The Weekly Bull - December 20, 2019
The Numbers Game
PSX Overview
The KSE 100 rally finally came to an end in the previous week. The market started to decline after rallying till mid-week, with value and trading volumes reaching as high as 41,768 and PKR 253M respectively. At the time of writing, the KSE 100 stands at 40,655 whereas current trading volumes are at PKR 169M.
Till now the index has recovered 11,985 points from its recent lows of 28,670 points recorded in August 2019. Most investors anticipate economic unrest that comes as a consequence of General Pervaiz Musharraf’s death sentence issued by the Supreme Court of Pakistan. Other reasons for the sharp decline in KSE 100 include a price hike by OGRA.
Crypto Overview
The crypto market starts to recover after reaching a weekly low of $175bn in terms of global market cap. At the time of writing, the global market cap, and trading volumes stand at $190bn and $78bn respectively which is still lower than the values at the start of the week.
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The News
OGRA approves a 214% hike in gas prices for domestic consumers. Business Recorder.
Former military dictator Musharraf handed a death sentence in a high treason case. BBC News.
Ethereum’s Fundamental Strength Takes a Hit as PlusToken Scammers Continue Dumping. NewsBTC.
Largest South Korean Telecom Company Issues Blockchain-Based Local Currency in Busan. DONGA.
As Bakkt Bitcoin Futures Hit ATH, BTC Jumped 11%. Coincidence?. NewsBTC.
FireBlocks, a Fidelity-Backed Startup, get certified secure by Ernst & Young. CoinTelegraph.
CipherTrace and ATII partner up to fight global human trafficking via crypto analytics. CoinTelegraph.
Iranian President Hassan Rouhani proposes crypto-based solutions to Muslim countries in order to cut their reliance on the U.S. dollar. AP.
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Regulatory Updates
The French financial markets regulator, the Autorité des Marchés Financiers (AMF), has made its first initial coin offering (ICO) approval. While token sales remain legal as a fundraising option in France, only those that have been approved by the AMF may be marketed directly to the public. Reuters.
ECB Report Explores Anonymity in Central Bank Digital Currencies. News.Bitcoin.
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The Street
Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches. News.Bitcoin.