
Bitcoin falls 4% to $99,237
Bitcoin, the world's largest cryptocurrency by market value, was down by 4.13% at $99,237 at 10:52 a.m. ET (1452 GMT) on Sunday.
Pakistan allocates 2,000 MW to Bitcoin mining, AI data centers in bold digital economy push
Ether, the second-largest cryptocurrency, was down by around 8.52% at $2,199.

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Business Recorder
a day ago
- Business Recorder
Wall Street back at records, erasing losses from Trump tariff blitz
NEW YORK: Major US stock indices soared back into record territory Friday, rebounding from a market rout triggered by President Donald Trump's sweeping tariffs. The gains, which came as US and Chinese representatives confirmed progress towards a trade deal, restored both the broad-based S&P 500 and the tech-centered Nasdaq back into their heights from before Trump's 'Liberation Day' tariff announcements set off a wave of volatility in early April. Near 1505 GMT, the S&P 500 stood at 6,175.23, up 0.6 percent, an intraday record. The Nasdaq Composite Index climbed 0.5 percent to 20,266.10, also an intraday record, while the Dow Jones Industrial average gained 0.9 percent to 43,761.31. On Friday, China confirmed details of a framework agreement with the United States, saying Washington would lift 'restrictive measures' while Beijing would 'review and approve' items under export controls. The announcement follows earlier rounds of negotiations between the two sides in Geneva and London. Beijing had emerged as the White House's biggest target following Trump's early April announcement, which initially set Washington on course to radically scale back global trade. Trump has since suspended the most onerous elements of his trade overhaul, while still implementing the biggest US tariffs imposed in decades. US stocks rise after good Micron results Those tariffs have focused attention on the risk that US inflation could pick up again. The personal consumption expenditures price index climbed 2.3 percent last month from a year ago, according to data released Friday. This was in line with analyst expectations and a slight acceleration from April's 2.2 percent increase. Federal Reserve Chairman Jerome Powell has said the central bank can afford to monitor inflation before changing monetary policy, rebuffing Trump who has insistently called for interest rate cuts. Friday's inflation data 'was confusing, but it wasn't terrible,' said Kim Forrest of Bokeh Capital Partners, adding that the uptick in inflation will probably keep the Fed on its current course for now. 'I think the markets would like to see a cut, but they're happy with things the way they are,' Forrest said. Among the 11 sectors in the S&P 500, only energy was in the red early Friday, with the biggest gains coming in industrials, consumer discretionary and real estate. Nike was the biggest winner in the Dow, piling on more than 15 percent after reporting a big drop in earnings. But executives confirmed that the company had gotten through its roughest quarter following a rough patch in which it misread consumer appetite.


Business Recorder
a day ago
- Business Recorder
Safe-haven gold near a one-month low as global tensions ebb
Gold fell more than 1% to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited US inflation data for clues on the future trajectory of interest rates. Spot gold lost 1.4% to $3,282.68 per ounce by 1055 GMT, its lowest since late May. Prices have fallen by over 2% this week and more than $200 from a record high scaled in April. US gold futures fell 1.6% to $3,294.50. The Iran-Israel ceasefire, brokered earlier this week by US President Donald Trump, is holding for now. A White House official said on Thursday that the US has reached an agreement with China on how to expedite rare earths shipments to the US July 9 is the deadline for Trump's 'reciprocal' tariffs as nations rush to get an agreement. 'The loss of haven demand has meant that despite the latest leg down in the dollar, gold has not benefited from this at all,' said Fawad Razaqzada, market analyst at City Index and 'A bit of a pullback would not be too bad an outcome as that will allow long-term technical overbought conditions on higher time frames to work off, allowing the metal to shine again when macro conditions are more favourable once more.' The immediate focus is the US Personal Consumption Expenditure data, an inflation gauge, scheduled for release at 1230 GMT. Fed Bank of Richmond President Thomas Barkin said tariffs are very likely to push inflation up over the coming months. Gold slips on easing ME tensions, Fed rate cut uncertainty Despite its reputation as a hedge against inflation and uncertainty, zero-yield bullion loses appeal in a high interest rate environment. Spot silver fell 1.8% to $35.96. Platinum dropped 5.9% to $1,334.63, after hitting its highest since 2014. Palladium fell 1.2% to $1,117.96. The main reason for the price increase in platinum was likely to be the high discount to gold, which is apparently considered too expensive, said Commerzbank in a note.


Business Recorder
a day ago
- Business Recorder
Oil set for steepest weekly decline in two years as risk subsides
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