Latest news with #LuisCosta
Yahoo
17-06-2025
- Business
- Yahoo
Ether Price Surges 4% as Markets Mostly Shrug Off Escalating Middle East Tensions
Ether (ETH) ETH traded firmly above $2,600 on Monday, up 3.71% over the last 24 hours, as global markets adopted a risk-on stance despite rising geopolitical tension in the Middle East. ETH hit an intraday high of $2,636.76 before settling around $2,614 during the early U.S. trading session. The move higher came as traditional markets showed surprising resilience in the face of conflict escalation. Per a report by CNBC, Israel's defense minister warned on Monday that Tehran would 'pay the price' after a renewed missile onslaught, marking the fourth straight day of heightened military activity. Yet global markets mostly absorbed the headlines: gold pulled back from near-record highs, Tel Aviv stocks rose, and European and U.S. equity futures opened in the green. Citigroup's Luis Costa attributed the calm to lingering hopes of a 'faster resolution' or limited retaliation. In the crypto market, risk sentiment returned in full force. All top 20 non-stablecoin cryptocurrencies were in the green on Monday, and ether was no exception. Its rally was underpinned by deepening institutional demand. According to CoinShares' latest 'Digital Asset Fund Flows Weekly Report,' Ethereum investment products saw $583 million in inflows last week — the highest since February. The report adds that ETH has now brought in $2 billion over the past nine weeks, equivalent to 14% of all assets under management in ether-linked funds. Futures markets also reflected growing investor engagement. CoinGlass data shows ETH open interest currently stands at 13.89 million ETH, or approximately $36.32 billion, reinforcing the sense that sophisticated players are positioning for continued upside. Technical Analysis Highlights ETH traded in a $126.66 range, rallying from $2,510.10 to $2,636.76 (+5.05% intraday), according to CoinDesk Research's technical analysis model. Price action broke through $2,550 resistance on strong volume and formed higher highs and higher lows. The 05:00 GMT candle showed volume exceeding 311,000 ETH, establishing a key support zone around $2,575. ETH pushed above $2,600 during three consecutive green hourly candles, suggesting sustained buying activity. A sharp drop occurred at 07:18 from $2,629.02 to $2,622.88 on heavy volume (>21,000 ETH), followed by immediate recovery. Final 30 minutes of the session showed consolidation between $2,627 and $2,630, with an ascending triangle structure taking shape. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
CNBC
16-06-2025
- Business
- CNBC
Israel vows Iran will 'pay the price' as attacks continue for a fourth day
Tehran will "pay the price" for its fresh missile onslaught against Israel, the Jewish state's defense minister warned Monday, as markets braced for a fourth day of ramped-up conflict between the regional powers. Fire exchanges have continued since Israel's Friday attack against Iran, with Iranian media reporting Tehran's latest strikes hit Tel Aviv, Jerusalem and Haifa, home to a major refinery. CNBC has reached out to operator Bazan for comment on the state of operations at the Haifa plant, amid reports of damage to Israel's energy infrastructure. Iran's Revolutionary Guard said overnight it deployed "innovative methods" that "disrupted the enemy's multi-layered defense systems, to the point that the Zionist air defense systems engaged in targeting each other," according to a statement obtained by NBC News. Israel has widely depended on its highly efficient Iron Dome missile defense system to fend off attacks throughout regional conflicts — but even it can be overwhelmed if a large number of projectiles are fired. The fresh hostilities are front-of-mind for investors, who have been weighing the odds of further escalation in the conflict and spillover into the broader oil-rich Middle East, amid concerns over crude supplies and the key shipping lane through the Strait of Hormuz connecting the Persian Gulf and the Gulf of Oman. Oil prices retained the gains of recent days and at 09:19 a.m. London time, Ice Brent futures with August delivery were trading at $73.81 per barrel, down 0.57% from the previous trading session. The Nymex WTI contract with July expiry was at $72.7 per barrel, 0.38% lower. Elsewhere, however, markets showed initial signs of shrugging off the latest hostilities early on Monday. Spot prices for key safe-haven asset gold retreated early morning, down 0.42% to $3,417.83 per ounce after nearly notching a two-year-high earlier in the session, with U.S. gold futures also down 0.65% to $ 3,430.5 Tel Aviv share indices pointed higher, with the blue-chip TA-35 up 0.99% and the wider TA-125 up 1.33%. European stock markets opened higher Monday, meanwhile, and U.S. stock futures were also in the green. Luis Costa, global head of EM sovereign credit at Citigroup Global Markets, signaled the muted reaction could be, in part, attributed to hopes of a brisk resolution to the conflict. "So markets are obviously, you know, bearing in mind all potential scenarios. There are obviously potentially very bad scenarios in this story," he told CNBC's "Europe Early Edition" on Monday. "But there is still a way out in terms of, you know, a faster resolution and bringing Iran to the table, or a short continuation here, of a very surgical and intense strike by the Israeli army." As of Monday morning, Israel's national emergency service Magen David Adom reported four dead and 87 injured following rocket strikes at four sites in "central Israel," reporting collapsed buildings, fire and people trapped under debris. Accusing Tehran of targeting civilians in Israel to prevent the Israel Defense Forces from "continuing the attack that is collapsing its capabilities," Israeli Defense Minister Israel Katz, a close longtime ally of Prime Minister Benjamin Netanyahu, said in a Google-translated social media update that "the residents of Tehran will pay the price, and soon." The IDF on Sunday said it had in turn "completed a wide-scale wave of strikes on numerous weapon production sites belonging to the Quds Force, the IRGC and the Iranian military, in Tehran." CNBC could not independently verify developments on the ground. The U.S.' response is now in focus, given its close support and arms provision to Israel, the unexpected cancellation of Washington's latest nuclear deal talks with Iran, and President Donald Trump's historically hard-hitting stance against Tehran during his first term. Trump, who has been pushing Iran for a deal over its nuclear program, has weighed in on the conflict, opposing an Israeli proposal to kill Iran's supreme leader, Ayatollah Ali Khamenei, according to NBC News. Discussions about the conflict are expected to take place during the ongoing meeting of the G7, encapsulating Canada, France, Germany, Italy, Japan, the U.K. and the U.S., along with the European Union. —
