepares for Bitcoin Conference in Nashville

Trump is set to deliver a speech at a major Bitcoin conference in Nashville on July 27. Following the conference, he will host a fundraising campaign where potential attendees are expected to contribute $844,600 per seat.

 

 

 

 

 

 

Harris’s Unclear Stance

On the other hand, Kamala Harris’s positions on cryptocurrencies remain unclear.
Caroline Bowler, CEO of BTC Markets, mentioned that Harris’s views might be revealed in the coming weeks.

 

 

 

Market Optimism

Social media platforms celebrated the rise in Bitcoin prices, with Elon Musk expressing his enthusiasm on X by using a profile picture with laser eyes. Teong Hng, CEO of Satori Research, predicted that Bitcoin could soon reach its all-time highs again.

Hng noted increased interest in December 2024 options with a strike price of $100,000, indicating growing optimism among institutional investors. Chris Weston, head of research at Pepperstone Group, wrote in a note that the underlying momentum behind recent flows into Bitcoin-backed ETFs suggests a possible attempt for Bitcoin to reach $70,000 soon.

 

 

 

Optimism Dominates Crypto Traders After Biden’s Withdrawal

Top Commodities to Watch This Week in Financial Markets

Top Commodities to Watch This Week in Financial Markets

Global financial markets are closely monitoring a range of commodities
that are significantly affected by climate changes and economic events.
As we begin this week, we highlight five key commodities
that are worth watching due to their substantial impact on the global economy and market trends.
Here’s an overview of these commodities:

 

Topic

Oil

Cocoa

Wheat

Silver

Coffee

Conclusion

 

 

 

 

 

 

Oil

Oil remains at the forefront among the most crucial commodities in global markets.
With ongoing price fluctuations and increasing demand expectations,
investors are keenly observing oil price movements. Last week,
a report from the Federal Reserve Bank of Dallas revealed
that executives in American shale oil companies expect West Texas
Intermediate crude prices to end the year averaging below $80 per barrel.
Predictions range between $75 and $85 per barrel,
reflecting a sense of pessimism despite slowed U.S. production growth
and global optimism about rising demand.

 

 

Cocoa

New York cocoa futures recorded their first quarterly loss in two years,
dropping by 21% in the second quarter of this year.
This decline has calmed the price surge that pushed cocoa to historical highs last April.
These changes come amid production difficulties in Ivory Coast and Ghana,
the world’s largest cocoa producers, which are facing a significant shortfall of up to 439,000 tons this season.
However, expectations are improving for the next season,
with Ivory Coast’s production anticipated to recover to two million tons
for the harvest season starting in October.

 

 

 

Wheat

Wheat is a staple commodity heavily influenced by climate fluctuations and geopolitical crises.
With rising tensions in key production regions and changing weather patterns,
wheat production faces substantial challenges.
This results in price volatility, making wheat a commodity to closely monitor during the current week.

 

 

 

 

 

 

 

 

Silver

Silver has played a significant role in supporting the commodities market during the first half of 2024.
The Bloomberg Spot Commodity Index, which tracks a basket of 24 futures contracts,
rose by 5.7% during this period thanks to consecutive increases over two quarterly periods.
Although this rise is much lower than the gains achieved by the index at the beginning of the COVID-19 pandemic,
silver’s performance shows improvement compared to most quarterly periods over the past two years.

 

 

Coffee

Coffee markets have seen notable support during the first half of the year,
contributing to the overall strengthening of the commodities market.
With increasing global demand for coffee, particularly in emerging markets,
price movements and production forecasts in key coffee-producing regions like Brazil
and Colombia are under close scrutiny.

 

 

Conclusion

Financial markets are in a state of anticipation, focusing on essential commodities significantly
impacted by climatic and economic factors.
From oil to coffee, investors and analysts are closely tracking price movements
and future projections for these commodities,
given their profound impact on the global economy and market trends.
As climate changes and geopolitical events continue,
these commodities remain at the center of attention in the financial markets this week.

 

 

 

 

Top Commodities to Watch This Week in Financial Markets

 

Trading Contracts in Saudi Arabia

Trading Contracts in Saudi Arabia

Trading Contracts for Difference (CFD) is a type of financial instrument that allows investors to benefit from changes in the prices
of underlying assets without the need to own the actual asset.
Underlying assets for CFDs can include stocks, foreign currencies, indices, commodities, and bonds.

 

Topic

Features of Trading in Saudi Arabia

Opportunities

Risks

 

 

 

 

Features of Trading in Saudi Arabia

Determining the features of trading contracts in Saudi Arabia depends on the regulatory framework and local laws. In Saudi Arabia, there are transformations and developments in the financial markets sector, encouraging the expansion of trading services. Here are some potential features of trading contracts in Saudi Arabia:

  • Regulation and Oversight:
    • There may be local regulatory bodies overseeing the stock market, establishing laws and regulations related to contract trading. Regulation aims to ensure market transparency and protect investors.
  • Wide Range of Assets:
    • Trading platforms in Saudi Arabia may offer a diverse range of assets tradable through CFDs, such as stocks, foreign currencies, indices, and commodities.
  • Leverage:
    • Trading platforms in Saudi Arabia may provide investors with the ability to use leverage, allowing them to trade with larger amounts than their initial capital.
  • Advanced Technology:
    • Trading platforms in Saudi Arabia may rely on advanced technology and secure systems to facilitate smooth trading, ensuring information and funds are secure.
  • Analysis and News Services:
    • Saudi Arabian trading platforms might offer analytical services and financial news to assist in making informed trading decisions.
  • Opportunities for Local Investors:
    • There could be opportunities for local investors in the domestic financial market, promoting national participation in trading operations.
  • Compliance with Islamic Standards:
    • Trading platforms in Saudi Arabia may adhere to Islamic finance principles, providing trading services that align with Islamic Sharia.

 

 

 

 

 

Opportunities

Trading Contracts for Difference (CFD) provides a wide range of opportunities in various financial markets. Here are some available opportunities for CFD trading:

Stocks:

  • Trade on the stocks of large and small companies through CFDs, benefiting from price movements in the stock market.

Foreign Exchange (Forex):

  • CFD trading on currency pairs allows investors to benefit from fluctuations in global currency prices.

Indices:

  • Trade on global market indices, such as stock or commodity indices, and benefit from overall market movements.

Commodities:

  • CFDs allow trading in commodities such as gold, silver, oil, and natural gas, enabling investors to diversify their portfolios.

Bonds:

  • Trade CFDs related to government or corporate bonds, allowing investors to benefit from changes in interest rates.

Real Estate CFDs:

  • In some markets, you can also trade CFDs on real estate or real estate indices.

Digital Currencies (Cryptocurrencies):

  • Some brokers provide CFDs on digital currencies like Bitcoin, Ethereum, and others, allowing investors to benefit from the volatility of the digital currency market.

Investors should be familiar with the markets they wish to trade in, conduct thorough research, and manage risks carefully before engaging in any type of trading. It is also advisable to seek independent financial advice to ensure informed decision-making and understanding of all relevant financial and legal aspects.

 

 

 

 

 

Risks

Despite the numerous opportunities, trading Contracts for Difference (CFD) is associated with challenges and risks that need to be considered before engaging in this type of trading. Here are some common challenges and risks:

High Leverage:

  • The use of high leverage can increase profits but also amplifies risks. Poorly managed leverage can lead to significant losses.

Market Volatility:

  • Market fluctuations can be unexpected and strong, negatively impacting investors who do not manage their risks effectively.

Trading Fees:

  • Trading fees and margin costs can accumulate quickly, affecting net profits.

Non-ownership of the Asset:

  • As investors do not own the actual asset, unexpected impacts may occur when closing positions, especially in market gaps.

Impact of News and Economic Events:

  • Negative news or significant economic events can have a substantial impact on markets, leading to sharp price changes.

Lack of Voting Rights:

  • Due to not owning the actual asset, investors may lose voting rights in companies when trading their stocks.

 

To minimize risks, investors should develop strong trading strategies, exercise caution, and manage risks carefully.
It is also advisable to seek independent financial advice before starting CFD trading.

 

 

Trading Contracts in Saudi Arabia

Bitcoin continues its strong rally

Bitcoin continues its strong rally

The price of Bitcoin rose above $58,000 during Wednesday’s trading, approaching its all-time high.

 

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Details

 

 

 

 

Details

The value of the digital currency has now surged by up to 12% on a weekly basis and 38% so far this year,
largely fueled by the excitement generated by a series of exchange-traded funds (ETFs) in the Bitcoin market that began trading in January.

 

Bitcoin surpassed the $57,000 level during yesterday’s trading and reached its highest point since November 2021.
There is now speculation about whether the price will be able to break its all-time high recorded at $68,789.
This surge comes six months before the collapse experienced by digital currency prices in 2022.

 

Since the beginning of the year, Ethereum, the second-largest cryptocurrency, has outperformed Bitcoin by over 10%.
The overall market capitalization of all cryptocurrencies has risen by nearly 30% to around $2.15 trillion.

 

Bitcoin is actively traded in Bitcoin exchange-traded funds launched in January,
providing ordinary investors with a wide opportunity to invest in digital assets.
These funds recorded net inflows of over $6 billion until Tuesday.

 

Bitcoin’s trading volume in this quarter has surpassed levels seen in the previous three months of 2023,
leading to significant increases in the stocks of major cryptocurrency trading companies.

 

 

Bitcoin continues its strong rally

 

Euro continues its gains from last week

Euro continues its gains from last week:

The Euro witnessed an increase in the European market on Monday against a basket of global currencies,
extending its gains for the fifth consecutive day against the US Dollar.

 

Topic

Euro

New Zealand

Bitcoin

gold

 

 

 

 

Euro

The Euro recorded its lowest level in two weeks, amid fading concerns about the widening gap in interest rates between Europe and the United States. Some officials at the European Central Bank expressed comments reducing the likelihood of an early reduction in European interest rates, awaiting more evidence about the future monetary policy in the Eurozone.

 

 

 

New Zealand

New Zealand inflation remains high with interest rates unchanged:

Adrian Orr, Governor of the Reserve Bank of New Zealand, stated in his testimony on Monday before the Finance and Expenditure Committee that the inflation rate remains excessively high. Consequently, the Reserve Bank of New Zealand decided to maintain the interest rate at 5.5%. Regarding economic growth in New Zealand, Orr noted a growth rate of 5.6% in the third quarter of 2023 but expressed concerns about a rapid increase in population amid a slowdown in the residential construction sector. Additionally, Orr expressed cautiousness in maintaining a tight monetary policy to address the current inflation rate of 4.7%, exceeding the country’s target range of 1-3%.

 

 

 

 

 

 

Bitcoin

Bitcoin and other digital currencies on the rise this week:

it prices saw an increase exceeding 12% during the current week, now trading at $48,000 per coin, approaching a trillion-dollar market value. Bitcoin’s market capitalization is nearing the trillion-dollar threshold, while the overall cryptocurrency market capitalization records a 1.8% increase, reaching $1.8 trillion. This period witnesses bullish dominance in cryptocurrency trading, with the greed and fear index reaching 67, indicating strong demand in the current market. The strongest surge for Bitcoin was recorded on Friday after data revealed that Bitcoin trading funds achieved their third-best performance in the market, leading asset managers to buy over 9,000 bitcoins.

 

 

 

gold

Global gold prices stabilize:

Gold prices remained stable in Monday’s trading, as markets were quiet due to investors anticipating statements from several Federal Reserve officials in a data-packed week. Market participants are focused on the release of US Consumer Price Index data on Tuesday, Retail Sales data on Thursday, and Producer Price Index data on Friday. At the same time, they await statements from seven Federal Reserve officials during this week. Several members of the Fed, including Jerome Powell, stated last week that they want to see more evidence of continued inflation decline before making a decision to lower interest rates.

 

 

Euro continues its gains from last week

Bitcoin Exchange-Traded Funds

Bitcoin Exchange-Traded Funds: A New Gateway for Institutions to the Crypto Market

The anticipated launch of Bitcoin exchange-traded funds (ETFs) in the United States is expected
to open the door for institutions to enter the crypto market,
potentially leading to significant growth in the sector.

 

Topic

Details

Analysis

Conclusion

 

 

 

 

Details

 

There are several reasons why institutions are interested in investing in Bitcoin.
First, many institutions believe that Bitcoin is a promising asset class with significant growth potential.
Second, investing in Bitcoin can help institutions diversify their investment portfolios.
Third, investing in Bitcoin can help institutions attract new customers.

 

Bitcoin ETFs offer several advantages that appeal to institutions, including:

 

Transparency: Bitcoin ETFs are subject to the same regulatory rules as traditional investment funds,
which provides institutions with greater transparency and governance.

Liquidity: Bitcoin ETFs trade on exchanges, which provides institutions with greater liquidity for entering and exiting investments.

Cost-effectiveness: Bitcoin ETFs are more cost-effective than traditional investment funds,
making them more attractive to institutions.

 

 

 

 

 

 

Analysis

 

The launch of Bitcoin ETFs is expected to lead to significant growth in the crypto market.
It is expected that institutions will invest billions of dollars in these funds,
which will lead to increased demand for Bitcoin and rising prices.

 

In addition, the launch of Bitcoin ETFs is expected to increase liquidity in the crypto market,
making it easier for investors to buy and sell.
It will also increase transparency in the market, making it more attractive to investors.

 

Conclusion

 

The launch of Bitcoin ETFs marks a watershed moment in the development of the crypto market.
It is expected to lead to a significant increase in investment in this asset class,
which could lead to fundamental changes in the market.

 

 

 

Bitcoin Exchange-Traded Funds

Blockchain’s Impact on the Global Economy

Blockchain’s Impact on the Global Economy and the Green Revolution

The global economic landscape is undergoing a profound transformation,
with the rise of blockchain technologies at the forefront.
This article delves into the potential impact of blockchain on the global economy,
focusing specifically on its role in shaping the green economy.

 

 

Topic

The Information Unveiled

Abdullah Al Zahiri’s Insights

Conclusion

 

 

 

 

 

 

The Information Unveiled

Blockchain’s Contribution to GDP

According to a Price Waterhouse Coopers (PwC) report, blockchain is poised to make a substantial contribution, reaching 1.4% of the global Gross Domestic Product (GDP) by 2030. The Research and Markets Foundation projects exponential growth in digital assets, estimating a staggering eight billion dollars by 2028.

 

Huda Alkhasimi’s Perspective

Huda Alkhasimi, founder of Emaratsec and a key figure in the World Economic Forum’s Future Council for the Global Economy, emphasizes the profound significance of blockchain in the green economy. Its transparency and transaction tracking capabilities offer a powerful tool against greenwashing, a critical aspect of environmental sustainability.

 

Challenges in the Emergence

While the potential is immense, challenges in blockchain’s nascent stages are acknowledged. Technical malfunctions and malicious attacks pose hurdles, given the decentralized nature of data stored across thousands of devices.

 

 

 

 

 

 

 

 

Abdullah Al Zahiri’s Insights

A cybersecurity and blockchain expert, Abdullah Al Zahiri, stresses the need for innovative thinking to overcome challenges. Adapting solutions that align with environmental targets becomes paramount to ensuring the responsible integration of blockchain technologies.

 

Environmental Impact Study by Emaratsec Institute

In collaboration with the World Economic Forum, the Emaratsec Institute conducted a study addressing the absence of a standardized methodology for quantifying the carbon footprint of blockchain. The focus is on mitigating environmental factors arising from the data processing and settlement aspects of blockchain technologies.

 

Blockchain’s Journey to Environmental Stewardship

Blockchain’s trajectory is not without obstacles, but its potential to foster a green economy is undeniable. The transparency it brings to transactions and ongoing efforts to address environmental concerns position blockchain as a key player in shaping a sustainable future.

 

 

 

 

 

 

Conclusion

In conclusion, the potential impact of blockchain technologies on the global economy, especially in the context of the green economy, is a narrative of promise and challenges. As we navigate this transformative journey, one thing is certain: blockchain is poised to play a pivotal role in shaping a sustainable and technologically advanced future.

 

Blockchain’s Impact on the Global Economy