Bitcoin slumped for the seventh time in eight days on Friday, raising concern that the slide risks pushing the largest cryptocurrency out of the range it has traded within for much of the year.
Cryptocurrencies have been weighed down by the overall risk aversion that has swept though global markets as central banks battle inflation while trying to temper the stimulus added during the Covid-19 pandemic. Bitcoin is down more than 20 per cent so far this year.
“If risk sentiment continues plummeting, the chicken bones on the technical charts suggest Bitcoin could be on its way to $28,000 and then $20,000,” Jeffrey Halley, a senior market analyst at Oanda Asia Pacific, said in an email. “Hold on for dear life.”
Bitcoin fell about 1 per cent to $36,077 as of 5pm Eastern time on Friday. It touched the lowest level since February and closed down around 6.3 per cent since last Friday.
The digital asset has been meandering between roughly $33,000 and the $48,000 it came into the year at. It last traded below $32,000 in July. Ether, Avalanche and Solana also declined this week.
About $475 million in long Bitcoin positions were liquidated over a 24-hour period, according to data from Coinglass. Bitcoin fell around 8 per cent on Thursday, the biggest one-day drop since January.
Bitcoin “is down by nearly 10 per cent, breaking its support price, and there are chances that it may break below the current level,” said Edul Patel, chief executive and co-founder of Mudrex, an algorithmic-based crypto investment platform. “Bitcoin's support now lies at $32,000.”
Bitcoin has been largely trading in tandem with tech stocks – both the coin and the tech-centric Nasdaq 100 hit all-time highs in November and have been on a volatile downward path since. The Nasdaq 100 fell for a fifth consecutive week.
The 90-day correlation coefficient of Bitcoin and the tech gauge now stands above 0.67, the highest such reading in Bloomberg data going back to 2010. A co-efficient of 1 means the assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions.
David Duong, head of institutional research at Coinbase Global, has been arguing there are plenty of headwinds facing crypto – and other markets – this year, including more hawkish central-bank policies, as well as uncertainty over the path of global economies.
The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Dubai World Cup Carnival card
6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
7.05pm: Handicap (TB) $135,000 (Turf) 1,000m
7.40pm: Handicap (TB) $175,000 (D) 1,900m
8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
The National selections
6.30pm: Final Song
7.05pm: Pocket Dynamo
7.40pm: Dubai Icon
8.15pm: Dubai Legacy
8.50pm: Drafted
9.25pm: Lucius Tiberius
UAE currency: the story behind the money in your pockets
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
HWJN
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
