Investors update: Bitcoin hits six-month high

Bitcoin hits six-month high as investors rush into crypto

Highlights

• Bitcoin touched a six-month high on Thursday, swept higher with equities and other relatively risky assets as investors gained confidence in the economic outlook and dismissed concern about regulatory scrutiny of the sector.
• The world’s largest cryptocurrency reached $24,895 on Thursday, its highest since August 2022, after jumping 9.5% on Wednesday.
• Broadly, global securities rose as economic data from around the world drove hopes the economy might face a softer landing than feared a few months ago.

Source: Reuters

Our Takeaway

Bitcoin has risen nearly 50% so far this year from around $16,500 in early January, in the aftermath of the collapse of major crypto exchange FTX and a sell-off in many assets caused by global central banks raising interest rates aggressively. Other than during crypto-specific events, such as regulatory changes and collapses of major industry players, larger cryptocurrencies have traded in a similar manner to other assets considered risky, especially in economically uncertain times, such as equities.

---

CcHUB launches $15m edtech accelerator program 

Highlights

• Africa’s largest innovation hub Co-Creation Hub (CcHUB), is launching a $15 million accelerator program to back and support 72 African edtech startups over the next three years.
• The Edtech Fellowship Program aims to support and amplify the impact of edtech startups across Africa, as well as back founders offering tech solutions that will address learning innovation. 
• The fellowship targets startups in Nigeria and Kenya, two of the continent’s biggest edtech markets. Of the over 300 startups in both markets, tutorial apps, and platforms emphasizing rote learning are among the majority. 

Source: TechCrunch

Our Takeaway

As Africa catches up with the developed world in terms of technological progress, accelerators, incubators, and pitch competitions help to bridge this gap by providing crucial access to capital and mentorship to startups. The CcHUB program is also tackling a crucial problem in Africa; almost 60% of the continent’s population is under the age of 25 with an average literacy rate of 70%, lagging behind other parts of the world. These conditions indicate the region is ripe for disruptions in education.

---

Egypt-based Mobile Masr raises $500,000 seed round

Highlights

• Egypt-based e-commerce platform Mobile Masr has raised a $500,000 Seed round from a group of angel investors based in the UAE and Qatar, in partnership with Intercap Capital Investment Bank.
• Founded in 2021 by Wael El Ashry, Mobile Masr offers a marketplace for used mobile phones and electronics, with a range of payment options and country-wide delivery.
• The startup plans to use the funds to scale its operations while expanding to new business categories and verticals.

Source: Wamda

Our Takeaway

Egypt has witnessed remarkable growth in e-commerce with the market size increasing by 35% in 2021 to reach a value of $3.8 billion. This is driven by the increasing internet penetration, expected to reach 65% by 2025, and the proliferation of mobile phones. The Covid-19 pandemic has also accelerated adoption, with more people preferring to shop online. As a result, e-commerce platforms have surged, and several international players, such as Amazon, have started to operate in the market. The market will grow further in the coming years, expected to reach $8.1 billion by 2025.