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Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release
US Stocks shorted UAE top Royal Firm

UAE Top Royal’s Firm Shorts US Stocks Amidst Growing Global Recession Concerns

Samuel Edyme
by Samuel Edyme
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the growing fear of a global recession, Abu Dhabi’s top royal investment firm has now short billions of dollars in US stocks. According to Bloomberg, citing people familiar with the matter, this short comes in a “bet that growing fears over a recession will pressure the market”

In recent months, the realization of a possible global recession has continued to become more apparent as the United States dollar domination continues to fall while major banks also experience fallout. 

Billions Of Dollars In US Stocks Shorted

According to people familiar with the matter, following the US stocks short, the Royal Group moved its portfolio into short-term US treasuries. The UAE Royal Group’s latest move is said to have been driven by concerns over a possible global economic downturn.

Related Reading: IMF Head Warns Of Collective Recession, How It Could Impact Bitcoin

According to Bloomberg, citing sources close to the matter, following Royal’s firm major move, the UAE National Security Adviser, Sheikh Tahnoon bin Zayed Al Nahyan, is personally overseeing the group’s foray into the world of cryptocurrencies and commodities. However, the specifics of the Royal Group’s investments remain unknown at this time.

Meanwhile, the US economy has been grappling with the collapse of some of its largest banks, which has led to a sharp decline in stock prices. It is worth noting the Royal Group’s move to invest in the crypto and commodities markets may be an attempt to take advantage of the current economic climate.

As the global economy continues to be unpredictable, more investors are turning to alternative markets such as cryptocurrencies and commodities. This is because so far, these are the only markets that have proved to be immune to the possible upcoming global recession.

Global Recession Becomes More Apparent

Meanwhile, the UAE Royal’s firm hasn’t been the only one signaling an upcoming global recession. Earlier this year, IMF chief Kristalina Georgieva warned of a global collective recession that will affect one-third of all economies. 

In an interview, the managing director of the International Monetary Fund said the global economy will face a challenging year in 2023 and that China may just be the biggest threat. 

Related Reading: Bitcoin More Recession-Resilient Than META, Comparison Shows

Georgieva noted that China’s growth in 2022 is likely to be at or below global growth, which marks the first time in 40 years that this has occurred. The International Monetary Fund’s Managing Director highlighted that the slowdown in China’s growth is already evident in the EU, likely triggered by the ongoing conflict between Ukraine and Russia.

The IMF Chief stated:

We expect one-third of the world economy to be in recession. Even in countries that are not in recession, it would feel like a recession for hundreds of millions of people.

 

The total cryptocurrency market cap price chart on TradingView (Stocks)
The total crypto market cap price is moving sideways on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Regardless of the predicted global recession, the global crypto market continues to stand firm demonstrating less exposure to the news. Over the past 24 hours, the global crypto market capitalization has surged over 1% with a value sitting above $1.2 trillion.

 

Featured image from WatcherGuru, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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