Bitcoin has gained more than 20 per cent in value over the past seven days, despite a slump last Tuesday which dragged it below $30,000. Reuters
Bitcoin has gained more than 20 per cent in value over the past seven days, despite a slump last Tuesday which dragged it below $30,000. Reuters
Bitcoin has gained more than 20 per cent in value over the past seven days, despite a slump last Tuesday which dragged it below $30,000. Reuters
Bitcoin has gained more than 20 per cent in value over the past seven days, despite a slump last Tuesday which dragged it below $30,000. Reuters

Bitcoin surges towards $40,000 mark on Amazon rumours


Michael Fahy
  • English
  • Arabic

Bitcoin gained more than 13 per cent in value on Monday morning as it led a rebound in cryptocurrency valuations from their recent slump.

The world's biggest cryptocurrency rose to $39,179.82 on the Luxembourg-based Bitstamp exchange by 10.30am UAE time, which is partly a natural correction given the recent slump.

It is also a response to an unconfirmed report by London-based newspaper City AM that Amazon is preparing to accept Bitcoin as a method of payment, as well as working on its own token concept. Amazon did not immediately respond to a request to comment.

"Over the past two to three months, we have seen Bitcoin pull back after a historic rally to $64,000. This is quite normal with any meteoric rise in an asset's price," said Vijay Ayyar, head of business development at cryptocurrency company Luno.

"While we had a 50 per cent correction as the first leg of a corrective rally, we are potentially now seeing the immediate bounce that could take Bitcoin beyond $40,000, to around $45,000 to $48,000," he said.

The revival in Bitcoin's price pushed its market capitalisation back up to just below $796 billion and means the cryptocurrency has increased in value by more than 32 per cent since falling to $29,539 during last Tuesday's slump.

Other cryptocurrencies also rebounded in value on Monday, with Ether trading more than 10 per cent higher at $2,385.60 and XRP up 11 per cent to $0.675.

Traders in cryptocurrencies also appear to be less worried about the threat of regulation, at least in the US, according to Naeem Aslam, chief market analyst at broker Avatrade.

A number of asset managers have been waiting for the Securities and Exchange Commission to approve their applications to create a Bitcoin exchange-traded fund but the regulator has yet to give the green light to any.

A Bitcoin Trust operated by Grayscale currently has more than $21bn of assets under management, but it charges investors annual fees of 2 per cent.

"It seems more possible today that the SEC will pass the Bitcoin ETF – whenever that will happen," Mr Aslam said. "In terms of Bitcoin's price action, we are more focused on the $45,000 level and once the price is above that, we are very likely to see some more bullish bets coming into the market."

A Bitcoin ETF run by Canadian digital asset manager 3iQ already trades on the Toronto stock exchange and recently secured a secondary listing on Nasdaq Dubai.

OTHER IPL BOWLING RECORDS

Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)

Best average: 16.36 – Andrew Tye

Best economy rate: 6.53 – Sunil Narine

Best strike-rate: 12.83 – Andrew Tye

Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)

Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)

Most hat-tricks: 3 – Amit Mishra

Most dot-balls: 1,128 – Harbhajan Singh

Most maiden overs bowled: 14 – Praveen Kumar

Most four-wicket hauls: 6 – Sunil Narine

 

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

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Price: expected to start at Dh1,432,000

UAE currency: the story behind the money in your pockets
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Range: Up to 610km

Power: 905hp

Torque: 985Nm

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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

21 Lessons for the 21st Century

Yuval Noah Harari, Jonathan Cape
 

Updated: July 27, 2021, 6:08 AM`