Bitcoin slumped over the weekend after rising back above $10,000 late last week.
The largest cryptocurrency fell 10 per cent on Sunday according to Bitstamp pricing, its biggest one-day drop since March 12. It has dropped 13 per cent from Friday and traded at $8,669 as of 7:45am in Hong Kong, according to composite pricing on Bloomberg.
The volatility in Bitcoin comes in a week when a halving is expected, an event that happens about every four years and slows down the rate at which new tokens are created – an intentional feature designed to control inflation.
Bitcoin has rallied in anticipation from around $6,000 just a month ago.
Bitcoin has already undergone two halvings – or halvenings, as they’re sometimes called – that caused its price to appreciate.
The world’s largest token rose from around $12 to over $1,000 in the year after its 2012 cut in rewards, and advanced about 1,000 per cent after the 2016 halving, though that reduction happened at a time when the coin was gaining greater mainstream recognition.
The frenzy around digital currencies took it to near $20,000 the following year before it crashed, with the coin still trading at about 50 per cent below 2017’s highs.
The third such event is set to occur sometime next week when the number of blocks hits 630,000.
Sceptics argue that cryptocurrency prices are notoriously volatile and often difficult to pin explanations to, positing that any appreciation should be priced in ahead of time. But cryptocurrency fans cite precedent.
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
UAE currency: the story behind the money in your pockets
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Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
UAE currency: the story behind the money in your pockets
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
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On sale: now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
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Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
