Bitcoin surges towards $40,000 mark on Amazon rumours

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.

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.

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