Bitcoin has risen in value by about 24 per cent over the past week, re-establishing itself above the $40,000 barrier on Saturday. EPA
Bitcoin has risen in value by about 24 per cent over the past week, re-establishing itself above the $40,000 barrier on Saturday. EPA
Bitcoin has risen in value by about 24 per cent over the past week, re-establishing itself above the $40,000 barrier on Saturday. EPA
Bitcoin has risen in value by about 24 per cent over the past week, re-establishing itself above the $40,000 barrier on Saturday. EPA

Markets

Bitcoin soars through $40,000 towards last month's peak

The biggest cryptocurrency jumped 7% on Saturday to $40,498

Bloomberg

February 06, 2021

  • English
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Bitcoin topped $40,000 in a rally that helped the market value of digital tokens scale a new peak.

The largest cryptocurrency rose nearly 7 per cent to $40,498 on Saturday, taking it closer to early January’s all-time high of almost $42,000. The value of more than 6,000 tokens tracked by CoinGecko hit about $1.23 trillion.

The jump comes after another volatile week in cryptocurrencies marked by Elon Musk’s support for Bitcoin and a record run-up in Ether, the second-largest token. Billionaire Mr Musk also posted tongue-in-cheek tweets about Dogecoin – a Shiba Inu-themed unit that began as a joke – stirring buying that drove its market capitalisation past $6bn.

The developments provide more evidence of the way the casino-like gyrations of digital coins are seeping into the mainstream. High-profile proponents of Bitcoin like Mr Musk say it's winning broader acceptance in the finance community. Regulators, meanwhile, are stepping up warnings of volatility that could wipe investors out.

“Investor perception is at an all-time high at both the retail and hedge fund levels,” said Jehan Chu, managing partner with blockchain advisory firm Kenetic Capital in Hong Kong.

Even so, many investors still view digital coins as a treacherous sector. That was underlined in the US, where the 24 year-old founder of two New York-based cryptocurrency hedge funds with more than $100 million in investments pled guilty on Thursday to securities fraud.

Bitcoin is up about 24 per cent over the past week. The token may be consolidating before heading towards $50,000, which would imply a market value of about $1 trillion, said Mike McGlone, commodities strategist with Bloomberg Intelligence.

Meanwhile, Ether’s eight-fold rally over the past year faces possible turbulence from the impending launch of CME Group futures next week. The contracts may open the door for bearish investors. The digital coin was at $1,683 as of 3.58pm UAE time on Saturday.

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All Blacks line-up for third Test

J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).

Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

PAST 10 BRITISH GRAND PRIX WINNERS

2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)

The specs

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 760Nm

Price: Dh898,000

On sale: now

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
On Women's Day
RESULTS

5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel

6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud

6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel

7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham

7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash

Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

Malcolm & Marie

Directed by: Sam Levinson

Starring: John David Washington and Zendaya

Three stars

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