Bitcoin is on course for its best weekly gain since October last year, helped by a return of risk appetite in global markets more broadly.
The largest cryptocurrency by market capitalisation was up more than 13 per cent for the week on Friday morning — and if the move holds that would be the biggest gain for such a span since 2021. As of 11.10am UAE time on Friday, Bitcoin was up 6.98 per cent at $21,767.30.
Other tokens such as Ether, Avalanche and Solana have also had a strong run in recent days, helping to take the overall market value of cryptocurrencies back over $1 trillion, according to CoinGecko data.
A stocks rally is providing much-needed relief for battered virtual coins amid the positive correlation between the two asset classes. However, Bitcoin remains more than 50 per cent lower in 2022, hurt by monetary tightening and a string of blow-ups in a digital-asset sector that’s still sobering up after binging on leverage.
“Risk markets are up across the board” and thus “it’s not surprising that crypto is trading higher”, said Ben McMillan, chief investment officer at IDX Digital Assets. “After a cascade of bad news and large liquidations, many crypto investors are still sitting on the sidelines waiting for the next shoe to drop.”
A barrage of economic risks and the threat of more deleveraging remain a concern in cryptocurrencies. News that customers of bankrupt broker Voyager Digital likely won’t get all their money back has struck a new kind of fear into investors who have typically been able to stomach big market downturns.
“A lot of the institutional holders of Bitcoin may be particularly sensitive to the general way that the economy is moving,” said Jared Madfes, partner at Tribe Capital.
ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
