Issue link: https://maltatoday.uberflip.com/i/1495508
23.3.2023 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES GO 10 27.80 1 2.780 2.780 2.780 2.780 0.000 HSB 1,000 740.00 1 0.740 0.740 0.740 0.740 0.000 MIA 150 840.00 1 5.600 5.600 5.600 5.600 -0.050 PG 290 603.20 1 2.080 2.080 2.080 2.080 0.000 CORPORATE STOCKS G32GA 147,600 155,108.40 6 105.120 105.000 105.000 105.120 0.120 CORPORATE BONDS AX26A 3,000 2,565.30 1 85.510 85.510 85.510 85.510 -9.490 BV30B 11,100 9,990.00 1 90.000 90.000 90.000 90.000 -2.000 DF26A 15,000 14,999.00 2 100.000 99.990 99.990 100.000 0.050 GH27A 25,000 24,375.00 2 97.500 97.500 97.500 97.500 0.000 HF27A 7,100 6,851.50 2 96.500 96.500 96.500 96.500 -1.350 HF28A 4,300 3,810.23 1 88.610 88.610 88.610 88.610 -7.390 HP25A 15,200 15,184.80 2 99.900 99.900 99.900 99.900 0.050 IB32A 15,000 14,895.00 2 99.900 99.000 99.000 99.900 0.900 IH25A 3,000 3,030.00 1 101.000 101.000 101.000 101.000 -1.000 IH26B 4,100 4,017.59 1 97.990 97.990 97.990 97.990 -0.010 MO31A 5,000 4,711.50 2 94.250 94.000 94.000 94.250 0.250 26A 15,000 14,400.00 1 96.000 96.000 96.000 96.000 -0.500 MY32A 4,600 4,473.50 1 97.250 97.250 97.250 97.250 0.000 PC26A 5,000 4,779.30 2 95.600 95.500 95.600 95.500 -2.000 SD27A 18,000 17,280.00 2 96.000 96.000 96.000 96.000 0.000 SF27A 13,400 12,745.00 4 96.000 92.500 96.000 92.500 2.490 ST27A 19,000 18,675.00 4 99.500 97.500 97.500 99.500 2.000 TG26A 5,600 5,488.00 1 98.000 98.000 98.000 98.000 0.000 TI27A 5,000 4,550.00 1 91.000 91.000 91.000 91.000 -8.000 Malta Stock Exchange Regulated Main Market Trading Date: 22 Mar 2023 Bitcoin's latest surge – What's driving the rally? AT the start of the year, bitcoin was struggling after a tumultuous 2022 that saw plummeting cryp- to prices and corporate scandals. However, less than three months later, bitcoin has regained its footing and was recently trading near its highest in nine months. e surge in bitcoin's value is due in part to expectations of central bank rate hikes nearing their peak. According to six in- vestors and analysts from both crypto and traditional finance, this scenario is likely to buoy risk-on assets such as bitcoin. Noelle Acheson, an economist who has tracked the crypto sec- tor for seven years, believes that "the macro narrative is the num- ber one" factor driving bitcoin's recent gains. "Bitcoin is not just a risk asset, it is arguably the most sensitive to monetary liquidity out of all of the risk assets," she said. ere are other factors at play as well. Turmoil in the banking sector and the ongoing hope that bitcoin will become widely used as a form of payment are contrib- uting to the cryptocurrency's re- surgence. Over the past few weeks, bit- coin has seen remarkable gains, including closing its best week in four years on Sunday and in- creasing by 45% in just 12 days. Additionally, claims that bitcoin is an asset immune to risks in traditional finance have gained traction as the collapse of U.S. lenders Silicon Valley Bank and Signature Bank triggered the takeover of Credit Suisse by rival UBS. Usman Ahmad, CEO of Zodia Markets, the crypto exchange of the venture arm of Standard Chartered and Hong Kong cryp- to firm BC Technology Group, cautions that it is "rather nar- row-minded to say that bitcoin is going to succeed because a bank failed," but he acknowledges that confidence in the banking system has been damaged. While driving bitcoin's gains are its core user base of retail inves- tors, institutional investors such as pension funds remain wary of the unstable and mostly unreg- ulated cryptocurrency, accord- ing to analysts. As such, bitcoin investment products, favoured by larger investors, saw outflows of $113 million last week, ac- cording to digital asset manager CoinShares, which attributed the moves to a scramble for liquidity during the banking sector's cha- os. So the takeaway is that the latest surge in bitcoin's value is attributed to multiple fac- tors, including expectations of central bank rate hikes nearing their peak, turmoil in the bank- ing sector, and the ongoing hope that bitcoin will become wide- ly used as a form of payment. However, while retail investors are driving the rally, institution- al investors remain sceptical of the cryptocurrency's long-term potential.