Bitcoin retook the $57,000 level for the first time since late 2021, supported by investor demand through exchange-traded funds, as well as further purchases by MicroStrategy.
The digital asset added as much as 4.4 per cent to reach $57,039 before paring some of the jump to trade at $55,856.84 as of 9.20am UAE time on Tuesday.
Bitcoin’s price has increased by 33 per cent since the start of the year, extending a prolonged rally that has also stoked speculative appetite for smaller tokens such as Ether and BNB.
A net $5.6 billion has poured into a batch of landmark Bitcoin ETFs that began trading in the US on January 11, signalling a widening of demand for the token beyond committed digital-asset enthusiasts.
A coming reduction in the token’s supply growth, described as the halving, is adding to the optimistic sentiment.
MicroStrategy, an enterprise software company that buys Bitcoin as part of its corporate strategy, said on Monday that it had purchased another 3,000 or so tokens this month.
The company now owns about $10 billion worth of Bitcoin.
“We do not expect a major pullback from Bitcoin given its breakout and positive intermediate-term momentum,” Katie Stockton, founder of Fairlead Strategies, wrote in a note.
The combined value of digital assets now stands at about $2.2 trillion, according to CoinGecko, compared with a low of about $820 billion during the bear market of 2022, when FTX and other cryptocurrency platforms collapsed.
Digital tokens are jumping even though investors have pared back expectations for looser monetary policy this year, evidenced by a rise in US Treasury yields.
“Bullish momentum in crypto is unfolding despite an uptick in rates,” Sean Farrell, head of digital asset strategy at Fundstrat Global, wrote in a note.
Bitcoin has outperformed traditional assets such as stocks and gold this year. A ratio comparing the price of the token to the precious metal is at its highest level in more than two years.
Shares of cryptocurrency-related companies gained in the US on Monday. MicroStrategy rose by 16 per cent, trading platform Coinbase Global was up 17 per cent and miner Marathon Digital Holdings jumped 22 per cent.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
SPECS
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Sweet%20Tooth
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BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
Mohammed bin Zayed Majlis
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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