???? Bitcoin Avalanche: $9B Mt. Gox Payout Incoming!

Hala,

???? A heartwarming flight for 101-year-old Rachida Smati! Due to her age, she received a First-Class upgrade from Emirates, and the airline ensured she felt comfortable from the moment she arrived at the airport. ???? #FlyBetterIndeed

amana ’s Take:

Is $90/Barrel the Next Target for Crude Oil?

• Crude oil prices have surged to their highest in nearly two months, with Brent crude nearing $87 per barrel and WTI above $83 per barrel. This rise is driven by fears of Middle East violence and strong US demand expectations. Despite a 3.66 million bpd OPEC+ production cut extended to the end of 2025 and an additional 2.2 million bpd cut until September 2024, prices have not yet surpassed $90 per barrel. Saudi Arabia and Russia struggle with breakeven prices of $96.17 and $115 per barrel, respectively. Sentiment, rather than supply-demand fundamentals, drives current prices:
• Influenced by Hurricane Beryl and a forecasted 5.2% increase in July 4 travel.
• Stable inflation data supports higher oil prices, though further OPEC+ cuts could harm global economic recovery and impact the US 2024 presidential election, where low oil prices benefit President Biden.

Stock Market Update

???? US stocks ended in the green on Monday as Wall Street aimed to keep the first half of 2024's fireworks blazing. The Dow added 0.13% to 39,169.52, the S&P 500 gained 0.27% to 5,475.09, and the Nasdaq 100 rose 0.66% to 19,812.22.(2) Wall Street isn't ready to dim the lights just yet! ????

↗??? Similarly, most Middle East stocks saw modest gains driven by concerns over summer fuel demand and OPEC+ cuts. Abu Dhabi and Dubai both rose 0.1%.(3) ???

???? Bitcoin Avalanche Alert!

The Bitcoin avalanche is coming! Mt. Gox, the once-mighty Tokyo-based Bitcoin exchange that went belly up a decade ago, is about to release a whopping $9 billion worth of tokens back into the market.(4) This massive payout to thousands of users comes after a decade-long legal and financial rollercoaster that left the crypto world shaken and stirred. ????

?? Key Points from the Avalanche:

• Heist History: Exchange hacked in 2014, losing up to 950,000 Bitcoins. ????
• Avalanche of Tokens: Roughly $9 billion worth of Bitcoin set for disbursement. ??
• Market Impact:Bitcoin price dipped to $59,000 in the second-worst decline of the year. ??
• Disbursement Timeline: Payments begin early July to around 20,000 creditors. ??
• Mix of Assets: Payouts in Bitcoin and bitcoin cash. ????

????? Investors Brace for Impact

As the $9 billion Bitcoin avalanche approaches, investors are on high alert. The Mt. Gox trustee announced that creditors will start receiving their tokens in early July. This flood of roughly 141,000 bitcoins, about 0.7% of the total Bitcoins in circulation, has analysts buzzing with predictions. Many expect a wave of sales as investors look to lock in gains from their newfound windfall, potentially pushing Bitcoin prices further down. ????

Closer to Home?

• ?? Saudi Arabia strikes gold in oil and gas with seven new discoveries, including two unconventional oil fields, a light Arabian oil reservoir, and two natural gas reservoirs uncovered by Saudi Aramco.(5) How cool! ??
• ?? Egypt gears up to relaunch its IPO program in 2025, eyeing the sale of stakes in 32 companies and banks across 18 sectors, having already previously banked $3.1 billion from the initiative.(6) Seems like another IPO wave is coming! ??
• ?? Meanwhile, Presight, a regional AI leader, partners with US-based Wand AI to spearhead large-scale deployment of generative AI technology and strengthen the UAE's standing in the global AI arena.(7) ??

What Else Is Trending

• ??? Oil prices rose on Monday due to summer demand hopes and concerns about Mideast conflicts affecting global oil supply. Brent settled at $86.60, up 1.9%, while WTI rose to $83.38, up 2.3%.(8) ?
• ?? Lastly, gold prices held steady as slowing inflation strengthened expectations for Fed rate cuts. Spot gold gained 0.1%, shimmering at $2,327.12 per ounce.(9) ?

?? Quote of the Day

“Many will clearly cash out and enjoy the fact that having their assets stuck in the Mt. Gox bankruptcy was the best investment they ever made.” — John Glover, chief investment officer of crypto lending firm Ledn

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Sources:-?(1) Khaleej Times, (2) (4) CNBC, (3) (5) (6) (7) (9) Zawya, (8) Reuters