Cryptocurrency prices continue to decline as Bitcoin hash rate jumps

Cryptocurrency prices continue to decline as Bitcoin hash rate jumps
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Updated 22 August 2021

Cryptocurrency prices continue to decline as Bitcoin hash rate jumps

Cryptocurrency prices continue to decline as Bitcoin hash rate jumps
  • While the price of Bitcoin has surged 53% over the past month, hash power that secures the network has increased by 110%

RIYADH: While the cryptocurrency continues to decline, Bitcoin hash rate has jumped to a higher level than last month.

Bitcoin, the leading cryptocurrency, traded lower on Sunday, falling by 1.19 percent to $48,534.81 at 5:51 p.m. Riyadh time while Ether, the second most-traded cryptocurrency, traded at $3,196.33, down by 1.55 percent, according to data from Coindesk.

The 30-day stats show that the Bitcoin hash rate has jumped much higher since the Bitcoin price surged over the past month. While the price of Bitcoin has surged 53 percent over the past month, the hash power that secures the network has increased by 110 percent.

Meanwhile, the mandatory filing with the Securities and Exchange Commission (SEC) shows that Blackrock, the world's largest asset manager with $9 trillion in assets, has acquired significant stakes in two miners, 6.71 percent in Marathon Digital Holdings and 6.61 percent in Riot Blockchain.

The statement comes after Fidelity Group recently revealed that it has acquired similarly large stakes in bitcoin miners. The PA-based Vanguard Group of Valley Forge is also currently the largest shareholder in Marathon Digital and Riot Blockchain with BlackRock in the lead after the latest deposit was revealed, Forbes reported.

European derivatives exchange Eurex, owned by Deutsche Boerse, has said it will launch bitcoin to establish Europe’s first regulated bitcoin-linked derivatives market, Eurex reports.

The contracts will be launched on Sept. 13 and will be based on the BTCetc Bitcoin Exchange listed on the Frankfurt Crypto Exchange with the symbol BTCE. According to the company, BTCE has been one of the most-traded contracts on Xetra since its launch in June 2020, CoinDesk reported

The derivative will also allow access to the bitcoin price in a centralized and regulated liquidation trading environment. “There is significant demand from institutional investors to gain bitcoin exposure in a secure and regulated environment,” said Randolf Roth, a member of Eurex’s executive board.

The regulatory filing said the $164 million Neuberger Berman Commodity Fund may invest up to 5 percent of bitcoin assets in bitcoin futures and ETFs.

The fund received initial approval. While some ETFs are now whitelisted for the fund, they are still unable to invest directly in digital assets, likely due to regulatory concerns. It is also seriously looking forward to crypto investments if it is not already involved in its green-lighted products, CoinDesk reported

AdvisorShares, an investment management firm that offers a range of themed ETFs, has also submitted an application to the SEC for a Bitcoin Futures Exchange Traded Fund (ETF). The AdvisorShares Managed Bitcoin ETF will invest “all or most of its assets in exchange-traded bitcoin futures” and collateral, according to the filing.

About 85,000 merchants in Switzerland can now offer customers the option to pay with cryptocurrency after a collaboration between Bitcoin Suisse and Worldline as the two companies officially launched the new service after a pilot program. ‫ 

“This move proves once again that Switzerland is a pioneer in collaborative innovation and a leader in the crypto and blockchain industry,” Bitcoin News quoted Mark Schlub, CEO of Worldline Switzerland, as saying.


Ryanair not sure it will hit 12.5% 2030 sustainable fuel target

Ryanair not sure it will hit 12.5% 2030 sustainable fuel target
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Updated 15 sec ago

Ryanair not sure it will hit 12.5% 2030 sustainable fuel target

Ryanair not sure it will hit 12.5% 2030 sustainable fuel target
  • O'Leary said he was concerned that increasing use of sustainable aviation fuels could have an upward impact on food prices

Ryanair is not sure it will reach its "very ambitious target" of powering 12.5 percent of its flights with sustainable aviation fuels by 2030, Group Chief Executive Michael O'Leary told CNBC television on Thursday.


But he said Ryanair, Europe's largest low-cost airline, was confident of reaching at least 10 percent and called for the European Union to set a similar target.


"The European Union has set a target of 5 percent of sustainable aviation fuel by 2030," O'Leary told the television station. "We think we can do better than that – I think we'll get to 10 percent."


"Whether we can get to 12.5 percent, I'm not sure, but I know if we don't invest in the research and that technology now, we certainly won't get there," O'Leary said, referring to a target Ryanair set in April.


O'Leary said he was concerned that increasing use of sustainable aviation fuels could have an upward impact on food prices.


FII is now a US-registered international organization: CEO

FII is now a US-registered international organization: CEO
Updated 16 min 38 sec ago

FII is now a US-registered international organization: CEO

FII is now a US-registered international organization: CEO

The head of the Future Investment Initiative Institute (FII) has said that the nonprofit foundation is now an international organization which is registered in the United States.

Speaking in a press conference in Riyadh today, Richard Attias added there are plans to build offices in Asia soon.

The chief executive officer pointed out that to build credibility, the organization must have sponsors. While they are a part of the organization now, he remarked that it was not easy to attract the likes of HSBC and Zoom.

The FII's chief operating officer Rakan Tarabzoni also said the foundation is now independent from the PIF and is focusing on promoting thinking and investments in startups among other areas.


Egypt's non-oil exports rose to $2.56 billion in September

Egypt's non-oil exports rose to $2.56 billion in September
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Updated 33 min 40 sec ago

Egypt's non-oil exports rose to $2.56 billion in September

Egypt's non-oil exports rose to $2.56 billion in September
  • This reflects the efforts made by the government to support the production and export sectors during the pandemic

Egypt's non-oil exports saw a significant annual increase during September, recording a 16 percent rise as it reached $2.56 billion compared to $2.12 billion in September 2020.

Nevin Gamea, the Egyptian Minister of Trade and Industry, said the country's imports witnessed a noticeable decline of 7 percent during the month of September, reaching $4.9 billion, compared to $5.29 billion in the same month of last year. 

This contributed to a 24 percent decrease in the trade balance deficit as it stood at $2.3 billion last month, compared to $3.8 billion during September the year prior. 

Gamea explained the positive developments achieved during September come as a continuation of the expanding Egyptian merchandise exports since the beginning of this year — growing by 25 percent during the first nine months of 2021 compared to the same period last year. 

This reflects the efforts made by the government to support the production and export sectors during the pandemic, which contributed to the preservation of the export markets.

She pointed out that Egyptian exports to the European Union increased to $739 million in September, compared to $463 million during the same period last year.

Exports to the United States experienced a 52 percent rise to reach $205 million, compared to $135 million during the same period last year. Exports to African countries — excluding Arab countries — rose by 31 percent as well.

Gamea noted that exports of the printing, packaging, paper, literary and artistic works sector and the engineering and electronic goods sector had the highest growth rates at 76 percent and 34 percent respectively when compared to the same period in 2020.

The markets that received the highest levels of Egyptian exports in September included the US, Saudi Arabia and Italy while imports to Egypt were largely from China, the US and Germany.


Kuwait has begun increasing oil production: KUNA

Kuwait has begun increasing oil production: KUNA
Updated 39 min 31 sec ago

Kuwait has begun increasing oil production: KUNA

Kuwait has begun increasing oil production: KUNA

 Kuwait has begun to increase its crude production in accordance with an agreement reached by the Organisation of Petroleum Exporting Countries and its allies, a group known as OPEC+, Oil Minister Mohammad al-Fares said on Thursday.


The minister, cited by the state news agency KUNA, said Kuwait's plans to increase output includes production from the shared zone with Saudi Arabia.

Separately the foreign minister added that the Arab League supports holding elections in Libya on time on December 24 and that all foreign forces should leave the country as stipulated by UN resolutions.


Egypt aims to boost renewable energies to over 42% by 2035: Electricity minister

Egypt aims to boost renewable energies to over 42% by 2035: Electricity minister
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Updated 54 min 5 sec ago

Egypt aims to boost renewable energies to over 42% by 2035: Electricity minister

Egypt aims to boost renewable energies to over 42% by 2035: Electricity minister
  • The minister indicated that Egypt is the largest holder of electrical capacities in the MENA region

Egypt will aim to increase the share of renewable energies to over 42 percent by 2035, after the country reached 2022’s target for boosting renewables to 20 percent early this year. 

The minister of electricity and renewable energy, Mohamed Shaker, noted that Egypt has allocated 7,650 square kilometres of unused lands to new and renewable energy projects, during a meeting with CEO of Lekela Power, Chris Antonopoulos. 

The minister indicated that Egypt is the largest holder of electrical capacities in the MENA region and has the capacity to produce up to 90 gigawatts of wind and solar capacity, citing Wind Atlas. 

The meeting was held to support and enhance cooperation between Egypt’s electricity sector and the company, which boasts high expertise in the field of wind energy power plants.