Bitcoin, the world's most popular cryptocurrency by traded volume, broke through the $20,000 barrier for the first time on Wednesday amid rising investor interest in it.
The cryptocurrency was trading at $20,673.31 at 6.55pm UAE time. It has almost trebled in value since the start of the year, when it was trading at $7,158.
"Today is a good day for Bitcoin believers because the price has reached a major milestone and it has proved to the world that if you do not believe in Bitcoin, then think again. This beast is unstoppable," said Naeem Aslam, chief market analyst at brokerage Avatrade.
Bitcoin has jumped in value over the past few months as payment networks such as PayPal and Square have begun using the cryptocurrency and more asset managers have taken an interest.
In the US, Fidelity Investments began offering a Bitcoin index fund to wealthy investors in August and recently published a blog in which it attempted to repudiate some of the most common criticisms of the asset.
"Bitcoin is a unique digital asset for an increasingly digital world that requires digging deeper than the surface level to understand its core properties and trade-offs," the company said. "It pushes onlookers to question pre-conceived notions of what is right and widely accepted to begin to understand its full value proposition."
Investing in cryptocurrencies remains risky, though, with the price of Bitcoin proving to be extremely volatile.
Monthly volatility for Bitcoin stood at 70 per cent on Wednesday, according to an index compiled by cryptocurrency exchange Bitmex.
Bitcoin rallied to touch $20,000 in December 2017 but later crashed, falling to as low as $3,000 a year later.
"Bitcoin bulls continue to derive strength from increased demand from large investors and rising expectations that it may become a mainstream payment method. A broadly weaker dollar has complemented the upside," said Lukman Otunuga, a market analyst at brokerage FXTM.
"As more investors potentially join the party amid Bitcoin’s limited supply, this could spell more upside for the cryptocurrency."
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The five pillars of Islam
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
More on Quran memorisation:
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Read more about the coronavirus
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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KILLING OF QASSEM SULEIMANI
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