Bitcoin extended its decline on Tuesday as investor sentiment took another leg down over fears that bigger US Federal Reserve interest rate increases loom as part of measures to quell inflation.
The world’s largest digital token shed as much as 10 per cent to reach $20,824, the lowest level since December 2020. It then pared some of the drop to trade at $21,899 as of 11.20am in Singapore.
A range of other tokens from Ether to Avalanche were also nursing losses.
“Sentiment for cryptos is terrible as the global crypto market cap has fallen below $1 trillion dollars,” said Edward Moya, senior market analyst for the Americas at Oanda. He said a drop below the $20,000 level could lead to “even uglier” price action.
Cryptocurrencies have become emblematic of a flight from speculative investments as monetary policy is tightened around the world to fight price pressures, draining liquidity from global markets.
The move by cryptocurrency lender Celsius to freeze withdrawals on Monday exacerbated worries about the stress in the digital asset sector, which was already on tenterhooks after the collapse of the Terra/Luna ecosystem.
Traders are also monitoring MicroStrategy, whose big bet on Bitcoin is backfiring. The company loaded up on the coins and chief executive Michael Saylor became a flag-carrier for Bitcoin bulls with his nearly relentless optimism.
Among the issues weighing on the company is the threat that an even deeper drop in the token’s price will require it to post additional collateral for loans.
More than $1.1 billion was liquidated in cryptocurrency markets on Monday — about $685 million of longs and $468 million on the short side, according to Coinglass data. That is the most for both longs and shorts in at least the past three months, the data showed.
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THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
Mohammed bin Zayed Majlis
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
