Bitcoin fell for a fifth day in the past six trading sessions in a continued retreat towards a key technical level as investors considered mixed signals from US Federal Reserve officials around the potential pace of interest rate increases.
The largest cryptocurrency dropped by as much as 3 per cent to $22,716.59, the lowest level since August 10 and close to its 200-week moving average of about $23,000, which Genesis Trading pointed to as a measure historically in focus for the market.
Number two digital currency Ether dropped as much as 3.8 per cent. The likes of Polygon, Solana and Avalanche declined 7 per cent or more.
“The rally that brought it back to $25,000 has lost considerable momentum and that could begin to weigh more heavily on the price [of Bitcoin],” said Craig Erlam, a senior market analyst at Oanda.
“A move below $22,500 may suggest the rally has run its course for now.”
Cryptocurrencies have been battered this year as the Fed raised rates amid elevated inflation readings, and risk assets more broadly, such as big technology stocks, have struggled.
Bitcoin and Ether are both down about 50 per cent since December 31. Still, they are off their worst levels in mid-June amid tentative optimism that inflation may be peaking, and as the Ethereum network prepares for its much-anticipated upgrade called the “Merge”.
“In the short term, correlation risks are heightened as equities, especially technology names, are delicately poised at key resistance levels,” said Jamie Coutts, senior market structure analyst at Bloomberg Intelligence.
In addition, cryptocurrency veterans may be cooling off in their buying.
“After a steady climb in the first half of 2022, the amount of Bitcoin that has not moved in over a year has levelled off, signalling a pause in the accumulation behaviour of longer-term investors,” Genesis’s Ainsley To, Marc Chan and Noelle Acheson said in a note.
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Company%20Profile
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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Barbie
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
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Imperial%20Island%3A%20A%20History%20of%20Empire%20in%20Modern%20Britain
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The%20Caine%20Mutiny%20Court-Martial%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EWilliam%20Friedkin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKiefer%20Sutherland%2C%20Jason%20Clarke%2C%20Jake%20Lacy%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
