A Bitcoin rally paused around $30,000 as investors assessed a flurry of applications in the US to start exchange-traded funds investing in the token’s spot market, products that regulators there have so far resisted.
The largest digital asset bobbed around the round-number level on Thursday following a 21 per cent surge since BlackRock’s surprise June 15 filing with the Securities and Exchange Commission for permission to launch such an ETF.
The climb has outstripped a 13 per cent jump in an index of the largest 100 virtual coins over the same period.
Bitcoin’s performance has also split from stocks, turning a short-term correlation between the token and the Nasdaq 100 gauge of technology shares negative for the first time since 2021.
Aside from BlackRock – the world’s largest asset manager – Invesco, WisdomTree and Bitwise have submitted similar plans in recent days.
The SEC has resisted allowing such funds, citing risks such as fraud and manipulation in the token’s spot market, but BlackRock’s stature and approach triggered speculation that the agency might be appeased.
BlackRock’s application and investor “expectations of more stimulus in China” to bolster the nation’s ailing economy are supporting Bitcoin, Tony Sycamore, a market analyst at IG Australia Pty, wrote in a note.
‘Dragging’ cryptocurrency higher
Bitcoin edged up less than 1 per cent to $30,130 as of 9.30am in Singapore on Thursday after adding more than 5 per cent in each of the previous two days.
Smaller tokens such as Ether, Cardano and Solana also posted gains.
Bitcoin “has been the standout outperformer in this move higher and feels to be dragging the rest of the crypto complex with it”, said Spencer Hallarn, a derivatives trader at cryptocurrency investment firm GSR.
Cryptocurrency sentiment also got a boost this week from the start of a digital-asset exchange, EDX Markets, backed by companies such as Citadel Securities, Fidelity Digital Assets and Charles Schwab.
Before the latest bout of optimism, an SEC clampdown had sapped sentiment and contributed to depressed liquidity in cryptocurrency markets.
The regulator is suing exchange operators Binance and Coinbase, and – in the process – has designated a series of digital tokens as unregistered securities.
Other hurdles include the prospect of tighter monetary policy and indications that Bitcoin’s rally is getting stretched. A momentum gauge known as the 14-day relative strength index flashed an overbought signal.
Bitcoin has rebounded 82 per cent this year after a rout in 2022 that erased $1.5 trillion from digital assets. The token remains $39,000 below its 2021 peak.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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The%20specs
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MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
Read more from Aya Iskandarani
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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.
UAE currency: the story behind the money in your pockets
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
