Author: Steven Sahiounie

Some remain upbeat about the medium-term outlook for bitcoin and the broader market. Bitcoin gradually moved to just under $28,000 on Thursday as traders digested the quarter-point interest rate raise Wednesday by U.S. Federal Open Market Committee (FOMC), in line with expectations. The decision reinforced the Federal Reserve’s concerns that inflation remains problematic and strong commitment “to returning inflation to our 2% objective.” Bitcoin slid under $27,000 immediately after FOMC as traders took profits on a 20% gain over a seven-day rolling period. However, traders of bitcoin-tracked futures took on over $150 million in losses amid the volatility, with billions in open…

Prime Minister, Eng. Hussein Arnous discussed with the Ambassador of the People’s Republic of China in Damascus, Shi Hongwei, means of strengthening bilateral relations in different fields and mechanisms of upgrading the level of economic, political and strategic relations that bind Syria and China. Both sides discussed Thursday, the importance of Syria’s participation in the “Belt and Road Initiative”, as well as increasing trade exchange and activating cooperation between the business sectors in the two countries to establish joint investment projects. Arnous stressed the importance of opening broader prospects for bilateral cooperation in all fields to serve the interests of…

Iranian Foreign Ministry Spokesman Nasser Kanaani expressed his concern over the recent burning of an elderly Muslim man in Birmingham, England, as he left a mosque. Kanaani wrote in a tweet that this act is a result of “systematic Islamophobia in the West, which leads to widespread hatred and violence.” He called on the British government to investigate thoroughly and release the results of their investigation. “The act of burning an elderly Muslim man in public in the streets of Birmingham, England, while he was leaving the mosque, is horrifying and shocking. Systematic Islamophobia in the West results in widespread…

European stock markets were lower Thursday as investors digested the latest interest rate hikes by the U.S. Federal Reserve and the Bank of England. The pan-European Stoxx 600 was down 0.6% in afternoon trade, slightly trimming losses after the U.K. central bank announced its widely-expected 25 basis point increase. The blue chip index had been trading lower through the morning. The banking sector continued to lead losses, down 1.7%. Banks rallied on Tuesday and through much of Wednesday’s session before closing 0.2% lower. Construction stocks were down 1.4% and financial services dropped 0.9%, though tech stocks bucked the trend to…

Iranian Foreign Minister Hossein Amirabdollahian said the country is ready to contribute to the resolution of the Ukrainian crisis. Amirabdollahian and his Swiss counterpart Ignazio Cassis held talks on the phone over the most important bilateral, regional and international issues. He thanked the top Swiss diplomat for congratulating him on Nowruz and the beginning of the holy month of Ramadan. He pointed to the good and historical ties between the Islamic Republic of Iran and the Swiss Confederation, announcing Tehran’s readiness for holding a third session of the joint commission of the two countries. While appreciating Switzerland’s efforts as the…

Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve renders another interest rate decision, potentially breaking all-time highs — and staying there. “A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields,” said Tina Teng from financial services company CMC Markets. She expects gold will trade between $2,500 to $2,600 an ounce. Investors have been flocking to gold and Treasurys as bank stocks have been whacked by the shuttering of Silicon Valley Bank and Credit Suisse’s implosion. Gold is…

Bitcoin has rallied nearly 70% so far this year — and industry insiders who spoke to CNBC remain bullish, with one saying the world’s biggest cryptocurrency could reach new heights. Bitcoin previously hit its all-time high of $68,990.90 in November 2021. Since then it has fallen about 60%. Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin. “I think bitcoin probably breaks all-time highs this year,” Beard said, adding that the $100,000 price figure is an “interesting number.” Beard said that if bitcoin gets to its previous record high of near…

The Palestinian Health Ministry says the martyr was targeted by a bullet straight in the head, leading to a complete laceration of the skull. The Palestinian Ministry of Health on Thursday confirmed that 25-year-old Amir Imad Abu Khadijeh was shot dead this morning in an Israeli occupation forces raid in the village of Izbat Shoufa, southeast of the northern West Bank city of Tulkarm. The Ministry indicated that the martyr was brought to a hospital in Tulkarm after he was shot in the lower extremities and hit by a bullet in the head that led to a complete laceration of…

The Swiss National Bank raised its benchmark interest rate by 50 basis points Thursday, taking it to 1.5%. The rate is the fourth consecutive hike and the change in policy rate is in line with analyst expectations. The additional monetary tightening has been put in place to counter “the renewed increase in inflationary pressure,” the bank said in a press release. It also said further rises “cannot be ruled out … to ensure price stability over the medium term.” Average annual inflation will average 2.6% in 2023 and 2% in 2024 and 2025, according to a new forecast by the Swiss National Bank,…

The co-founder of Ethereum, Joseph Lubin, hit out at regulators likening the ether cryptocurrency to a security Wednesday, saying it was more akin to a commodity like oil. In an interview with CNBC’s Arjun Kharpal at the Paris Blockchain Week Thursday, Lubin said he was “very confident” ether was not a security. If it were treated as such, ether would need to be registered with regulators and subjected to much stricter requirements around pre-clearance and reporting. “Anyone can say anything, it doesn’t make it true,” Lubin told CNBC. The concerns that ether may be deemed a security stem from a lawsuit filed…