Bitcoin rebounded on Friday after falling below $26,000 for the first time in two months amid a regulatory clampdown, rising interest rates and reports that Elon Musk’s Space X sold its holdings of the digital asset.
In frantic 10-minute trading, the world's largest cryptocurrency slumped by about 8 per cent, to $25,409.11 on Thursday, before recovering some of its losses. It was trading at $26,549 at 10.21am UAE time on Friday.
Bitcoin's sharp drop followed a report by The Wall Street Journal that said SpaceX wrote down the value of its holdings in the cryptocurrency by $373 million and had sold the digital asset.
Announcements and comments by Mr Musk or entities he controls tend to move cryptocurrency markets and are closely watched by traders of digital assets.
In February 2021, Bitcoin moved 15 per cent higher in a day to $44,000 after Tesla said it would accept it as payment and then poured $1.5 billion into the digital asset.
In July 2022, the electric car maker sold 75 per cent of its holdings, driving sharp drops in the cryptocurrency’s price.
The move on Friday is reminiscent of Bitcoin’s volatile intraday moves over the past two years. It follows a period in which the cryptocurrency traded in a narrow range for months.
Gauges that measure the price swings of the cryptocurrency have been trending lower, with 90-day volatility at its lowest since 2016 this week, according to data compiled by Bloomberg.
The token, which lost 64 per cent of its value last year amid a series of exchange failures and bankruptcies, is up more than 58 per cent since the start of the year.
The downward movement of cryptocurrencies over the past few weeks comes on the back of US regulators clamping down on the sector.
In June, the Securities and Exchange Commission filed lawsuits against Binance and Coinbase, among the largest global cryptocurrency exchanges, accusing them of breaching regulations by selling the token to the public without required permissions.
The companies have denied the accusation.
While news of SpaceX's divestment added to negative sentiment, the drop in Bitcoin follows weakness in bonds and equity markets as investors increasingly become risk-averse amid a slowing global economy and prospects of higher interest rates for a longer period.
Stocks and bonds markets have dropped since the US Federal Reserve raised its benchmark rate to the highest level in 22 years in July.
The banking regulator said there could be more interest rate increases this year to bring inflation down to its target range of 2 per cent.
Higher interest rates generally subdue appetite for alternative investments such as cryptocurrencies.
On Wednesday, the Fed’s Open Market Committee minutes showed that the US regulator continues to see significant risks to inflation, which has intensified the sell-off in global equities.
“When you throw in what is happening in the bond market, it becomes easy for Bitcoin prices to soften,” Edward Moya, a senior market analyst at Oanda, said.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said Bitcoin was a gauge of market liquidity and the simultaneous sell-off in stocks and bonds is also a sign that the market liquidity was draining.
“According to CoinGlass, $1 billion left cryptocurrencies over the past 24 hours and Bitcoin suffered almost half of the liquidations,” she added.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
Read more from Johann Chacko
HAJJAN
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
UAE currency: the story behind the money in your pockets
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
more from Janine di Giovanni
SPECS
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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
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
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
