Day: November 30, 2021

Cryptocurrency products and funds posted record inflows in the first 11 months of the year, as institutional investors flocked into the space despite price declines in the last few weeks, data from digital asset manager CoinShares showed on Monday, APA reports quoting Reuters.

Total inflows into the sector were $9.5 billion as of Nov. 26, an all-time high. In 2020, total bitcoin inflows were $6.7 billion.

On the week, inflows reached $306 million.

Bitcoin saw its largest inflows in five weeks totaling $247 million, CoinShares data showed, following the launch of another investment product in Europe.

Invesco has launched a bitcoin exchange-traded product in Europe, media reports said. CoinDesk meanwhile reported that asset manager WisdomTree has listed a trio of crypto basket ETPs on Swiss stock exchange SIX and Frankfurt-based Börse Xetra.

The world’s largest cryptocurrency has seen inflows for 11 straight weeks with a total of $2.7 billion, CoinShares said.

Bitcoin’s inflows last week came as the price fell by 2.3%, after a 10.4% drop the previous week. On Friday, bitcoin sank nearly 9% as investors dumped the virtual currency amid fears of the impact of the new COVID-19 variant Omicron. It was last up 2% at $58,483.

“Inflation is skyrocketing and people are searching for more alternatives for their money in the bank,” said Ruud Feltkamp, chief of cloud-based automated crypto trading bot Cryptohopper.

“I don’t think it’ll take long until investors see this as a ‘cheap’ buying moment. We are still in the midst of the bull cycle, and I think rising inflation will lead to more money being allocated to stocks and crypto,” he added.

Ethereum-based products and funds, meanwhile, saw inflows for a fifth straight week, with $23 million.

In terms of inflows relative to assets under management, Polkadot and Solana continue to be the winners, with inflows representing 8.6% of AUM, or $11.5 million, and 5.9% or $14.6 million, respectively, last week.

CoinShares also announced that it has also been tracking blockchain equity ETPs, currently with an AUM of $3.7 billion. These ETPs posted inflows of $20 million last week, with a year-to-date total of $2 billion.

Source: Azeri-Press News Agency

Oil prices climbed on Tuesday, extending a rebound from last week’s plunge on growing expectations major producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron coronavirus variant, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures jumped 99 cents, or 1.4%, to $70.94 a barrel at 0105 GMT, adding to a 2.6% rise on Monday.

Brent crude futures climbed 82 cents, or 1.1%, to $74.26 a barrel, after gaining 1% on Monday.

Oil plunged around 12% on Friday along with other markets on fears the heavily mutated Omicron would spark fresh lockdowns and dent global growth.

Source: Azeri-Press News Agency

In January-October of the current year, Azerbaijan’s export made up USD 16,8 bln., and USD 2,1 bln. in the non-oil sector, APA-Economics reports citing Center for Economic Reform Analysis and Communication.

Export in the non-oil sector increased by USD 607,2 mln. or 42% in comparison to the relevant period of 2020.

Source: Azeri-Press News Agency

The price of Azeri Light (CIF) crude oil has increased on the world market, APA-Economics reports.

The price of a barrel of Azerbaijani oil has increased by USD 0,39 or 0,45% to stand at USD 86,17.

Source: Azeri-Press News Agency

13,4 bln. cubic metres of gas was delivered to Turkey via Trans Anatolian Pipeline (TANAP) from June 30, 2018, until November 26, 2021, Zaur Gahramanov, General Director of SOCAR Turkey, a subsidiary of SOCAR in Turkey said at the press conference held in Istanbul, APA-Economics reports.

According to him, from January 2021 up to November 26, 2021, 7,09 bln. cubic meters of gas was transported to Europe via TANAP.

Source: Azeri-Press News Agency

So far, SOCAR has invested more than $ 16,5 billion within projects implemented (including SOCAR Terminal, Petkim petrochemical complex, STAR Oil Refinery, and TANAP) in Turkey, said Zaur Gahramanov, General Director of SOCAR Turkey, a subsidiary company of SOCAR in Turkey at a press conference held in Istanbul, APA-Economics reports.

According to Zaur Gahramanov, $ 6.3 billion was invested in the construction of the STAR oil refinery and $ 600 million in storage capacity.

Source: Azeri-Press News Agency