Bitcoin surged over $21,000 on Saturday amid optimism that it may have bottomed and inflation may have peaked.
The largest cryptocurrency rose as much as 7.5 per cent to $21,299. It hadn’t been above $20,000 since November 8, and Saturday marked its 11th straight day advancing.
Second-largest Ether surged as much as 9.7 per cent, and other tokens such as Cardano and Dogecoin also notched solid gains.
The overall market cap of the crypto universe rose above $1 trillion for the first time since early November, according to data from CoinGecko.
The gains came amid a report on consumer prices last week that showed inflation declining in January from December levels.
The US Federal Reserve is on track to downshift to smaller interest rate increases following that further cooling, although it’s likely to keep hiking until price pressures show more definitive signs of slowing.
That’s helped boost risk assets such as the Nasdaq 100 stock index, which has gained for six straight days.
“Crypto assets performed well following the soft CPI print, suggesting that crypto’s correlation to macro is not going away anytime soon,” said Sean Farrell, head of digital asset strategy at Fundstrat.
“This week’s follow-through in price action is certainly encouraging,” and barring any forced liquidations from troubled crypto company DCG, “there is a high probability that the absolute bottom is in for crypto prices”.
The price of Bitcoin was stuck in a narrow range around $16,000 to $17,000 for weeks before this latest breakout.
The upward moves have caught shorts by surprise — crypto short liquidations have topped $100 million in five of the past six days, according to data from Coinglass.
Saturday’s total was the highest, topping $296 million.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Mohammed bin Zayed Majlis
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BMW%20M4%20Competition
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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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.
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'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
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Company%20Profile
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Turning%20waste%20into%20fuel
Benefits of first-time home buyers' scheme
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