Trump's win jolts crypto fortunes

Your daily dose of financial news

November 18, 2024

Good Evening 👋 

It's Brian from The Kenyan Wall Street. 

On our top stories today :

▶️ Bitcoin, Ethereum, Dogecoin prices soar after Donald Trump's win.

▶️ Kenya's poverty rate nearly 40% - KNBS figures

▶️ We explain how the Ethiopian Birr slashed Safcom's net profits

🪙 Crypto Surges as Gold Edges Downwards after Trump’s Win

Ever since Republican candidate for the US Elections - Donald Trump - won the polls, the global markets have seen dramatic movements. Crypto is no exception, as our analysis suggests that major digital assets have gouged their value by double and triple digits.

🔺 Bitcoin - 30% surge

🔺Ethereum - 21.7% surge

🔺Dogecoin - 152% surge

🔺Solana - 36.4% surge

On the flip side, the strengthening greenback has plunged gold prices by 5%, silver plummeting by 2%. The dollar gained 21% against the DXY Index after Trump's win. The president-elect has pledged to maintain Bitcoin holdings in the US, affirming protections for investors in the asset. He also promised a Bitcoin federal reserve and support Bitcoin mining operations. Why did Trump, long-time skeptic of cryptos, become its ardent crusader?

📈 Kenya’s Poverty Rate Edges to 40% – KNBS

More than 20 million Kenyans are now living in poverty according the KNBS. Much of the poverty in urban areas is driven by diminishing incomes and unemployment. More rural dwellers had a higher poverty rate than urban dwellers. About 16 million Kenyans found it difficult to afford basic food, with rural dwellers recording higher rates of hunger. This is primarily because many of the counties in Kenya that registered higher food poverty rates were arid or semi-arid. These included Turkana, Mandera, and Samburu. KNBS also assessed various socio-economic factors that exacerbate poverty levels in Kenya. Read this article to see which ones they are…

💵 How the Ethiopian Birr’s Devaluation Ate into Safaricom’s Earnings

The largest Telco in Kenya witnessed a drop in profits in their half-year results. The 17.7% decline in net profits was as a result of Ethiopia's decision to float its exchange rate. This explainer article delves in the numbers, unfurls the telco's strategy in breaking barriers in the Ethiopian market. Read the explainer here…

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Economists Lobby for Shifts in Global Financial Systems to Address Africa's Needs

Economic governance experts have lobbied for changes to the global financial system to better address Africa's specific financial needs.

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Co-operative Bank Profits Increase by 4.4% to KSh 19.2 bn

The Co-operative Bank posted KSh 19.21 billion in the 3 months to September, a 4.4% uptick from KSh 18.4 billion

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Celebrating Nuru Mugambi: A Champion for Women in Finance Across Africa

Nuru Muthoni Mugambi (5th September 1977 - 12th November 2024): A leader and champion for women's empowerment in finance across Africa.

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Have a good evening 🙂