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New record of arrivals from France likely, says Deputy Tourism Minister

Cyprus may break its record for tourist arrivals from France this year, according to Deputy Minister of Tourism Kostas Koumis.

Speaking during a series of meetings in the French capital, Koumis, who is leading Cyprus’ delegation at the 2024 IFTM tourism exhibition, expressed optimism that arrivals from France could surpass last year’s figure of 80,000 visitors.

According to a press release by the Deputy Ministry of Tourism, Koumis had discussions with senior officials from tourism organisations and airlines operating between France and Cyprus. The focus of the talks included the continued growth of the French market in Cyprus, which is expected to set new records this year, as well as visitor satisfaction and efforts by the ministry to promote niche tourism. 

At the IFTM exhibition, the Cyprus delegation hosted a breakfast featuring traditional Cypriot cuisine, in line with the “Cyprus Breakfast” initiative. Notable guests included Valerie Boned, President of the French Association of Travel Agents, and Lawrence Gaborieau, Director of the IFTM exhibition. The annual event is one of the largest and oldest professional tourism exhibitions in the world, attracting thousands of industry professionals.

The French market has seen a significant 25% increase in tourist arrivals to Cyprus from January to August 2024 compared to the previous year, and an impressive 217% rise compared to the same period in 2019.

Koumis highlighted that the French market had been slow to grow in Cyprus due to several factors, most notably the preference of French tourists for French-speaking destinations. However, he pointed out that in recent years, there has been a notable surge in French arrivals, with this year expected to set a new record.

“We must conduct a thorough analysis of the profile of the French visitor,” Koumis said, adding that recent surveys show French travelers are particularly conscious of environmental issues and green development. “They assess destinations based on sustainable practices, which is why green transition efforts are essential for the future of tourism.”

Koumis further emphasised the importance of continuing to attract French tourists in the coming year, building on this year’s high performance while considering evolving trends in visitor preferences.

“About 50% of French tourists prioritise sun and sea destinations, but we are also seeing a growing interest in lesser-known locations, which is a dynamic trend that extends beyond France,” he said.

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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