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Cyprus Stock Exchange Records Significant Increase By 12.87% In May

by THEFUTURE.TEAM

A significant increase of 12.87% was recorded in the Cyprus Stock Exchange (CSE) during May, mainly driven by the rise in financial companies, which accounted for 77.54% of the monthly trading volume.

The weight of Bank of Cyprus and Hellenic Bank stocks was particularly notable.

According to a monthly review issued by CSE in the latest trading session of May 2024, the financial markets experienced a significant surge, with the General Index reaching 163.35 points, marking a notable 12.87% increase from the previous month. This upswing was accompanied by a substantial rise in the total value of shares traded, which increased by 51.28% compared to the preceding month.

However, despite the increase the highest level that the General Index reached for the month was 166,62 points. The other Market Indices reached the following levels: Main Market reached 127.47, Alternative Market 1,314.80, and Investment Companies 1.916,24 points. On a sectoral level, the Hotels Index reached 923.57 points. The FTSE/CySE20 reached 99.30 points. The market capitalisation of shares reached € 4.62 billion. According to this month’s results, the Main Market accounted for 21.28% of the total market capitalisation, the Alternative Market 6.23%, the Surveillance Market 0.49% and the Bond Market 72.01%.

Moreover, the total market capitalisation including the Bond Market reached € 16.52 billion compared to € 15.91 billion the previous month, registering an increase of 3.81%. The total value of transactions during the month in review reached € 17.41 million, with an average of € 0.92 million per trading session.

The Financials sector contributed 77.54% to the total value traded which was the highest among all other sectors. Investors primarily focused their interest on the shares of “Bank of Cyprus Holdings Plc” and also on shares of “Hellenic Bank Public Company Ltd” with 42.53% and 29.09% of the total value respectively.

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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