Day: April 3, 2024

Bethlehem – Ma’an – This morning (Wednesday), the euro crossed the barrier of four shekels (4.02) with the value of the shekel declining by about three-quarters of a percent. The dollar also rose by about 0.8 percent and exceeded the barrier of 3.73 shekels.

Yedioth Ahronoth newspaper reported that if security instability continues, forecasters expect another increase in foreign exchange rates later this month. This increase may result in the fifth consecutive rise in fuel prices at the beginning of May.

She added that it is doubtful whether the Bank of Israel will be able to reduce the interest rate in the economy by a quarter of a percent next Monday.

Source: Maan News Agency

Bethlehem – Together – Cryptocurrency markets, led by Bitcoin, lived during the first quarter of 2024, one of the best performing quarters since its launch in 2008, driven by the restoration of confidence in the crypto market globally.

At the end of 2023, the price of a Bitcoin unit reached approximately 42 thousand dollars, but by the end of the first quarter of 2024, the unit price rose to settle at approximately 72 thousand dollars per unit, an increase of 71.5 percent.

The price of 72 thousand dollars is the highest historical peak for a Bitcoin unit, surpassing the peak recorded in November 2021 of 68.7 thousand US dollars, according to historical data for the currency.

This rise comes with approvals for the introduction of cryptocurrency trading funds in the American market, and the reorganization of the market, through the arrests of platform heads such as Sam Bankman Fried, founder of the FTX platform, and the closure of platforms accused of corruption.

The global cryptocurrency market rose 61.21
percent to $2.66 trillion in the first quarter of 2024, an increase not recorded in any of the global investment sectors (gold, financial markets, currencies, direct investment).

Also, the trading volume of cryptocurrencies increased by 36.01 percent from $47.76 billion on January 1, 2024, to $64.96 billion on March 31.

Bitcoin, the largest cryptocurrency by market capitalization, continued to show its upward trajectory in performance and growth, and became the eighth most valuable asset in the world in terms of market capitalization of $1.414 trillion.

On March 14, 2024, Bitcoin reached a new all-time high, closing at $73,097; Its dominance rose from 51.88 percent at the end of 2023 to 53.65 percent on March 31, of the total market value of cryptocurrencies.

Also, the number of Bitcoin owners increased, more than any new entrants to various investment sectors, as the number of owners increased 1.1 percent from 52.61 million to 53.21 million.

A Bitcoin halving occurs when the Bitcoin mining reward is div
ided in half. It takes about four years for the blockchain network to open an additional 210,000 blocks, which is the standard set by the blockchain creators to continuously reduce the rate of submission of cryptocurrency to be offered to markets for the purpose of sale.

The Bitcoin halving is expected to occur by the end of April, when the rewards for cryptocurrency miners will halve from 6.25 BTC to 3.125 BTC.

As of the end of last March, about 19.65 million Bitcoins had been traded, and only about 1.35 million units remained to be issued through miner rewards.

The halving leads to reducing the rate of creation of new currencies, and thus reducing the amount of new supply available, and this leads to prices rising to new levels, which is what cryptocurrency market analysts expect.

The final halving is expected to occur in 2040, when the number of Bitcoins in circulation reaches the theoretical maximum supply of 21 million.

Bitcoin mining is the process through which people use computers or mining devic
es to participate in the Bitcoin blockchain network as transaction processors and validators, to issue and sell the currency.

The Bitcoin halving aims to counter any inflationary effects on it by reducing the reward amount and maintaining scarcity. However, this inflation ‘protection’ mechanism does not protect Bitcoin users from the inflationary effects of the fiat currency into which they must be converted.

Source: Maan News Agency

Rabat – The Head of Government Aziz Akhannouch chaired, on Wednesday in Rabat, the second meeting of the National Commission for Digital Development.

At the meeting, Minister Delegate in charge of Digital Transition and Administrative Reform, Ghita Mezzour, gave a presentation on “the general guidelines of digital development – Morocco digital 2030”, following meetings held with members of the commission to gather their proposals and opinions in order to contribute to enriching the national strategy for digital development, according to a press release from the Head of Government’s department.

This strategy aims to enable citizens to benefit equally from digital services, by ensuring that best practices are anchored and that public administration is supported in its digital transition, the same source stressed, adding that it also aims to establish the Kingdom as a producer of digital solutions, to create employment opportunities by attracting investment, and to support young talent in the digital field.

I
n this sense, Akhannouch affirmed that the government is betting on reinforcing the digitalization of the Public Administration and on the development of the digital economy, in line with the High Royal Directives and in accordance with the governmental program’s commitments.

He emphasized the government’s commitment to implementing the digital transition in the best possible way, given its important role in improving the quality of public services, wealth creation and economic development.

The meeting was an opportunity to reiterate the two fundamental axes of the “general guidelines of digital development – Morocco digital 2030”, notably the digitization of public services, which aims to accelerate the digitization of public services while ensuring their quality, through a methodology centered around the user, whether citizen or company.

It also aims to inject a new dynamic into the digital economy, with a view to developing Moroccan digital solutions and creating value and jobs. This pillar focuses on t
hree main areas: developing the offshoring sector, building an ecosystem dedicated to developing businesses, and supporting the digitalization of small and medium-sized enterprises.

The second meeting was attended by members of the government and the commission, as well as representatives of the public and private sectors, professional bodies and experts.

Source: Agence Marocaine De Presse

Casablanca – The Casablanca Stock Exchange opened higher on Wednesday, with its main index, the MASI, gaining 0.19% to 13,077.85 points.

The previous day, the MASI had closed with a gain of 0.35%.

Source: Agence Marocaine De Presse

Casablanca – The Casablanca Stock Exchange opened higher on Wednesday, with its main index, the MASI, gaining 0.19% to 13,077.85 points.

The previous day, the MASI had closed with a gain of 0.35%.

Source: Agence Marocaine De Presse