← Go back May 05, 2023
Bitcoin and the wider crypto markets pushed higher Thursday as investors reacted to the latest signs of stress in the regional US banking sector and digested the Federal Reserve’s monetary policy decision. The largest digital currency rose as much as 2,6 percent on Thursday and was trading at US$29 100 as of 6:05 a.m. in London. Smaller tokens including Ether, Cardano and Solana made gains too. Bitcoin has periodically poked above the US$30 000 level over the past three weeks only to slip back, after a 76 percent jump this year. PacWest Bancorp is the latest locus of concern about US regional banks after the collapse of three rival California-based lenders. Crypto proponents argue that eroding confidence in fiat currency is bolstering the case for Bitcoin. Investors also strengthened bets on Fed interest-rate cuts later this year after Chair Jerome Powell hinted that the central bank’s latest hike could be the last. Tighter credit conditions and risks such as the struggling commercial real estate sector are stoking expectations of economic turbulence. “We expect to see significantly more volatility in the months ahead, especially if there are any further aftershocks in US regional banking or concerns around the state of commercial property loans,” said Tommy Honan, head of market analysis at crypto exchange Swyftx. Bitcoin has partially rebounded in 2023 from last year’s crypto rout, which sparked blowups including that of the FTX exchange and triggered a US regulatory crackdown. But the revival has sputtered near the US$30 000 level. Business Reporter Diamond production at RZM Murowa, an associate of diversified miner RioZim Limited, increased by 3 percent in 2022 to 426 000 carats, compared to the same period last year, spurred by operational efficiencies. Since 2020, RZM Murowa has invested in modernising its operations, which has increased production of diamonds produced and improved efficiency […] Oliver Kazunga Senior Business Reporter ZIMBABWE and rest of Africa need to increase the pace of their industrialisation in order to fully exploit the vast raw materials on the continent and export value added goods, a Cabinet Minister has said. In an interview with Zimbabwe Television Network (ZTN), Industry and Commerce Minister Dr Sekai Nzenza […] Tapiwanashe Mangwrio Senior Business Reporter Zimbabwe Stock Exchange (ZSE) listed construction products manufacturer Turnall Holdings intends to float a rights issue to raise an undisclosed amount of funding to expand capacity. The company revealed the plans in a statement to shareholders saying “The directors of Turnall Holdings Limited (the Company) wish to advise all shareholders and […]
Read more: herald_zw
