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Tourism In Cyprus: Modest Growth Amidst Stable Markets

by THEFUTURE.TEAM

Cyprus experienced a slight increase in tourist arrivals for May 2024, according to recent data from CySTAT. The island welcomed 421,400 tourists, a 0.3% rise compared to May 2023. The United Kingdom remained the largest source of visitors, accounting for 39.8% of total arrivals, followed by Israel, Poland, Germany, and Sweden. While arrivals from Israel and Sweden decreased, those from the UK, Germany, and Poland saw modest gains.

From January to May 2024, tourist arrivals totalled 1,170,214, up 1.2% from the same period last year. This indicates a steady but modest growth trajectory for the Cypriot tourism sector.

Additionally, outbound travel by Cypriot residents saw a significant increase of 13.8% in May 2024, with Greece, the UK, and Italy being the most popular destinations.

These figures suggest a stabilisation of the tourism industry in Cyprus, reflecting both resilience and the potential for further growth. The government’s efforts to attract tourists from diverse markets and enhance travel infrastructure are likely contributing factors to this trend. As Cyprus continues to navigate the post-pandemic landscape, these incremental increases highlight the island’s enduring appeal as a tourist destination.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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