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New Record In Passenger Traffic

Cyprus has achieved a remarkable milestone in its aviation sector, with a record-breaking 6.6 million passengers travelling to and from the island between January and July 2024. This unprecedented surge in passenger traffic underscores the island’s growing appeal as a tourist destination and a critical hub in the Eastern Mediterranean.

Hermes Airports, the operator of Larnaka and Paphos airports, reported that passenger numbers have significantly rebounded, even surpassing pre-pandemic levels. The June 2023 figures alone showed a 105% increase compared to the same period in 2022. This surge reflects not only a recovery from the pandemic’s impact but also the effectiveness of Cyprus’s strategic efforts to enhance its connectivity and tourism appeal. With over 55 airlines operating 156 routes to 38 countries, Cyprus has firmly positioned itself as a key player in regional travel.

July witnessed a further rise, with 1.5 million passengers recorded, marginally above the July 2022 figures. This growth trend is expected to continue in August, traditionally the peak travel month, which could see passenger traffic exceed 1.5 million. The anticipated figures for August indicate a strong finish for the summer season, reinforcing Cyprus’s position as a favoured destination.

Despite the year’s challenging start, marked by external factors such as geopolitical tensions and global economic uncertainties, the resilience of Cyprus’s tourism and aviation sectors is commendable. Maria Kouroupi, Hermes Airports’ Director of Aviation Development, highlighted the concerted efforts to stabilise and grow the sector, aiming to make 2024 a landmark year for Cyprus tourism.

For businesses and investors, these numbers signal robust growth potential in Cyprus’s tourism and related sectors. The increasing passenger traffic not only boosts the local economy but also opens up new opportunities for investment in infrastructure, services, and hospitality industries.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

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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