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Cyprus Leads EU GDP Growth With Highest Annual Increase In Q3 2024

by THEFUTURE.TEAM

In the third quarter of 2024, Cyprus achieved the highest annual GDP increase among EU member states, recording a notable 3.8% growth, along with the second-highest quarterly rise of 1.0%, according to Eurostat’s latest report. 

Across the EU, seasonally adjusted GDP grew by 0.3% during the same period, with the eurozone experiencing a slightly higher quarterly increase of 0.4%. This compares to Q2 growth rates of 0.3% in the EU and 0.2% in the eurozone. Year-over-year, GDP rose by 1.0% in the EU and 0.9% in the eurozone, reflecting steady progress. 

For context, the U.S. reported a 0.7% GDP increase in Q3 2024, consistent with its Q2 performance. On an annual basis, the U.S. economy grew by 2.7%, a slight slowdown from 3.0% in the previous quarter.

Employment in the EU and eurozone also edged up, with quarterly increases of 0.1% and 0.2% respectively, and annual gains of 0.8% in the EU and 1.0% in the eurozone, signalling continued, if modest, job growth. 

Cyprus’ exceptional GDP performance underscores its economic strength within the EU amid broader regional and global trends.

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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