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
Indian Railways plans centrally heated sleeper train, special Vande Bharat chair car for Kashmir – check features
Indian Railways eyes two special trains for Jammu & Kashmir! Indian Railways plans to introduce two new train services to enhance Kashmir connectivity in the coming month.
A centrally heated sleeper train will operate between New Delhi and Srinagar, offering a 13-hour journey through snow-covered mountains and across the 359-m-high Chenab Bridge, which is the world’s highest railway arch bridge. The train will provide premium comfort but will not include second-class sleeper coaches, sources told ET.
Previously it was being speculated that the Vande Bharat sleeper would debut on the Kashmir route, but that doesn’t appear to be the case now.
Vande Bharat for Katra-Baramulla Route in Jammu & Kashmir
- For the Katra-Baramulla route, an eight-coach Vande Bharat train with chair car seating will be introduced, a senior railway official told the financial daily.
- The
Vande Bharat Express for Jammu & Kashmir also incorporates specialised features including silicon heating pads for water tanks to prevent freezing, and toilets with warm air circulation through specially designed ducts. - In a first for Indian Railways, the loco pilots’ front glass contains embedded heating elements to prevent frost formation in sub-zero temperatures.
- The service will reduce the 246-km Katra-Baramulla journey time to three-and-a-half hours, significantly faster than the current 10-hour bus journey. Baramulla railway station lies 57 km beyond Srinagar.
Jammu & Kashmir Train Connectivity
Katra, which serves as the entry point to the Mata Vaishno Devi shrine and attracts numerous pilgrims, currently has a 16-coach Vande Bharat Express connection to New Delhi operating six days weekly.
The railway official said, “Once the Katra-Baramulla Vande Bharat becomes operational, likely by late next month, passengers will be able to seamlessly journey from New Delhi to Katra in our existing Vande Bharat and then transfer to the new service to reach Srinagar or Baramulla.”
Business
Adani spreads wings in aviation, to acquire leading MRO Air Works
NEW DELHI: The Adani Group, that operates airports in seven cities including Mumbai and is building a greenfield one at Navi Mumbai, is expanding its presence in the aviation space. It is acquiring India’s biggest private sector MRI (maintenance, repair & overhaul) player Air Works for an enterprise value of Rs 400 crore.
Adani Defence Systems & Technologies Ltd (ADSTL) has signed a SPA to acquire 85.8% shareholding in Air Works, which does line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics and asset management services for its Indian and global customers.
Air Works does base maintenance for narrowbody, turboprop and rotary aircraft at its facilities in Hosur, Mumbai and Kochi and has regulatory approvals from civil aviation authorities of over 20 countries. It also handles defence MRO.
Adani Airports director Jeet Adani said: “The Indian aviation industry stands at a transformative juncture, now the third largest globally and on track to induct over 1,500 aircraft in the coming years. This growth aligns seamlessly with Govt’s vision to connect every corner of our nation, creating unprecedented opportunities in aviation services. For us, creating a presence in the MRO sector is more than just a strategic step — it’s a commitment to building an integrated aviation services ecosystem that strengthens the backbone of India’s aviation infrastructure. Together, we are excited to play a pivotal role in shaping the future of India’s skies,” said
Adani Defence & Aerospace CEO Ashish Rajvanshi said: “This acquisition represents a pivotal step in Adani Defence & Aerospace’s mission to strengthen India’s MRO capabilities. Our vision is to deliver a full-spectrum MRO offering — spanning line, base, component, and engine maintenance — to meet the needs of both commercial and defence aviation sectors. In a time when
aatmanirbharta
in defence is a national imperative, we stand fully committed to scaling domestic capabilities to serve both our armed forces and the broader aviation sector.”
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