Ether dropped to a seven-week low and a bonus token awarded to holders of the digital asset tumbled as cryptocurrency investors turned their attention back to the broader sell-off in riskier assets.
Ether, the native currency of the Ethereum blockchain, fell for five straight sessions, dropping as much as 6.5 per cent to $1,407 on Friday to the lowest since July 27.
It was largely holding those losses on Saturday.
The transition of the network to a more energy-efficient method of handling transactions known as the Merge captured the attention of investors for weeks.
“It’s likely due to a worsening macro backdrop that is causing a decline in value of all risk assets in general,” Christine Kim, a research associate at Galaxy Digital, said on Twitter.
“There was a widespread view among traders that the Merge was a ‘sell-the-news’ event despite the upgrade’s long-term positive impacts.”
Bitcoin was up about 0.6 per cent to $19,861 as of 9.20am UAE time on Saturday. The largest cryptocurrency by market value slumped about 7.3 per cent in the week ending on Friday, compared with a 16 per cent slide in Ether.
“With the Merge ending up mostly a non-event and overarching macro headwinds still at play, traders unwound their ETH positions and rotated back into Bitcoin,” said Jason Lau, chief operating officer of the Okcoin exchange.
The additional cryptocurrency token that investors received after the Merge has tumbled since late Thursday.
EthereumPOW, as the offshoot is known, represents much of the legacy computing operations of the blockchain that chose not to participate in the software upgrade.
Ethereum moved from a so-called proof-of-work system to a proof-of-stake method for securing the network.
The new cryptocurrency rose to a price of $60.68 on Thursday, according to data from CoinMarketCap.com that reflects the value of IOUs on some exchanges, and was on bourses such as FTX before Ether holders received the token. It was trading at about $10.59 on Saturday.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
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Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
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Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
Director: Paul Weitz
Stars: Kevin Hart
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Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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