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"In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward," Silvergate Capital, the holding company for Silvergate Bank, said Wednesday. But the combination of the Federal Reserve's aggressive interest-rate hikes and FTX's collapse in November cast a shadow over its future. Last week, Exness strategist Wael Makarem warned of the potential fallout for the crypto market and industry. "As a result, the market could be exposed to new price corrections while investors could be concerned about a potential impact on other market players," he said. Read more: Troubled crypto bank Silvergate sees regulators swoop in to try to help it stay afloat
The price of bitcoin hit a two-week low as the industry's crucial banking partner faces financial troubles. Silvergate has experienced a steep downtrend in deposits, along with a 95% plunge in share price over the past year. The price of bitcoin hit a two-week low early Friday and experienced its largest one-hour price drop since the blowup of bankrupt exchange FTX in November. Many large digital asset exchanges work with Silvergate for transactions between entities, and a dent in those relationships could impact industry liquidity. Silvergate was entangled in a number of ailing firms such as FTX, resulting in a massive decline in deposits at the bank amid broader crypto market contagion.
The rally came after key inflation data raised hopes for a more favorable macro environment ahead. "While it's too early to count [the] chickens, the price action since yesterday has been encouraging," a crypto executive told Insider. Early Thursday, Consumer Price Index (CPI) data for December indicated that inflation pressures eased again, giving Federal Reserve officials leeway to slowdown rate hikes. Favorable inflation data ought to boost token prices and could "help the market cement [its] current rebound," said Wael Makarem, Senior Market Strategist at financial services firm Exness. Crypto markets endured a lengthy bear market through 2022.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMiddle East market sentiment will be pulled down by rest of world in 2023, says strategistMiddle East governments have benefited from the higher energy prices that have caused damage elsewhere, but this is unlikely to be sustained through 2023, according to Wael Makarem, MENA senior market strategist at Exness.
Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.
Dec 29 (Reuters) - The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022. Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE). According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment. The kingdom's largest lender, Saudi National Bank (1180.SE), finished 1.2% higher. Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.
Most Gulf bourses fall after Fed warning
  + stars: | 2022-11-14 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million).
Saudi shares rise on upbeat economic data, Dubai stocks fall
  + stars: | 2022-10-31 | by ( ) www.reuters.com   time to read: +2 min
Oct 31 (Reuters) - Saudi Arabia shares rose on Monday helped by strong economic data and some upbeat corporate results, while the Dubai index fell ahead of the U.S. Federal Reserve meeting. The benchmark Saudi index (<.TASI>) inched up 0.3%, erasing previous session's losses. The index was lifted by a 2.8% rise in Saudi National Bank's (<1180.SE>) shares. Saudi oil giant Aramco rose 0.4%, extending gains. The Dubai market declined as investors worldwide remain cautious ahead of the Fed's interest rate decision, said Wael Makarem, senior market strategist, MENA at Exness.
Most Gulf markets retreat on falling oil prices
  + stars: | 2022-10-24 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +3 min
Oct 24 (Reuters) - Most stock markets in the Gulf fell on Monday with lower oil prices, although the Saudi index erased early losses to close higher. Crude prices, a key catalyst for Gulf markets, slid after Chinese data showed that demand from the world's largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption. In Abu Dhabi, the index (<.FTFADGI>) dropped 0.5% with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) down 0.6%. The Dubai stock market is seeing some volatility while global sentiment remains uncertain, said Wael Makarem, senior market strategist at Exness. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) gained 0.6%, led by a 2.5% rise in Commercial International Bank Egypt (<COMI.CA>).
In June, the American Heart Association added sleep duration to its cardiovascular health checklist, now called “Life’s Essential 8.” These science-based guidelines were created to help all Americans improve their heart health. Other research has also shown connections between short sleep and chronic diseases that could also hurt heart health. Those poor health behaviors also contribute to poor heart health. Poor sleep is also linked to a lower engagement in physical activity, Makarem said. So it is not a surprise that poor sleep would increase future heart disease risk,” Makarem added.
Gulf bourses track global shares, oil prices lower
  + stars: | 2022-10-10 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Oct 10 (Reuters) - Stock markets in the Gulf fell on Monday, tracking global shares and oil prices lower, with the Saudi index extending losses for a third session. Global shares dropped after Russian missiles pounded cities across Ukraine and as renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds. Register now for FREE unlimited access to Reuters.com RegisterThe negative performance came after a volatile week during which investors continued to contemplate global economic conditions, said Wael Makarem, senior market strategist at Exness. In Abu Dhabi the index (<.FTFADGI>) dropped 0.8%, with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) losing 1.2%. The listing is the latest in a string of IPOs in the Gulf that have defied wider market trends.
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