Cryptocurrencies had another bad week — and it may get weirder.
Bitcoin led a decline in digital assets across the whole cryptocurrency spectrum, with the world’s largest token set for an eighth straight weekly loss in its longest such slump since August 2011.
Bitcoin fell 2.4 per cent on Friday to about $28,700 as of 5pm in New York, buffeted by both the macro headwinds of Federal Reserve monetary tightening and the crypto-specific fallout from this month’s implosion of the TerraUSD algorithmic stablecoin, which continues to weigh on digital assets — particularly those related to decentralised finance.
Altogether, the cryptocurrency market has lost some $500 billion in market value so far in May, a 29 per cent plunge.
For a second day, cryptocurrencies declined even as risks assets such as stocks rose, marking a break from their recent lockstep relationship — and a sign of shaky conviction that could portend a worrisome trend.
The market’s swoon “took a lot of confidence out of the asset class”, Matt Maley, chief market strategist at Miller Tabak, said.
“Therefore, as investors become a little more confident about the markets in general, they’re looking at other areas in which to buy on weakness. They don’t want to get burned again in the cryptos.”
Ether, the second-largest cryptocurrency, and other altcoins linked to popular DeFi projects, such as Avalanche and Solana, were among the biggest decliners, down between 4 per cent and 6 per cent on Friday.
And in the market for non-fungible tokens, even popular collections such as Bored Ape Yacht Club and CryptoPunks are coming under pressure, market data shows.
Meanwhile, short interest in the first US Bitcoin-futures backed exchange-traded fund is near the highest since the fund’s October 2021 inception, as investors step up bearish bets.
With the reverberations from Terra’s collapse hitting altcoins harder, Bitcoin now claims a larger share of the cryptosphere, accounting for 44 per cent of the total market’s value. That’s the most since October, just before the latest bull market peaked, based on data from CoinGecko.
But it’s not as if Bitcoin has been spared: It is now down almost 60 per cent from its all-time high in November, although it has generally traded in a range of $28,000 to $30,000 in the past couple of weeks.
The biggest cryptocurrency remains below its 20-, 50- and 200-day moving averages.
“With each moving average currently sloping lower, it’s the epitome of a downtrend,” Frank Cappelleri, a trading-desk strategist at Instinet, said.
There is no question that the strong correlation between cryptocurrencies and other risk assets has broken down recently.
As tech stocks in the US rally after weeks in the doldrums, digital assets have largely stayed in the sidelines, Fiona Cincotta, senior market analyst at City Index, said.
“This is far from the decoupling that the Bitcoin bulls were looking for,” Ms Cincotta said. “I doubt this will be the end of the Bitcoin-Nasdaq positive correlation. However, the concern is Bitcoin may only trace the Nasdaq when it falls.”
A move below $28,000 would be significant to continue the downtrend and test the year’s $25,425 low, Ms Cincotta said.
Beyond this, $20,000 is the next psychological level that comes into play. On the flipside, buyers will be looking for a move over $31,500 for a breakout to the upside and for any chance of a recovery in the price, she added.
If anything, the fact Bitcoin is trading sideways is already a good thing, Miller Tabak’s Mr Maley said.
“The longer it can stabilise, the higher the odds will be that it can regain some upside momentum. Confidence is such an important part of new assets like cryptocurrencies,” he said.
“Until investors regain more confidence in the cryptos, they will no longer be a good a risk-on/risk-off indicator.”
Investors looking for a respite over the long Memorial Day weekend in the US may be disappointed. Liquidity has been low and could tighten further, while leverage in the Bitcoin market is increasing, Sean Farrell, head of digital-asset strategy at the financial research company Fundstrat, wrote in a note on Thursday.
The macro outlook also remains unfavourable to risk assets as the Fed hikes interest rates and starts quantitative tightening, he said.
“Things could get weird,” Mr Farrell said about the upcoming holiday weekend. The combination of low liquidity, increasing leverage and tightening monetary conditions “could lead to large price swings, and potentially further volatility to the downside in the immediate term”.
Buying put protection on long-crypto positions and cutting exposure to more speculative altcoins are a couple of safeguards, Mr Farrell wrote.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
SWEET%20TOOTH
%3Cp%3E%3Cstrong%3ECreated%20by%3A%3C%2Fstrong%3E%20Jim%20Mickle%2C%20Beth%20Schwartz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Nonso%20Anozie%2C%20Christian%20Convery%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Killing of Qassem Suleimani
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
Naga
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Company%C2%A0profile
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THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Book%20Details
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
SPECS
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