News in Brief
Investment opportunities expo to be held in September
Iran’s Investment Opportunities Exhibition will be held in Tehran on September 26-28.
A sum of 80 countries will participate in the exhibition, said Deputy Head of the Trade Promotion Organization of Iran (TPOI) Mahmoud Bazari, as reported by Tasnim News Agency.
In the exhibition, a new model of Iran’s foreign trade and investment will be introduced to foreign investors.
Investors from neighboring states, China, Russia, India, Southeast Asian nations, African and Latin American countries, Spain and Italy will take part in the event.
Bitcoin tumbles below $50,000 for the first time since February
The price of bitcoin sank more than 15% on Monday to $50,193.00, according to Coin Metrics, and is on pace for its worst day since June 2022. At one point, it fell to $49,111.10, its lowest level since Feb. 13. Bitcoin has lost nearly 15% since Saturday. A week ago, on July 20, it climbed as high as $69,982, CNBC reported.
“Thirty percent slumps, as scary as they are, are par for the course during bull markets and it’s encouraging bitcoin bounced back above $50,000,” said Nexo co-founder Antoni Trenchev. “But make no mistake, we are in a choppy, volatile market environment … the moment to turn bullish will be when bitcoin retakes its 200-day moving average, which typically tells us if we are in a bull or bear market, at $61,500.”
Ether losses were even steeper. The crypto asset dropped almost 19% to $2,211.83, bringing its three-day loss to 24% and erasing its 2024 gain.
Crypto stocks were among the hardest hit. Coinbase took a 19% dip, while MicroStrategy slid 26%. Mining stocks suffered double-digit losses, too.
The moves follow a broader market sell-off that began last week, when a weaker-than-anticipated July jobs report renewed investor fears of a recession. The tech-heavy Nasdaq Composite entered a correction. Japan stocks entered a bear market Monday after plunging more than 12% overnight, its worst one-day sell-off since 1987.