Business
Bitcoin posts its first weekly decline since Trump’s victory
Bitcoin marked its first weekly decline since Donald Trump’s election victory as the Federal Reserve’s cautious policy outlook tempered optimism over the president-elect’s embrace of the crypto sector.
The largest digital asset was down more than 7% for the seven-day period through 9:27am Monday in Singapore, the biggest such drop since September. A wider crypto market gauge, encompassing smaller tokens such as Ether and meme-crowd favorite Dogecoin, suffered a sharper decline of about 10%.
The Fed on Wednesday delivered a third straight interest-rate cut while signaling a slower pace of monetary easing next year to keep inflation in check, sending global stocks into a tailspin. The hawkish pivot also damped the speculative spirits unleashed in the crypto market by Trump’s pledge of friendly regulations and his backing for a national Bitcoin stockpile. A record outflow from US exchange traded funds investing directly in Bitcoin last week will weigh on prices in the near term, said Sean McNulty, director of trading at liquidity provider Arbelos Markets.
“We should hold the $90,000 level for Bitcoin into the year end, but if we break below that could trigger further liquidations,” McNulty said adding that “meaningful downside hedging” was seen in the options market last week with large buyers for January, February and March puts in $75,000 to $80,000 strikes.
The original cryptocurrency changed hands at about $94,344, nearly $14,000 below the record high set on December 17. The token is up nearly 37% since the presidential election on November 5.
Choppy price action near term ahead of a “bullish trajectory” into the first quarter of 2025 is still the “most likely scenario,” David Lawant, head of research at crypto prime broker FalconX, wrote in a note.
Lawant said a “low-liquidity environment may bring more volatility as we enter into the final days of the year, especially because on December 27 crypto is likely going to see the biggest options expiry event of its history.”
All eyes are on whether leveraged Bitcoin proxy MicroStrategy Inc, the former dot-com-era software maker, continues its weekly buys of the largest cryptocurrency into US Monday and hits the next price trigger, traders said.
Business
Essar’s EET Fuels secures $350 million fresh funding
NEW DELHI: EET Fuels, the trading name of Essar Oil (UK, has secured fresh round of funding of $350 million through a combination of a new bank financing and upsizing of existing trade credit, the company said on Tuesday.
The new facilities secured consists of a $150 million facility with African Export-Import Bank (Afreximbank), the Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
Upsizing of the previously reported $300 million trade credit financing facility with an international oil company to $500 million is the second component of the latest funding round, the company said.
This follows the announcement in October 2024 of $650 million in financing facilities, including a new receivable facility with ABN AMRO Bank and the extension of the pre-existing facility.
EET plans to become the leading low carbon-process refinery by reducing carbon emission by 95% and developing Stanlow as an energy transition hub. The latter includes industrial carbon capture, low carbon hydrogen production and Europe’s first hydrogen-fuelled combined heat and power plant.
Business
Adani Group stocks rise as Adani Power surges over 19%
NEW DELHI: Adani Group stocks saw a significant uptick on Tuesday, with Adani Power rising 19.29%, recovering from a decline the previous day. Other stocks in the group also posted gains, including Adani Green Energy, which increased by 14.54%, Adani Energy Solutions (14.38%), Adani Total Gas (13%), and NDTV (12.50%) on the Bombay Stock Exchange (BSE).
Shares of Adani Enterprises grew by 8.91%, Adani Ports rose by 6%, Ambuja Cements climbed 4.79%, ACC gained 4.50%, Sanghi Industries was up 4.22%, and Adani Wilmar increased by 3%.
All Adani Group stocks had closed lower in Monday’s trade, following a weak trend in equities.
Meanwhile, the benchmark indices Sensex and Nifty also rebounded on Tuesday after several days of decline. The BSE Sensex rose by 505.6 points to 76,835.61, while the NSE Nifty gained 179 points to reach 23,264.95.
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