Bitcoin fell below a closely watched price level as the slide in the largest cryptocurrency from its record high extended into a fifth week.
The digital asset dropped as much as 8.4 per cent to $45,773 on Monday in New York trading. By 8.15am UAE time on Tuesday, Bitcoin had pared back some of those losses to trade 3.79 per cent down at $47,102, according to CoinDesk.
However, the decline pushed it below its average price over the past 200 days, which currently stands around $46,720.
The Bloomberg Galaxy Crypto Index fell as much as 7.4 per cent to its lowest since early October while popular DeFi tokens such as Solana, Cardano and Polkadot fell even more.
“The idea that as it matured, the volatility would ease has not really materialised,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. “The volatility is deadly and its other supposed attributes, [such as] a hedge against inflation, seems spurious.”
Bitcoin has dropped for four consecutive weeks as measured by the seven days ended Friday. Unlike most traditional asset classes and securities, digital tokens trade around the clock, often on lightly regulated online exchanges worldwide.
Bitcoin received a brief boost on Friday after a report showed US consumer prices accelerated, supporting the argument that the coin is a hedge against the erosive effects of inflation.
On December 4, the token fell as much as 21 per cent before recouping around half the loss hours later. It is still down about 30 per cent from its record high of about $69,000 that was reached on November 10.
Proponents have long argued that Bitcoin and other digital assets, on account of their being an idiosyncratic asset class, could act as hedges against swings in other areas of the financial market.
Only 21 million Bitcoin will be put into circulation under the computer protocol that governs issuance, although that figure is not expected to be reached for another 100 years.
Results
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RESULTS
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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