<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ.jpeg" alt="" class="wp-image-410239" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>A bitcoin sign with a graph pictured in the background.
STR | NurPhoto via Getty Images</figcaption></figure>



<a href="https://www.cnbcafrica.com/quotes/btc=x/">Bitcoin&nbsp;</a>surged Sunday evening topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off.



The cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, according to CoinDesk data, up nearly 11% from the same time 24-hours prior. Bitcoin had previously hit a 24-hour high of $39,544.29, the highest level since June 16.



Bitcoin’s rally lifted other cryptocurrencies with&nbsp;<a href="https://www.cnbcafrica.com/quotes/eth=x/">ether&nbsp;</a>up 5.9% above $2,299.55. The entire cryptocurrency market added over $114 billion in value in 24 hours as of 11:05 p.m. ET, according to data from Coinmarketcap.com.



The rally comes after<a href="https://www.cnbcafrica.com/2021/catch-these-key-levels-for-bitcoin-next-after-its-break-below-30000-traders-say/">&nbsp;bitcoin recently fell below $30,000</a>&nbsp;after a global sell-off in stocks, sparking fears that it could plunge even further.



“I think we saw an accumulation period around 29-30K, indicating bullishness and a potential move towards $40K for Bitcoin,” said Vijay Ayyar, head of business development at cryptocurrency exchange Luno.



<h2 class="wp-block-heading" id="h-musk-dorsey-wood-in-focus"><a></a>Musk, Dorsey, Wood in focus</h2>



Twitter CEO&nbsp;<a href="https://www.cnbc.com/2021/07/21/jack-dorsey-hopes-bitcoin-will-help-bring-about-world-peace.html">Jack </a><a href="https://www.cnbcafrica.com/2021/ethereum-price-rises-after-elon-musk-confirms-he-owns-the-cryptocurrency/">Dorsey</a>, Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood all recently spoke during a closely watched bitcoin conference called “The B-Word.”



Musk said that Tesla would&nbsp;<a href="https://www.cnbc.com/2021/07/21/elon-musk-says-tesla-will-likely-start-accepting-bitcoin-again.html">likely start accepting bitcoin for vehicle purchases again</a>&nbsp;as a greater share of bitcoin mining switches to renewable energy. In May, Tesla suspended vehicle purchases using the cryptocurrency out of concern over the&nbsp;<a href="https://www.cnbcafrica.com/2021/as-much-as-365-billion-wiped-off-cryptocurrency-market-after-tesla-stops-car-purchases-with-bitcoin/">“rapidly increasing use of fossil fuels for bitcoin mining.”</a>



Bitcoin mining is the energy-intensive process of creating new coins, which involves solving complex math problems. The computational power required to do so also consumes a lot of energy.



“The Chinese trading day has opened up, and the Elon/Jack/Cathie talk was super bullish,” said Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners.



There have been other bullish headlines for bitcoin. E-commerce giant Amazon is&nbsp;<a href="https://www.cnbc.com/2021/07/23/amazon-is-hiring-a-digital-currency-and-blockchain-expert.html">looking to add a digital currency and blockchain expert to its payments team</a>, suggesting it could be taking a closer look at bitcoin and other cryptocurrencies. An Amazon spokesperson said that the company is “inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon.”



These bullish moves have also contributed to a so-called “short squeeze,” according to bitcoin mining engineer&nbsp;Brandon Arvanaghi.



Investors who short bitcoin are betting that the price will fall further. But if the price goes higher, these investors look to cut losses and exit their short positions, which helps to push the price even higher.



“I think the extent of the jump was probably driven by over-leverage shorts,” Luno’s Ayyar said.



Meanwhile, some of the issues that have weighed on bitcoin’s price have begun to clear up. Over the past few months,&nbsp;<a href="https://www.cnbcafrica.com/2021/chinas-renewed-crypto-crackdown-wipes-nearly-300-billion-off-the-market-as-bitcoin-slides/">China has renewed its crackdown on cryptocurrencies</a>&nbsp;targeting mining and trading. And&nbsp;<a href="https://www.cnbc.com/2021/07/20/bitcoin-mining-environmental-impact-new-study.html">concerns over the carbon footprint of bitcoin mining are starting to wane</a>.



Luxor Mining’s Brammer said the uncertainty around the environmental impact of mining and the Chinese regulatory concerns have “worn off.”


		
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bitcoin

Bitcoin tops $39,000 for the first time in nearly 6 weeks, adding $114 billion to the crypto market

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914175-1626863135727-gettyimages-1329430069-210719-ce-pryzm-003_2021071921308010.jpeg" alt="" class="wp-image-410388" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914175-1626863135727-gettyimages-1329430069-210719-ce-pryzm-003_2021071921308010.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914175-1626863135727-gettyimages-1329430069-210719-ce-pryzm-003_2021071921308010-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914175-1626863135727-gettyimages-1329430069-210719-ce-pryzm-003_2021071921308010-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Clubbers queue around the block at a few minutes to midnight waiting for Covid-19 restrictions to be dropped and for Pryzm nightclub to open its doors once more on July 18, 2021 in Brighton, England. Chris Eades | Getty Images News | Getty Images</figcaption></figure>



LONDON — Nightclubs and bars are fast becoming the new battleground in the fight against COVID-19 as the nocturnal economy re-opens in some countries and coronavirus cases soar, particularly among the young.



COVIID is seeing a resurgence in Europe as the highly infectious delta variant spreads among the unvaccinated and partially-immunized population, which is predominantly young as they were the last in line to receive a vaccine.



At the same time, a number of European countries decided to revive their night time economies, allowing bars and clubs to reopen to the public again, some after 16 months of closure which put many out of business.



In England, nightclubs were allowed to reopen as the clock struck midnight on Sunday with thousands of revelers soaking up the lights, music and lack of face masks and social distancing. Experts are already warning that England’s move is risky, particularly as other countries that reopened before it have now shut up shop (or club) again.



<h2 class="wp-block-heading" id="h-u-turns-elsewhere"><a></a>U-turns elsewhere</h2>



Other countries allowed their nightclubs to reopen in June, including the Netherlands and Spain, but both made rapid revisions and reversals given the COVID situation.



In the Netherlands, nightclubs reopened on June 26 but the government soon regretted the decision, performing a U-turn just two weeks later, closing them down again on July 10 as COVID cases surged in the country, particularly among the young. More than 1,000 COVID infections were linked to one music festival in the Dutch city of Utrecht earlier in July.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/delta-variant-is-one-of-the-most-infectious-respiratory-diseases-known-cdc-director-says/">Delta variant is one of the most infectious respiratory diseases known, CDC director says</a></h3>



On having to close its club doors until August 13, Melkweg, a venue in Amsterdam, described the move as “an annoying decision” but said that “due to the increasing number of infections, we believe that we cannot yet guarantee a safe environment for the public, employees and artists.” 



Lawrence Young, a virologist and professor of molecular oncology at Warwick Medical School at the U.K.’s University of Warwick, told CNBC on Wednesday that the country’s experience was a warning to England.



“If you look at the data from the Netherlands, it’s quite clear that it is that nightclub scene that has fueled this infection rate. It’s clear that opening up, in the way that they did, particularly with the nighttime economy, has been a real driver to massive levels of infection. They saw an eightfold increase [in cases] in a week and most of that is in the 18-29 year olds,” he noted.



“I don’t want to appear to be a doomster but when you look at the pictures from England at the turn of midnight [when clubs reopened on Sunday] it is really frightening and for me it really is inevitable that we’re going to have to reintroduce restrictions of some description” particularly, he said, while there were 18 to 30 year-olds not yet vaccinated or fully immunized.



<h2 class="wp-block-heading" id="h-the-virus-is-not-overcome"><a></a>The virus ‘is not overcome’</h2>



Similar to the Netherlands, Spain was optimistic that it could also reopen nightclubs, a key component of its nocturnal economy and tourism sector.



In June, the government announced plans to allow all of Spain’s 17 regions to reopen venues in time for the summer season. But with strict rules attached; clubs could stay open only until 3 a.m., there would be limits on the number of people allowed in venues (depending on the COVID situation in the region) and restrictions would stay in place until Spain reached a 70% vaccination rate.



A handful of regions opposed the move at the time but others went ahead, reopening their clubs around he weekend of June 26. Just like the Netherlands, however, cases soared among young people and several regions took the unilateral step to close venues again. Now, there is a myriad of varying rules on closing times, curfews and capacity across Spain, local media report.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914172-1626862963943-gettyimages-1234027764-TPRUDENCIO_071621_BOT_VOL_TOQ_QUE_BCT-39.jpeg" alt="" class="wp-image-410389" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914172-1626862963943-gettyimages-1234027764-TPRUDENCIO_071621_BOT_VOL_TOQ_QUE_BCT-39.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914172-1626862963943-gettyimages-1234027764-TPRUDENCIO_071621_BOT_VOL_TOQ_QUE_BCT-39-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914172-1626862963943-gettyimages-1234027764-TPRUDENCIO_071621_BOT_VOL_TOQ_QUE_BCT-39-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Young men with alcohol drinks in their hands make fun and shout on Barceloneta beach promenade on July 17 2021. Police evicts crowds from Barceloneta beach after Catalonia decreed the return of a 1am curfew given the rebound in Covid-19 cases as a result of the delta variant of the coronavirus. SOPA Images | LightRocket | Getty Images</figcaption></figure>



On forcing clubs in Barcelona to close in early July — just a couple of weeks after they had reopened — Catalonia’s regional government spokesperson Patricia Plaja noted that “we cannot pretend that we have overcome the virus. The data is worrying and the number of infections is growing at an exponential rate far beyond what we can afford.”



Gustavo Ferrer, co-owner and director of the Macarena Club in Barcelona, which had to shut its doors earlier in July, told CNBC Thursday that having to close “has been very hard for us, we have been closed for many months.”



The order to close was all the more frustrating, he said, because “we thought that the authorities had studied the situation well and had everything under control, but it was not like that and after two weeks we had to close again.”



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/what-you-need-to-know-about-the-coronavirus-right-now-6/">What you need to know about the coronavirus right now</a></h3>



Ferrer said the Macarena hopes to be open again in mid-August or early September with vaccine passports and antigen tests a way to get the industry back on its feet.



The British government announced at the start of the week that it was planning on making COVID vaccination compulsory for nightclub goers and other crowded venues in England from the end of September. This prompted criticism from the industry including from Michael Kill, CEO of the Night Time Industries Association, who commented on Twitter Tuesday: “So ‘Freedom Day’ for clubs lasted around 17 hours then.”



<h2 class="wp-block-heading"><a></a>Doctors are worried</h2>



Medical experts are duly worried about the infection rate among young people.



Chris Lutterodt, a doctor and spokesman for the charity Healthcare Workers Foundation, told CNBC that he the link between nightlife and COVID infections was obvious given it’s “harder to maintain social distancing and enforce rules in this setting especially when alcohol comes into the mix.”



“As a GP [general practitioner] I have seen a lot of mainly young people presenting after catching COVID for advice and support. This mirrors what we are seeing with an increased number of infections mainly affecting the younger people. I have seen patients who have attended hen and stag parties over the last few weekends where a significant proportion of them have developed COVID and, in one case, 6 out of the 8 attendees,” he said.



“We need to remember that people who have recently been vaccinated with the first dose may not have sufficient immunity to protect them against catching COVID-19. It is important to follow government advice and social distancing measures where applicable to stop the spread.”



Lutterodt said governments need to ensure that there are proper procedures in place before opening night time industries “if we are to avoid another spike in cases and re-closing of nightclubs which have really suffered throughout this pandemic.”



As it is, however, he added that he was concerned a reopening of clubs will create “the perfect storm for an increase in cases and subsequent hospitalization especially over the autumn and winter months where&nbsp;we know the NHS (the National Health Service) is usually under tremendous pressure.”

106914175-1626863135727-gettyimages-1329430069-210719-ce-pryzm-003_2021071921308010

Nightclubs are a new battleground against Covid, but the young yearn for freedom

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-820x547.jpg" alt="" class="wp-image-410375" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1232982978-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention (CDC), listens during a Senate Appropriations Subcommittee hearing in Washington, D.C., U.S., on Wednesday, May 19, 2021. Any mandates in the U.S. to require people to be vaccinated against Covid-19 will be set at the local level by companies and institutions such as colleges, the CDC said this week. Photographer: Greg Nash/The Hill/Bloomberg via Getty Images</figcaption></figure>



The delta COVID variant is one of the most infectious respiratory diseases ever seen by scientists, the director of the Centers for Disease Control and Prevention said Thursday.



The variant is highly contagious, largely because people infected with the delta strain can carry up to 1,000 times more virus in their nasal passages than those infected with the original strain, according to new&nbsp;<a href="https://virological.org/t/viral-infection-and-transmission-in-a-large-well-traced-outbreak-caused-by-the-delta-sars-cov-2-variant/724" target="_blank" rel="noreferrer noopener">data</a>.



“The delta variant is more aggressive and much more transmissible than previously circulating strains,” CDC Director Dr. Rochelle Walensky told reporters at a briefing Thursday. “It is one of the most infectious respiratory viruses we know of, and that I have seen in my 20-year career.”



<h3 class="wp-block-heading" id="h-read-more-what-you-need-to-know-about-the-coronavirus-right-now">Read more: <a href="https://www.cnbcafrica.com/2021/what-you-need-to-know-about-the-coronavirus-right-now-6/">What you need to know about the coronavirus right now</a></h3>



The delta variant has spread quickly through the U.S., accounting for more than 83% of sequenced cases in the U.S. right now, up from 50% the week of July 3.



The seven-day average of new cases is up about 53% from last week, currently at 37,674 new cases per day. Hospitalizations are up 32% from last week at about 3,500 per day and deaths have also increased 19% in the same time frame to about 240 per day.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="392" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106915569-1626989513553-image_5-820x392.jpg" alt="native" class="wp-image-410376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106915569-1626989513553-image_5-820x392.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106915569-1626989513553-image_5-300x143.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106915569-1626989513553-image_5-140x67.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106915569-1626989513553-image_5-768x367.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106915569-1626989513553-image_5.jpg 1316w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Chart shows current data on Covid-19 in the United States. Centers for Disease Control and Prevention</figcaption></figure>



“This virus has no incentive to let up, and it remains in search of the next vulnerable person to infect,” Walensky said.



The virus is ripping through U.S. counties with low vaccination rates, while counties with high vaccination rates are seeing lower rates of new cases.



Three states, Florida, Texas and Missouri, with low vaccination rates accounted for 40% of all new cases nationwide, White House COVID czar Jeff Zients said. Florida alone accounted for 1 in 5 of all new cases in the U.S. for the second week in a row.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/most-fully-vaccinated-people-who-get-covid-delta-infections-are-asymptomatic-who-says/">Most fully vaccinated people who get COVID delta infections are asymptomatic, WHO says</a></h3>



In hospitals around the country, 97% of people admitted with&nbsp;<a href="https://www.cnbcafrica.com/category/coronavirus/">COVID</a>&nbsp;symptoms are unvaccinated, and 99.5% of all COVID deaths are also among the unvaccinated.



In the past week, the five states with the highest case counts had higher rates of people getting newly vaccinated compared with the national average.



“We are at yet another pivotal moment in this pandemic, with cases rising again and some hospitals reaching their capacity in some areas, we need to come together as one nation,” Walensky said.

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit.jpg" alt="" class="wp-image-410308" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit-140x80.jpg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>A still from The B Word showing Elon Musk. Source: The B Word</figcaption></figure>



The price of ethereum rose Wednesday afternoon after&nbsp;Tesla&nbsp;and SpaceX CEO Elon Musk said he owns the cryptocurrency at&nbsp;The B Word conference, an event hosted by the Crypto Council for Innovation.



Ethereum, which was already rallying on the day, touched its high of the session after Musk’s mention. It was last up more than 12% and near the highs of the day.



Musk also repeated his support for cryptocurrency in general, despite potential environmental risks, saying, “One thing you do need to watch out for with crypto, especially <a href="https://www.cnbcafrica.com/quotes/btc=x/">bitcoin</a>, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”



<h3 class="wp-block-heading" id="h-read-more-ethereum-hits-new-record-high-above-3-400-extending-its-more-than-300-rally-this-year">Read more: <a href="https://www.cnbcafrica.com/2021/ethereum-hits-new-record-high-above-3400-extending-its-more-than-300-rally-this-year/">Ethereum hits new record high above $3,400, extending its more than 300% rally this year</a></h3>



As bitcoin mining is increasingly powered by renewable energy,&nbsp;Musk said, Tesla will likely move to accept bitcoin for transactions once again.



Musk also said that at this time, the only publicly traded stock he owns is Tesla’s, and that he personally owns some bitcoin, dogecoin and ethereum. “The only significant thing I own outside of&nbsp;Tesla&nbsp;is SpaceX,” he noted, having helped create both companies.



He also said he has been holding his bitcoin long term.



“If the price of bitcoin goes down I lose money. I might pump but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”



<h3 class="wp-block-heading">Read more: <a href="Ethereum: What is it and how is it different to bitcoin?">Ethereum: What is it and how is it different to bitcoin?</a></h3>



Musk also confirmed that both Tesla and SpaceX own bitcoin, and no other cryptocurrency at this time.



The B Word conference was established to “demystify,” “de-stigmatize” and “correct the mainstream narrative” around the cryptocurrency bitcoin and promote its institutional acceptance and use.



Musk spoke on a panel alongside Jack Dorsey, CEO of payments company Square and Musk’s favorite social media platform Twitter, along with Ark Invest founder and CEO Cathie Wood, who answered questions from moderator and&nbsp;Square&nbsp;Crypto lead Steve Lee.

106914581-1626892622787-bit

Ethereum price rises after Elon Musk confirms he owns the cryptocurrency

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ.jpeg" alt="" class="wp-image-410239" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>A bitcoin sign with a graph pictured in the background. STR | NurPhoto via Getty Images</figcaption></figure>



Bitcoin and other cryptocurrencies recovered on Wednesday after a brutal sell-off, with the world’s biggest digital coin climbing back above $30,000.



The price of bitcoin rose almost 4% in the last 24 hours, to $30,798 at 5:25 a.m. ET, according to Coin Metrics data. Smaller cryptocurrencies ether and XRP also rebounded, up around 7% and 3% respectively.



The crypto market saw significant selling on Tuesday, with bitcoin <a href="https://www.cnbcafrica.com/2021/90-billion-wiped-off-crypto-market-as-bitcoin-drops-below-30000-for-first-time-in-nearly-a-month/">falling below the $30,000 mark</a> for the first time since June 22.



The plunge came on the back of news that the New Jersey attorney general issued a&nbsp;<a href="https://www.forbes.com/sites/stevenehrlich/2021/07/19/new-jersey-attorney-general-prepares-cease-and-desist-order-against-multi-billion-dollar-bitcoin-financial-services-platform/" target="_blank" rel="noreferrer noopener">cease and desist letter</a>&nbsp;to crypto lending firm BlockFi, ordering it to stop offering interest-bearing accounts.



The reason for the move higher Wednesday wasn’t immediately clear. Cryptocurrencies often undergo severe price swings. Bitcoin, for example, rallied to an all-time high of almost $65,000 in April before halving in value in the months that followed.



<h2 class="wp-block-heading" id="h-dead-cat-bounce"><a></a>‘Dead cat bounce’</h2>



Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno, said Wednesday’s price move was likely a “dead cat bounce,” where an asset briefly recovers from a prolonged decline before continuing to slide.



Unless bitcoin can climb above $32,000, Ayyar expects more downside, with the top cryptocurrency potentially tumbling as low as $24,000.



“We saw broad market rallies across the board last night as well, and I think crypto is just playing off of that,” Ayyar told CNBC.



“In general, there are lot of macro factors weighing down on risk-on assets at the moment — inflation worries, Covid, and with crypto we’ve got more specific worries such as much more regulatory oversight.”



<h2 class="wp-block-heading"><a></a>Regulatory pressure</h2>



Cryptocurrencies have been on a downward trajectory amid a growing crackdown on the industry from regulators around the world.



In China, authorities have sought to stamp out crypto mining, the process which validates transactions and produces new coins. Meanwhile, Binance, the world’s largest crypto exchange, is facing&nbsp;<a href="https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html">intensifying pressure</a>&nbsp;from regulators in the U.K., Italy and elsewhere.

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Bitcoin extends gains, touching $32,000 as cryptocurrencies rebound from sell-off

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/bitcoin-1.jpeg" alt="" class="wp-image-404731" width="653" height="367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/bitcoin-1.jpeg 630w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/bitcoin-1-300x169.jpeg 300w" sizes="(max-width: 653px) 100vw, 653px" /><figcaption>Bitcoin Photo: via Flickr</figcaption></figure>



<a href="https://www.cnbcafrica.com/2021/90-billion-wiped-off-crypto-market-as-bitcoin-drops-below-30000-for-first-time-in-nearly-a-month/">Bitcoin fell again</a> on Tuesday, this time breaking below the critical $30,000 level.



That price has been highlighted by institutional investors as a key level of support.



Despite the market rebounding slightly on Tuesday, this move in bitcoin comes as investors look to mitigate risk with the spread of the delta Covid variant putting additional pressure on the broader market.&nbsp;



Other cryptocurrencies were also lower Tuesday.&nbsp;<a href="https://www.cnbc.com/quotes/ETH.CM=">Ether</a>,&nbsp;<a href="https://www.cnbc.com/quotes/LTC.CM=">litecoin</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/DOGE.CM=">dogecoin</a>&nbsp;all spent the day in the red.&nbsp;



In an interview with CNBC’s&nbsp;<a href="https://www.cnbc.com/trading-nation/">“Trading Nation,”</a>&nbsp;Delano Saporu, founder of New Street Advisors, said he sees more pain ahead for bitcoin.&nbsp;



“I think you probably have more downside, maybe to around the $22,000 range [to] the $17,000 range for bitcoin going back to Dec. 20 of last year,” he said Tuesday. However, “from there, I do think there’ll be upside,” he said.



While short-term traders who invested in bitcoin at its highs are feeling the pain now, Saporu sees the cryptocurrency paying off for long-term investors. 



“A lot of people that were speculating when the price was really at its highs and they were jumping in at that time were really looking for a quick profit,” he said. “They were wrong at that time.”



In the same interview, Fairlead Strategies founder Katie Stockton said bitcoin investors may feel the squeeze for a little longer.



“It marks the bottom boundary of a consolidation phase,” she said of the move below $30,000. “With that, it becomes what I call ‘ripe for a shakeout.’”&nbsp;



According to Stockton, a shakeout is a “false breakdown” where the price of an investment dips below a support level. Following this dip, the price might quickly snap back once the market “shakes out those weak holders of bitcoin,” she said.



If bitcoin bounces back this week, she said, that would be a sign that this sell-off was temporary.



In addition, her model indicates that bitcoin is headed higher. She pointed to a secondary support level at around $27,000, which would be important to define its long-term uptrend.



Stockton added that she needs to see momentum turn for proof that this consolidation phase is bottoming. She predicts this would happen when bitcoin breaks out above the 50-day moving average, which is approximately $34,500 at current levels.&nbsp;



“That would be a convincing turnaround for bitcoin,” she added.



Disclosure:&nbsp;Delano&nbsp;Saporu holds bitcoin.



<a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a>

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Catch these key levels for bitcoin next after its break below $30,000, traders say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754.jpeg" alt="" class="wp-image-410202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus attends a daily press briefing on COVID-19, the disease caused by the novel coronavirus, at the WHO headquaters in Geneva on March 11, 2020. Fabrice Coffrini | AFP | Getty Images</figcaption></figure>



The world is in the early stages of another wave of Covid-19 infections and death, World Health Organization Director-General Tedros&nbsp;Adhanom Ghebreyesus said Wednesday.



Speaking to International Olympic Committee members in Tokyo, Tedros said the global failure to share vaccines, tests and treatments is fueling a “two-track pandemic.” Countries that have adequate resources like vaccines are opening up, while others are locking down in a bid to slow the virus’ transmission.



Vaccine discrepancies around the world are masking a “horrifying injustice,” he added.



“This is not just a moral outrage, it’s also epidemiologically and economically self-defeating,” Tedros said, adding that the longer the pandemic drags on, the more socioeconomic turmoil it will bring. “The pandemic is a test and the world is failing.”



He warned that “19 months into the pandemic, and seven months since the first vaccines were approved, we are now in the early stages of another wave of infections and deaths.” Tedros added that the global threat of the pandemic will remain until all countries have a handle on the disease.



<h2 class="wp-block-heading" id="h-a-celebration-of-hope"><a></a>A celebration of hope</h2>



The&nbsp;<a href="https://www.cnbc.com/2021/07/20/tokyo-olympics-covid-still-threatens-event-days-before-it-begins.html">Tokyo Games are set to open Friday</a>&nbsp;after being postponed last year due to the pandemic.



Rising Covid-19 cases in Tokyo have overshadowed the Olympics, which&nbsp;<a href="https://www.cnbc.com/2021/07/08/japan-olympics-committee-bans-spectators-following-state-of-emergency.html">banned all spectators from the games</a>&nbsp;this month after Japan declared a state of emergency.



Cases around the Japanese capital have risen by more than <a href="https://www.japantimes.co.jp/news/2021/07/18/national/japan-coronavirus-july-18/" target="_blank" rel="noreferrer noopener">1,000 new infections daily in recent days</a>. Nationwide, Japan has reported more than 848,000 Covid cases and over 15,000 deaths amid a relatively slow vaccine rollout.



The first&nbsp;<a href="https://www.nbcnews.com/news/olympics/tokyo-2020-first-covid-19-case-reported-olympic-village-days-n1274269" target="_blank" rel="noreferrer noopener">positive Covid-19 case</a>&nbsp;hit the athlete’s village over the weekend and, so far,&nbsp;<a href="https://apnews.com/article/sports-2020-tokyo-olympics-health-tokyo-coronavirus-pandemic-3d7dcb39c13fabdd8cdf9ecd1b2ee3ef" target="_blank" rel="noreferrer noopener">more than 70 cases</a>&nbsp;have been linked to the Tokyo Games.



On Wednesday, Tedros said the games are a celebration of “something that our world needs now, more than ever — a celebration of hope.” While the pandemic may have postponed the games, he said it has not “defeated them.”



<h2 class="wp-block-heading"><a></a>Vaccine discrepancies</h2>



Tedros criticized the vaccine discrepancies between wealthy and low-income countries. He said 75% of all vaccine doses — more than 3.5 billion shots — have been administered in just 10 countries while only 1% of people in poorer nations have received at least one shot.



“Vaccines are powerful and essential tools. But the world has not used them well,” he said, adding that instead of being deployed widely, the shots have been concentrated in the “hands and arms of the lucky few.”



The global health body has called for a massive worldwide push to vaccinate at least 70% of the population in every country by the middle of next year.



“The pandemic will end when the world chooses to end it. It’s in our hands,” Tedros said. “We have all the tools we need: we can prevent this disease, we can test for it, and we can treat it.”



He called on the world’s leading economies to step up by sharing vaccines and funding global efforts to make them more accessible as well as incentivizing companies to scale up vaccine production.



Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.

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WHO chief warns that the world is going into the ‘early stages of another wave’

<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106913490-1626785481170-106913490-16267854232021-07-20t122038z_534994130_rc28oo9fq1wl_rtrmadp_0_space-exploration-blueorigin.jpg?v=1626785509&amp;w=929&amp;h=523" alt="Billionaire Jeff Bezos, founder of ecommerce company Amazon.com Inc, his brother Mark Bezos, a private equity executive, pioneering female aviator Wally Funk and recent Dutch high school graduate Oliver Daemen pose in an undated photograph, ahead of their"/><figcaption>Billionaire Jeff Bezos, founder of ecommerce company Amazon.com Inc, his brother Mark Bezos, a private equity executive, pioneering female aviator Wally Funk and recent Dutch high school graduate Oliver Daemen pose in an undated photograph, ahead of their scheduled flight aboard Blue Origin’s New Shepard rocket near Van Horn, Texas, U.S.Blue Origin | Reuters</figcaption></figure>



VAN HORN, Texas —&nbsp;<a href="https://www.cnbc.com/jeff-bezos/">Jeff Bezos</a>&nbsp;is the world’s most wealthy person, and now the first to hold that title while not on the Earth.



Blue Origin launched him into spaceflight history on Tuesday, with Bezos riding his company’s&nbsp;<a href="https://www.cnbc.com/2021/07/19/blue-origin-launching-jeff-bezos-to-space-tuesday-what-to-know.html">first crewed New Shepard rocket</a>, alongside his brother and the oldest and youngest people to ever have flown in space.



After touchdown, Bezos reflected on realizing his long-awaited dream of flying in space.



“Best day ever!” he said.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106913526-1626788205180-AP21201483117652.jpg?v=1626788245&amp;w=929&amp;h=523" alt="This photo provided by Blue Origin, Blue Origin's New Shepard rocket lifts off Tuesday, July 20, 2021. The rocket is carrying passengers Jeff Bezos, founder of Amazon and space tourism company Blue Origin, his brother Mark Bezos, Oliver Daemen and Wally F"/></figure>



This photo provided by Blue Origin, Blue Origin’s New Shepard rocket lifts off Tuesday, July 20, 2021. The rocket is carrying passengers Jeff Bezos, founder of Amazon and space tourism company Blue Origin, his brother Mark Bezos, Oliver Daemen and Wally Funk.Blue Origin | AP



The capsule carrying the Blue Origin crew accelerated to more than three times the speed of sound before it reached 80 kilometers (or about 262,000 feet), the boundary the U.S. uses to mark the edge of space. The crew floated in microgravity for a couple minutes, before the capsule returned and landed under a set of parachutes.



The launch marked Blue Origin’s entrance into the market of private spaceflight, joining&nbsp;<a href="https://www.cnbc.com/richard-branson/">Richard Branson’s</a>&nbsp;<a href="https://www.cnbc.com/quotes/SPCE" target="_blank" rel="noreferrer noopener">Virgin Galactic</a>&nbsp;— its direct competitor in the sector of suborbital tourism — and&nbsp;<a href="https://www.cnbc.com/elon-musk/">Elon Musk’s</a>&nbsp;SpaceX.



<h2 class="wp-block-heading" id="h-making-history">Making history</h2>



In addition to his singular net worth, Bezos, 57, is also the only space founder to ride the first crewed flight of his company. While SpaceX and Virgin Galactic have launched astronauts before, Bezos is the first to put himself on the inaugural crew flight.



Floating next to him: Wally Funk, 82, and Oliver Daemen, 18 — respectively the oldest and youngest humans to ever fly in space — and Bezos’ brother, Mark, 53.



Bezos invited his brother and Funk, a female aerospace pioneer, to join the flight. Daemen was a late addition. His seat was originally part of a public auction, but the auction’s winner, an anonymous person who bid $28 million to fly with Bezos, was unable to make the July 20 launch date. Daemen’s father, Joes, CEO of a private equity firm in the Netherlands, was also a bidder, with Daemen scheduled to fly on Blue Origin’s second crew launch as a paying passenger. When the mystery bidder backed out, the company moved Daemen up to the first launch.



Tuesday’s launch also came on another historic milestone — the 52nd anniversary of the Apollo 11 moon landing.



<h2 class="wp-block-heading">Bezos’ space vision</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106508164-1588016562809iss040e092688_large.jpg?v=1588016610&amp;w=929&amp;h=523" alt=""/><figcaption>NASA</figcaption></figure>



New Shepard’s launch represents a milestone in its progress toward Bezos’ vision. He founded Blue Origin with the goal to create “a future where millions of people are living and working in space to benefit Earth.”



The New Shepard rocket and the capsule that rides atop it are reusable, capable of launching, landing, and launching again multiple times. The rocket system is in many ways a pathfinder for Blue Origin’s other, larger scale projects — such as its orbital New Glenn rocket.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106845699-1614269360088-blueorigin_newglenn_launch_web.jpg?v=1614269426&amp;w=929&amp;h=523" alt="An artist's illustration of a New Glenn rocket standing on the launchpad in Florida."/><figcaption>An artist’s illustration of a New Glenn rocket standing on the launchpad in Florida.Blue Origin</figcaption></figure>



Like New Shepard, the New Glenn rocket booster is designed to be reusable, with the company expecting each one to be capable of launching and landing 25 times. New Glenn, with an inaugural launch date target of late 2022, stands about 320 feet tall and is designed to lift nearly 50 tons of payload to low Earth orbit. The rockets are named after Mercury astronauts Alan Shepard and John Glenn, respectively the first American in space and the first American to orbit Earth. In 1998, then-77-year-old Sen. Glenn became the oldest person in space.



Blue Origin has also developed multiple engines to power both its rockets, including the BE-3, BE-4, and BE-7 engines.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106147179-1569381242599be4enginetestthumbnail.gif?v=1569381306&amp;w=929&amp;h=523" alt="Blue Origin tests one of the BE-4 rocket engines the company is developing to launch its New Glenn rocket."/><figcaption>Blue Origin tests one of the BE-4 rocket engines the company is developing to launch its New Glenn rocket.Blue Origin | gif by @thesheetztweetz</figcaption></figure>







Blue Origin is also working on a crewed lander called Blue Moon, which the company hopes to one day deliver astronauts and cargo to the lunar surface.



<h2 class="wp-block-heading">Space billionaires</h2>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/106912890-16267065082021-07-19t032326z_1476711816_rc26no9eupiw_rtrmadp_0_space-exploration-blueorigin.jpeg?v=1626706553&amp;w=929&amp;h=523" alt="Mural displaying Jeff Bezo and his brother Mark Bezo, is seen in Van Horn, Texas, two days before the scheduled launch of Blue Origin's inaugural flight to the edge of space by billionaire American businessman Jeff Bezos and his three crewmates, in the ne" width="840" height="472"/><figcaption>Mural displaying Jeff Bezo and his brother Mark Bezo, is seen in Van Horn, Texas, two days before the scheduled launch of Blue Origin’s inaugural flight to the edge of space by billionaire American businessman Jeff Bezos and his three crewmates, in the nearby town of Van Horn, Texas, U.S. July 18, 2021.Thom Baur | Reuters</figcaption></figure>







The company’s only direct competition in the market of launching space tourists to the edge of space is Branson’s Virgin Galactic, a sector known as suborbital tourism. SpaceX is preparing to launch its first private mission in September, called Inspiration4, but Musk’s company sends its capsules further into space on multiday flights, in what is known as orbital tourism.



Blue Origin and Virgin Galactic have been developing rocket-powered spacecraft, but that is where the similarities end. While Blue Origin’s New Shepard rocket launches vertically Virgin Galactic’s SpaceShipTwo system is released in the air and returns to Earth in a glide for a runway landing, like an aircraft.



And while Blue Origin launches autonomously, Virgin Galactic system is flown by two pilots. Branson’s company has flown four test spaceflights to date but does not expect to begin flying paying customers until 2022.&nbsp;



Blue Origin’s auction may have netted $28 million, but a seat on a suborbital spacecraft is typically much less expensive. Virgin Galactic has historically sold reservations between $200,000 and $250,000 per ticket, and more recently charged the Italian Air Force about $500,000 per ticket for a training spaceflight.



The tourism market is a nascent slice of&nbsp;<a href="https://www.cnbc.com/2020/07/30/space-economy-worth-over-420-billion-weathering-covid-crisis-report.html">the more than $420 billion space economy</a>. Yet its high profile — given the much more thrilling human element — means it has a powerful and widespread influence over the space industry, with investors often pointing to astronaut flights as driving excitement about the broader implications of the extraterrestrial marketplace.

106913519-1626788028750-gettyimages-1329690430-ay4i6883_2021072071436209

Jeff Bezos reaches space on Blue Origin’s first crewed launch

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106913451-1626782472408-gettyimages-1233659350-AFP_9D77HC.jpeg" alt="" class="wp-image-410125" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106913451-1626782472408-gettyimages-1233659350-AFP_9D77HC.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106913451-1626782472408-gettyimages-1233659350-AFP_9D77HC-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106913451-1626782472408-gettyimages-1233659350-AFP_9D77HC-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Students cheer on a terrasse of a cafe in Amsterdam on June 25, 2021 when the Netherlands eased Covid-19 restrictions. PAUL BERGEN | AFP | Getty Images</figcaption></figure>



Rule-breaking in cafes and bars in the Netherlands is a persistent problem that the hospitality industry must deal with, the country’s prime minister said as the country battles with a surge in Covid-19 infections.



Speaking Monday, Dutch Prime Minister Mark Rutte implored the industry to make customers adhere to the rules on social distancing and remaining sitting down in their assigned seats, adding that this was critical given the high number of infections.



“With regard to the hospitality industry, we would like to point out that it is going well in many places, but in too many places it is not and it is extremely important,”&nbsp;<a href="https://www.rijksoverheid.nl/documenten/mediateksten/2021/07/20/persmoment-demissionair-mp-rutte-en-demissionair-minister-de-jonge-over-coronasituatie" target="_blank" rel="noreferrer noopener">Rutte said at a brief news conference Monday afternoon</a>.



Rutte said that the police cannot monitor tens of thousands of bars, cafes and restaurants in the Netherlands to make sure they are complying with the rules of social distancing and seating customers, “so we really have to do that together,” he said. “With the current infection figures, we don’t want to have to take extra measures,” he added.



<h2 class="wp-block-heading" id="h-not-enough-social-distancing">Not enough social distancing</h2>



Rutte’s comments come as the Netherlands scrambles to contain a surge in Covid infections, mainly among younger people. Amid a fit of optimism over its vaccination program,&nbsp;<a href="https://www.government.nl/latest/news/2021/06/18/netherlands-to-take-big-step-in-relaxing-measures-almost-everything-allowed-with-1-5-metre-distancing" target="_blank" rel="noreferrer noopener">the Dutch government announced in late June that most restrictions would be lifted</a>, apart from the 1.5 meter social-distancing rule, and that nightclubs would be allowed to reopen.



Cases soon began to soar, however, surging eightfold in just one week to around 10,000 cases on July 10, prompting the government to perform a U-turn and&nbsp;<a href="https://www.reuters.com/world/europe/dutch-pm-apologises-easing-covid-19-curbs-cases-soar-2021-07-12/" target="_blank" rel="noreferrer noopener">for Rutte to apologize for lifting restrictions too soon.</a>



<a href="https://www.government.nl/latest/news/2021/07/09/no-choice-but-to-take-summertime-measures-in-face-of-rapid-increase-in-infections" target="_blank" rel="noreferrer noopener">The government conceded</a> that the “coronavirus infection rate in the Netherlands has increased much faster than expected since society reopened almost completely on 26 June.” “Most infections have occurred in nightlife settings and parties with high numbers of people,” it said, as it forced nightclubs to close down again on July 10.



While bars, restaurants and&nbsp;cafes&nbsp;have been allowed to remain open and can operate at 100% capacity, there are strict rules in place.



People must be assigned seats and keep a 1.5 meter distance if sitting inside, unless hygiene screens are placed between tables. For outdoor service, social distancing is not necessary. Entertainment, including live performances and TV screens, is not permitted and loud music may not be played,&nbsp;<a href="https://www.government.nl/topics/coronavirus-covid-19/tackling-new-coronavirus-in-the-netherlands/public-life" target="_blank" rel="noreferrer noopener">government rules state</a>. Venues must close at midnight.



Coen Berends, a spokesperson for the Netherlands’ National Institute for Public Health and the Environment told CNBC on Tuesday that it was “impossible to calculate the effect of this ‘rule breaking’” in bars, cafes and restaurants.



“In general we model the effects of the applied rules and can also model the effect of the absence of rules. These models predict the effect of a whole package of measures, but can’t discriminate between different rules or the lack of compliance to a specific rule. In general our Management Outbreak Team advises the rules on social distancing and sitting in assigned seats in bars and restaurants to diminish spreading of the virus. So, disobeying these rules might definitely have an effect. Especially with the now dominant Delta variant of the virus,” he said.



“We do not, however, know the extent of this effect. It will certainly not have the massive effect that opening clubs and organizing large events had a couple of weeks ago. We see a stabilization of the numbers of positive tests now. So it seems the latest measures made by our government are successful. We will still have to see what the effect is on [the] number of hospitalizations,” Berends noted.



<h2 class="wp-block-heading">Infections running high</h2>



The Netherlands is certainly still in a difficult position when it comes to Covid infections, however, lying just below the U.K. in terms of its high infection rate in Europe but further behind when it comes to vaccinations. In the U.K., 68.5% of adults are fully vaccinated, in the Netherlands, it’s just above 50%, the latest available data shows.



On Monday, Jaap van Dissel, the chair of the government’s Outbreak Management Team and director of the Centre for Infectious Disease Control, warned that in the past seven calendar days (measured from July 9-15),&nbsp;<a href="https://www.rijksoverheid.nl/documenten/brieven/2021/07/19/adviesbrief-120e-omt-covid-19" target="_blank" rel="noreferrer noopener">the number of reports of Covid-positive individuals has increased by 298%, compared to the previous seven days</a>.



“Since the relaxation of the measures on June 26, there has been a strong increase of the number of infections among 18-29 year-olds,” van Dissel said in an open letter to the country’s director-general of public health. He said it was too early to tell what impact the tightening of measures would have.



On Monday, Health Minister Hugo de Jonge expressed the hope that cases were stabilizing and would begin to fall. Speaking alongside Rutte on Monday, De Jonge said that “over the past week … the number of positive test results has stabilized and that means that growth is not continuing.&nbsp;I think that’s positive.”&nbsp;



“At the same time, we have to say: The number of positive test results at this level, of around 10,000 per day over the past week, is of course too high and that must of course be reduced.”&nbsp;



He said the country must work hard to reduce the number of infections, echoing Rutte’s call for the 1.5 meter social-distancing rule to be adhered too “in the hospitality industry, on the street and also at home when we receive guests &#8230; We really need that 1.5 meter space for the time being to ensure that we will keep that epidemic under control.”

106913451-1626782472408-gettyimages-1233659350-AFP_9D77HC

Dutch try to stamp out rule-breaking in bars and cafes as Covid infections soar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-820x615.jpeg" alt="" class="wp-image-397323" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-820x615.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-300x225.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-768x576.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-1536x1152.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1231063275-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>UKRAINE &#8211; 2021/02/09: In this photo illustration, BTCUSD / Bitcoin USD price information seen displayed on a smartphone with a Bitcoin logo in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



<a href="https://www.cnbcafrica.com/quotes/btc=x/">Bitcoin</a>&nbsp;fell below $30,000 for the first time since Jun. 22 on Monday dragging other digital coins lower.



About $90 billion was wiped off the entire cryptocurrency market in 24 hours as of 11:34 p.m. ET, according to CoinMarketCap data.



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<h3 class="wp-block-heading" id="h-watch-binance-ceo-on-covid-19-and-trading-crypto-in-africa">Watch: Binance CEO on COVID-19 and trading crypto in Africa</h3>


		
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Bitcoin was down nearly 6% while ether fell 8% and XRP tanked almost 10%, according to CoinDesk data.



The plunge in bitcoin came after a big sell-off in global stock markets. On Monday, the&nbsp;<a href="https://www.cnbc.com/quotes/.DJI">Dow Jones Industrial Average</a>&nbsp;had its&nbsp;<a href="https://www.cnbc.com/2021/07/18/stock-market-futures-open-to-close-news.html">worst day since last October</a>.



“There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.



There are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields,” Huang said. “Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”



Since bitcoin’s all-time high of nearly $65,000 in mid-April, its price has plunged over 50%.



<a href="https://www.cnbcafrica.com/2021/bitcoin-drops-as-china-intensifies-crypto-mining-crackdown/">A renewed crackdown in China on cryptocurrency trading</a> and mining has weighed on the bitcoin price.



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<h3 class="wp-block-heading" id="block-779d632e-6017-468a-bff0-922f4323bc7a">Watch: Crypto in Africa &#8211; Where are the oppurtunities</h3>


		
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Major regions responsible for&nbsp;<a href="https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html">bitcoin mining in China have forced operations to shut down</a>. Bitcoin mining is an energy-intensive process that facilitates bitcoin transactions and creates new coins.



<a href="https://www.cnbc.com/2021/06/21/china-central-bank-urges-alipay-banks-to-crack-down-on-crypto.html">China’s central bank has also spoken to finance and fintech companies</a>&nbsp;reminding them not to offer crytpo-related services to customers.



<a href="https://www.cnbc.com/2017/09/11/bitcoin-price-falls-on-reports-that-china-is-closing-local-exchanges.html">China banned local cryptocurrency exchanges in 2017</a>&nbsp;forcing them to move offshore. That&nbsp;<a href="https://www.cnbc.com/2021/05/26/chinese-bitcoin-traders-wield-enormous-influence-despite-crackdown.html">did not stop Chinese traders buying and selling digital coins</a>. But the tough actions this year from Chinese regulators has looked to further tighten restrictions on trading and mining.

106870692-1618903216209-gettyimages-1064216696-775261257JM00004_Bitcoin_Va

$90 billion wiped off crypto market as bitcoin drops below $30,000 for first time in nearly a month

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912592-1626677696359-gettyimages-1329439558-114a8932_2021071940629857.jpeg" alt="" class="wp-image-410040" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912592-1626677696359-gettyimages-1329439558-114a8932_2021071940629857.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912592-1626677696359-gettyimages-1329439558-114a8932_2021071940629857-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912592-1626677696359-gettyimages-1329439558-114a8932_2021071940629857-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Two people hug in the middle of the dancefloor at Egg London nightclub in the early hours of July 19, 2021 in London, England. As of 12:01 on Monday, July 19, England will drop most of its remaining Covid-19 social restrictions, such as those requiring indoor mask-wearing and limits on group gatherings, among other rules. Rob Pinney | Getty Images News | Getty Images</figcaption></figure>



LONDON — England is taking a step into the unknown on Monday, lifting nearly all remaining restrictions on public life at a time when coronavirus infections are high and rising.



From Monday, there will be no more limits on indoor gathering. Nightclubs can reopen, the 1-meter social distancing rule is removed and face masks become largely voluntary, although some airlines and transport companies have said they will retain mask-wearing requirements.



In essence, the majority of legal restrictions have now been lifted and replaced with an emphasis on personal responsibility as infections continue to rise.



There was no mention of “Freedom Day,” as Monday July 19 had previously been dubbed, as Prime Minister Boris Johnson urged caution as the country moved to “Step 4″ of its roadmap of restriction-lifting.



“Please, please, please be cautious. Go forward tomorrow into the next step with all the right prudence and respect for other people and the risks that the disease continues to present,” Johnson said in a statement released by Downing Street Sunday night.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912736-1626694011067-gettyimages-1329439547-114a8523_2021071940629856.jpeg" alt="" class="wp-image-410041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912736-1626694011067-gettyimages-1329439547-114a8523_2021071940629856.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912736-1626694011067-gettyimages-1329439547-114a8523_2021071940629856-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106912736-1626694011067-gettyimages-1329439547-114a8523_2021071940629856-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>People dancing at Egg London nightclub in the early hours of July 19, 2021 in London, England. Rob Pinney | Getty Images</figcaption></figure>



The lifting of restrictions had already been moved from June 21 to allow for more vaccinations to take place amid a surge in cases caused by the spread of the highly infectious delta variant.



Cases remain high across the U.K. with 316,691 cases reported over the last seven days, up around 43% from the previous seven-day period. Hospitalizations are low but are creeping higher, with 4,313 people admitted to hospital in the last seven days, <a href="https://coronavirus.data.gov.uk/?_ga=2.223349721.372420143.1610442379-878525722.1610442379" target="_blank" rel="noreferrer noopener">government data shows</a>. In the last seven days, 283 people have died.



The vast majority of infections are currently among younger age groups who are not yet vaccinated, or are only partially protected. Recent events like the Euro 2020 soccer championships, which saw England fans gathered in pubs and bars around the country, have also been blamed for the rise in cases.



At the same time, the government continues to plow on with vaccinations. To date, 87.9% of U.K. adults have received a first dose of a vaccine and 68.3% of U.K. adults have received both doses. Having both doses of a vaccine greatly reduces the risk of infection and hospitalization caused by the coronavirus.



Read more:&nbsp;<a href="https://www.cnbc.com/2021/07/08/coronavirus-these-are-some-of-the-new-top-5-covid-symptoms.html">Headache? Runny nose? These are among the new top 5 Covid symptoms, study says</a>



Experts have cautioned that hospitalizations could rise substantially over the coming weeks, however, and scientists have criticized plans to ease almost all Covid-19 restrictions, <a href="https://www.cnbc.com/2021/07/16/englands-lifting-of-covid-lockdowns-a-danger-to-whole-world-experts.html">calling it unethical and dangerous for the entire planet.</a>



Others have defended the move, saying that there are many damaging consequences to remaining locked down, from the impact on the economy and livelihoods to mental health.



In a statement Sunday evening, the British government acknowledged that cases continue to rise but noted that the link with hospitalizations and deaths was “substantially weakened” due to the vaccination program as it urged all adults to come forward for both vaccine doses.



<h2 class="wp-block-heading" id="h-world-watching">World watching</h2>



Analysts say the world will be watching the U.K with interest to see what happens.



Deutsche Bank&nbsp;Research Strategist&nbsp;Jim Reid noted on Monday that “the world will be watching the U.K. experiment with huge interest. It could show a pathway back towards normality or it could be a warning to even heavily vaccinated countries that Covid will be a problem for a decent length of time still.”



″Ahead of this symbolic day U.K. new cases dipped below 50k yesterday (Sunday) after two days above. The weekly growth rate is still strong though. Breaking down the numbers the big growth area over this period has been males aged 15-40.It’s the first time in the pandemic that there’s been a notable gender split. It strongly hints at the impact of millions of football fans watching the Euro football final at various venues around the country.”



Read more:&nbsp;<a href="https://www.cnbc.com/2021/07/06/wearamask-mask-wearing-becomes-a-new-battleground-in-england.html">Mask-wearing becomes a new battleground in England as Covid rules are eased</a>



Kallum Pickering, senior economist at Berenberg Bank, told CNBC on Monday that the economic impact of reopening was uncertain given that consumer behavior could be affected by the reopening, with some consumers more nervous about the lifting of restrictions such as mask-wearing.



“I doubt we’ll get a bounce but I think we’ll get a continued uptick in economic activity… but some of those uncertainties are certainly big ones. We’re going to have to take a look at some of the high frequency data, mobility statistics and the like to see actually what are the effects of the uncertainty of opening up and removing masks and does that actually deter people from going out onto the high street and restaurants and supermarkets,” he told CNBC’s “Squawk Box Europe.”



<h2 class="wp-block-heading" id="h-government-defends-reopening">Government defends reopening</h2>



Johnson, who is self-isolating after coming into contact with Health Secretary Sajid Javid, who has Covid, defended the reopening on Monday.



“If we don’t do it now we’ve got to ask ourselves, when will we ever do it? This is the right moment,” Johnson said in a video statement.



“But we’ve got to do it cautiously. We’ve got to remember that this virus is sadly still out there. Cases are rising, we can see the extreme contagiousness of the delta variant.”



Johnson said that there was an “immense consolation and satisfaction” that Covid vaccines have “very severely weakened the link between infection and hospitalization, and between infection and serious illness and death.”



The government said it would continue to review all data. It said it would “reinforce vaccine defences” by reducing the dosing interval of Covid vaccines from 12 to 8 weeks for all adults, would continue to use its test, trace and isolate system and that border controls will be maintained, including quarantine for all those traveling from a red list country, and for amber list countries unless individuals are double-vaccinated.



“Data will be continually assessed and contingency measures retained if needed during higher risk periods, but restrictions will be avoided if possible,” the government said.

106912592-1626677696359-gettyimages-1329439558-114a8932_2021071940629857

England takes leap into the unknown, lifting Covid rules as cases surge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND.jpeg" alt="" class="wp-image-409992" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021. David Paul Morris | Bloomberg | Getty Images</figcaption></figure>



Oil prices fell nearly 1% on Monday morning during Asia hours after&nbsp;<a href="https://www.cnbc.com/2021/07/18/opec-allies-agree-to-fully-end-oil-production-cuts-by-september-2022.html">OPEC and its allies agreed to end oil production cuts</a>.



<a href="https://www.cnbc.com/quotes/@LCO.1">Brent crude futures</a>&nbsp;fell 0.88% to $72.94 a barrel, while&nbsp;<a href="https://www.cnbc.com/quotes/@CL.1">U.S. crude futures</a>&nbsp;fell 0.97% to around $71.11 a barrel.



But having a deal is “better than no deal” for the Organization of the Petroleum Exporting Countries&nbsp;and its allies — known collectively as OPEC+, according to an oil analyst who said a continued stalemate could mean rising production and plunging prices.



“I think they decided that having a deal was better than no deal,” Andy Lipow, president of Lipow Oil Associates, told CNBC.



The group agreed to increase production by 400,000 barrels per day on a monthly basis from August, as it moves to phase out production cuts of about 5.8 million barrels per day by September 2022.&nbsp;It comes as oil prices hover close to their highest levels in more than two years.



<a href="https://www.cnbc.com/2021/07/05/oil-explainer-energy-prices-rise-after-opec-fails-to-reach-deal.html">Negotiations to increase production previously stalled</a>, after the United Arab Emirates rejected the group’s proposal for the rollback of the oil cuts. It left the industry as well as investors in limbo as <a href="https://www.cnbc.com/2021/07/06/oil-prices-could-top-100-former-us-energy-secretary-on-failed-opec-talks.html">experts warned that prices could either hit the roof or collapse</a> without an agreement.



“If they didn’t have a deal, they would be left to their own devices and we could really see a free for all on increasing production from all of them, at a time when the return of demand still remains in question, due to the delta variant,” Lipow told CNBC’s “<a href="https://www.cnbc.com/street-signs-asia/">Street Signs Asia</a>” on Monday.



He was referring to the highly transmissible Covid variant that’s spread to more than 100 countries, pushing cases to record highs in several countries.



“This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.



Last year, to cope with lower demand as the Covid crisis hurt economies and people could not travel much, OPEC and its allies agreed to curb output by almost 10 million barrels a day from May 2020 to April 2022.&nbsp;



“So the one thing that we do know is that OPEC+ did not want to see a return to prices last year in the $10 to $20 a barrel range,” Lipow said.



<a href="https://www.cnbc.com/2020/04/21/negative-oil-prices-can-go-even-lower-as-coronavirus-and-storage-limits-ravage-crude.html">Prices fell to historical lows</a>&nbsp;last year, as the impact of the pandemic wiped out oil demand. The&nbsp;<a href="https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures-in-focus-as-coronavirus-dents-demand.html">West Texas Intermediate crude fell below zero for the first time</a>, before recovering to over $10 a barrel at one point. Brent oil fell to a nearly two-decade low of nearly $20 per barrel.



<h2 class="wp-block-heading" id="h-time-to-buy">Time to buy</h2>



This could be a buying opportunity for investors, says Lipow.



The “silver lining” is that the pace that OPEC+ is restoring oil production is still slower than the increase in global demand for oil, he said. That will support prices ahead.



“Really, this is a buying opportunity for well over the next six months, as those inventories around the world continue to decline. Here in the United States, we’ve reduced our crude oil inventories by 75 million barrels since April 1, and that’s indicative of what’s happening around the rest of the world.”



Lipow said oil prices could go up to $78 a barrel for international benchmark Brent.



“I still think that the world has to wrestle with a return of demand and this delta variant that we’re seeing spreading around the world. And that, of course, is keeping a dampener on prices,” he said.



Croft, too, cautioned that uncertainty could still lie ahead, as OPEC might reverse the 400,000 barrels a day increase.



“As the Saudi oil minister stated, the group can pause, reverse or continue with the 400 kb/d monthly increase based on key contingencies such as Iran&#8230; and global COVID case counts,” she wrote in a note on Sunday.



The U.S. and Iran are re-negotiating a 2015 nuclear deal, which could mean a return of Iranian oil to the market.

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