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July 19th - A study released on the 18th by the Italian Confederation of Business, Tourism and Services Businesses indicates that with increasingly frequent extreme weather events, prolonged heatwaves could cause Italy economic losses of €6 billion to €12 billion (approximately RMB 46.5 billion to 93 billion) annually. The report points out that if Italy experiences 30 to 60 days of extreme heat each year, businesses will face multiple pressures, including rising energy costs, decreased labor productivity, forced increases in adaptive investments, and reduced turnover. High temperatures will also alter consumer and tourism habits, further impacting the commerce and tourism sectors.On July 19th, local time, on the evening of July 18th, Iranian Supreme Leader Mojtaba Khamenei stated that the United States repeated violations of the Islamabad Memorandum of Understanding (Iran-US Memorandum of Understanding) once again proved that the signature of the US president was "worthless and invalid." In a statement, Khamenei emphasized that the US actions exposed "bullying, power politics, and barbarity" as integral parts of American behavior and style. He stated that the US "has once again revealed its true and undisguised face. This dark experience filled with evil and treachery has once again become irrefutable evidence of the USs hypocrisy, unreasonableness, breach of trust, and despicable nature. Iran and the resistance have left the US with unforgettable lessons."The UK Maritime Trade Operations Office has received a report of an incident involving a merchant vessel and military forces approximately 100 nautical miles east of Duqm, Oman. The report indicates that the tanker was affected by ongoing military activity in the area.July 19 - The Kuwaiti Fire Department reported that several Kuwaiti firefighters were injured in multiple fires sparked by Iranian attacks. Firefighters brought under control of two fires that broke out this afternoon local time, triggered by the Iranian attacks. In one of the affected areas, several firefighters and an oil industry worker were injured. The area was attacked again during the firefighting operation. Firefighters also extinguished three other fires caused by shrapnel falling into residential areas; these fires did not result in any injuries.Advisor to the Ukrainian Interior Minister: The attacks in Ukraine have reduced Russias oil refining capacity.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.