عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Bitcoin, Ether Hit multi-month Lows as Recession Worries Take Hold

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)
A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)
TT
TT

Bitcoin, Ether Hit multi-month Lows as Recession Worries Take Hold

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)
A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)

Bitcoin and ether plunged on Monday to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.
Crypto markets have gotten a boost this year after the US Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.
More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear a US recession could be on the horizon, with rising geopolitical worries also weighing. It has lost over a third of its value since hitting a record high in March.
"It's a big reminder that bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum," said Tony Sycamore, market analyst at IG.
Bitcoin fell 13% from its close on Sunday to $51,560, heading for its largest one-day fall since November 2022 and its lowest since February. Ether slid 17% to its lowest since mid-January at $2,277.
Sycamore said bitcoin was testing trend channel support at the $54,000/$53,000 area and needed to hold there to "prevent further capitulation towards $48,000."
Shares in crypto-related US stocks listed in Frankfurt fell heavily in early trading on Monday, with Coinbase down over 18%, while those in miners Riot Platforms and Marathon Digital were down 17.7% and 20%, respectively.

Most Viewed

 
 
Business

Saudi PIF, Italy’s SACE Sign $3 Bn MoU

The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
TT
TT

Saudi PIF, Italy’s SACE Sign $3 Bn MoU

The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)

Saudi Arabia’s Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy’s Ministry of Economy and Finance, have signed a memorandum of understanding (MoU) aimed at strengthening their bilateral partnership.

Under the agreement, PIF and SACE will collaborate on information-sharing and business expertise, with a particular focus on strategic sectors.

The MoU also includes a provision for SACE to consider offering up to an additional $3 billion in financing support for projects led by PIF and its portfolio companies.
The signing builds on an existing relationship between PIF and SACE, which has already facilitated financing exceeding $3 billion for PIF portfolio companies, with participation from several leading financial institutions.

As a key driver of Saudi Arabia’s Vision 2030 and a leading global investor, PIF is focused on diversifying and transforming the Saudi economy by developing new sectors, businesses, and job opportunities.

This latest agreement aligns with PIF’s ongoing strategy to expand financial collaborations, enhance global cooperation, and foster long-term international partnerships.

The MoU is part of PIF’s broader approach to maintaining strong relationships with international financial institutions while diversifying its financing instruments.

Rasees Al Saud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, highlighted the significance of the partnership: “The MoU represents another landmark in PIF’s strategy to enhance its strategic partnerships with leading international financial institutions and export credit agencies.”

“It will unlock opportunities for both Italian and Saudi companies to collaborate and exchange business knowledge, in line with our commitment to driving impactful and transformative investments globally and in Saudi Arabia,” said Al Saud.

CEO of SACE Alessandra Ricci emphasized the benefits for Italian companies: “We are proud to collaborate with a distinguished institution like PIF.”

“This partnership will facilitate Italian exports and strengthen trade and investment ties between our two countries,” noted Ricci.

“The memorandum opens significant opportunities for Italian companies, especially SMEs, enabling them to become key suppliers and participate in projects sponsored by PIF and its portfolio companies, all in alignment with Saudi Vision 2030,” she explained.

PIF currently holds an Aa3 rating from Moody’s (stable outlook) and an A+ rating from Fitch (stable outlook), reinforcing its financial stability and global credibility.