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Stocks in the Gulf dropped Sunday as investors responded to poor earnings and fresh economic pressure from the United States, according to data from Reuters. Every major Gulf index except Egypt closed in the red. Saudi Arabia and Qatar led the declines, while Egypt was the only one to show a gain. The sell-off was driven by a combination of disappointing quarterly numbers from top Gulf companies and a growing sense of uncertainty coming from Washington, as President Donald Trump rolled out a new collection of import tariffs. Trump, now back in the White House, signed an executive order Thursday that slaps tariffs between 10% and 41% on goods coming from countries that missed his August 1 trade deadline. The move hit investor confidence across the region. The timing clashed with weak job numbers from the U.S. and fed anxiety around the Federal Reserve’s next policy move. Together, they created the kind of toxic environment that leaves no room for market optimism. Saudi Aramco, SABIC, and Jabal Omar trigger sell-offs Saudi Arabia’s main index fell 0.8%, dragged down by a 1.2% loss in Saudi Aramco just days ahead of its earnings report due Tuesday. Aramco wasn’t alone. Jabal Omar Development, which runs hotels and property near Mecca’s Grand Mosque, dropped 5.4% after posting a second-quarter loss. The company blamed the hit on lower hotel revenue and a 106 million riyal property impairment charge that shrank gross profits. It didn’t stop there. Saudi Basic Industries Corp (SABIC), 70% owned by Aramco, reported its own Q2 loss and fell 1.2%. SABIC said the red ink was caused by 3.78 billion riyals in impairment and provisions tied to shutting down a cracker in the UK. That closure was part of a broader review of its operations aimed at cutting costs and staying profitable in a tougher environment. The biggest single hit came from Saudi Aramco Base Oil Co, which crashed 10%, its worst day since going public in December 2022. The loss came after the company reported an 18% drop in quarterly profits, leaving investors no room for second guesses. Tariffs reshape global business, Qatar index falls, Egypt rises Qatar’s index also fell 0.8%, led by a 1.8% decline in Qatar Islamic Bank. Traders showed no interest in holding positions with earnings falling short and no signal of relief from global conditions. Though Qatar hasn’t taken a direct hit from Trump’s tariffs yet, the region as a whole is responding to the shift in global trade policy. While the Gulf struggled, Egypt’s blue-chip index edged up 0.2%, thanks to a 3.2% rise in Eastern Company, the state-controlled tobacco producer. It was the only name in the region that gave investors something to hold onto as broader sentiment collapsed. Meanwhile, oil prices, which act as a pulse for Gulf markets, dropped by $2 per barrel on Friday. Investors pulled back after rumors spread of a production increase by OPEC and allies. Those rumors became fact Sunday when eight OPEC+ countries agreed to boost output in September by 548,000 barrels per day, Reuters reported during the meeting. As the U.S. tightens trade rules, companies are already adjusting. Hydro CFO Trond Olaf Christophersen told CNBC, “We are concerned about the competitiveness of aluminum compared to other materials.” He added that U.S. tariff costs are being passed on to customers, but the long-term issue is that “some customers in packaging are already testing steel and plastic alternatives.” Business leaders across sectors, from chocolate and telecom to banking and energy, are ripping up their playbooks. The old “just-in-time” model is out. Now it’s about making products closer to buyers, asking for tariff exemptions, and watching for changes in how people spend money. Tariffs are no longer side issues. They’re now a major part of how companies manage risk. And the Gulf, caught in the middle of earnings disappointments and global trade battles, is feeling the full weight of it. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
The Bitcoin community was thrown into confusion this weekend when the Lugano community in Switzerland woke up to find the Satoshi Nakamoto statue, a tribute to Bitcoin’s anonymous creator, gone from its spot at Parco Ciani. The statue was found in a nearby lake after the theft was first confirmed on August 3, 2025. The group behind the statue, Satoshigallery, had also launched a campaign to recover it on X, formerly Twitter. The Satoshi statue was cut off and removed from its staging platform. Source: Satoshigallery What happened to the Satoshi statue? The theft seemed to have been pointed out by @Grittoshi, a concerned Bitcoin fan who tagged several people on X and asked where the statue had gone. After the user called attention to its disappearance, Satoshigroup confirmed the theft via a post on X and offered anyone with information on its whereabouts 0.1 BTC, which is approximately worth $11,000 at current prices. “You can steal our symbol but you will never be able to steal our souls. Thank you all for the nice messages,” the group wrote before emphasizing its resolve to continue the project of installing Satoshi Nakamoto statues in 21 cities worldwide. No clear motives or suspects have been identified, and authorities did not release further details on the theft. In the meantime, Satoshigallery is encouraging public involvement. Shortly after the announcement of the bounty for the statue, @Grittoshi, the same one referenced by earlier reports as the person who reported the disappearance, shared a tweet explaining what he believes happened to the statue. “Ockham’s razor, my theory is as follow,” he wrote . “I was in the parc on August 1st at night. It was still there. Twas Swiss National day. Many youngsters went drunk on the open aur café just besdide the statue. On their way back home they just had “fun” with the statue (welded by only 2 points that still remain as you can see on my pics).” Grittoshi theorized that since there are cameras everywhere in the city, the kids must have thrown it inside the lake nearby before heading home. “No way, they could have carried it unnoticed in the city,” he concluded. “So my opinion: it is in the lake, just beside its previous location.” A couple of hours later, he shared pictures of the recovered statue, as well as a quote tweet tagging footage of its recovery. Update: it seems i was right about the turn of events pic.twitter.com/X6qNYDreBC — Gritto (@Grittoshi) August 3, 2025 Satoshi statues set to go up in 21 cities worldwide The statue was designed by Italian artist Valentina Picozzi and allegedly fashioned from 304 stainless steel and corten blocks. It was unveiled in October 2024 as part of Lugano’s push to become a global Bitcoin hub and was marketed as a tribute to Bitcoin’s anonymous creator, Satoshi Nakamoto. The third Statue of Satoshi Nakamoto was just unveiled in Tokyo! Here is the location 🇯🇵 Tokyo, Japan: https://t.co/Zn32sYZsCK Images create culture Culture shapes values Values influence the future We are all Satoshi! https://t.co/HcBAtmxSKL pic.twitter.com/2Rgw05OQjq — Satoshigallery (@satoshigallery) April 25, 2025 The statue’s concept, which features a disappearing effect that makes it disappear when viewed from the front or behind, is a nod to Nakamoto’s anonymity and reportedly took 18 months of research and three months to build. It was placed in front of Villa Ciani during the Plan B Forum, an annual blockchain event co-hosted by the city of Lugano and stablecoin issuer Tether. As it stands, Satoshigallery has put up the same statue in two other places across the world aside from Lugano. One is situated at Bitcoin Beach, El Salvador, while the other was just recently unveiled in Tokyo, Japan. Despite the disaster that met the one in Lugano, the group will continue putting up the statues until there are 21 of them scattered across the world. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
While XRP is under pressure right now, analysis shows that its spot price is expected to appreciate strongly in the coming months.
The Satoshi Nakamoto statue in Lugano has mysteriously disappeared. A reward of 0.1 BTC has been offered for information on the statue's location. Continue Reading: The Mysterious Disappearance of Lugano’s Iconic Satoshi Nakamoto Statue The post The Mysterious Disappearance of Lugano’s Iconic Satoshi Nakamoto Statue appeared first on COINTURK NEWS .
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DOGE bulls appear to be wide awake and active, and displaying a potential to skyrocket to never-before-seen levels in the near term.
A Goldman Sachs executive is warning that the US economy is losing momentum after a sharp downward revision in job creation over the past few months. On Friday, the Bureau of Labor Statistics (BLS) revised down the job growth figures for June from 147,000 to 14,000, a 90% drop. Figures for May were also revised down from 144,000 to 19,000, bringing the combined two-month downward revision to 258,000 jobs. In a new CNBC interview, Goldman Sachs chief economist Jan Hatzius says the jobs data suggest that the US economy is losing steam. “Weeks ago, we wrote a report with the title ‘Stall Speed.’ We have only a little more than 1% growth in GDP in the first half and with this jobs number, I think that brings the picture to clearly stall speed image. I’m looking at an economy that is still growing but is growing very slowly. And the unemployment rate is drifting higher, gradually. But I do think that the downside risks in the labor market…. are definitely there.” According to Hatzius, the Fed now has the green light to cut rates in the coming months to support the labor market. “I think it makes it even more likely that they’re going to cut in September. We have had a series of 25 basis point cuts in September, October, December and to me that seems very likely. And it could be more. It’s certainly a reasonable idea that we’re in the restrictive territory, but this sort of data suggests that maybe we should get back to neutral a little bit more quickly. We have that happening over a longer period of time, but you could accelerate the process.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post US Economy at ‘Stall Speed,’ Warns Goldman Sachs As Labor Department Slashes June Jobs Growth by 90% appeared first on The Daily Hodl .
Ethereum (ETH) has made a massive upward correction this month after failing to hold above the $3,000 price mark for most of the first quarter of 2025.
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