Bitcoin has finally broken through its 2021 record high after surging past $69,000 on Tuesday, fuelled by strong demand for US listed exchange-traded funds and a fear of missing out (Fomo) on the digital coin's halving in April.
The world's biggest cryptocurrency hit $69,202, eclipsing its record high of $68,991.85 set in November 2021.
The price record was short-lived, however, and the digital token has pared back those gains to settle at $66.978.12 as of 7.30pm UAE time.
“The coin’s price is rising exponentially … and the strength of the rally makes us think that there is rising Fomo aiming the $100,000 mark,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a research note this week.
So far this year, the digital token has jumped 57.77 per cent to reach a market capitalisation of $1.31 trillion, as inflows into spot Bitcoin ETFs accelerated. The total market cap of the cryptocurrency sector is up 5.7 per cent at $2.64 trillion.
Bitcoin's record high in 2021 occurred shortly before inflation and interest rates took off during the Covid-19 pandemic.
In November 2022, the cryptocurrency plummeted below $16,000 as the sector entered a “crypto winter”, resulting in the collapse of platforms including Celsius, Three Arrows Capital and Sam Bankman-Fried's FTX.
The collapse of FTX, once valued at $32 billion, is the highest-profile cryptocurrency exchange failure to date, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.
However, in January, the US Securities and Exchange Commission approved the country's first spot Bitcoin ETFS, clearing the way for them to be traded on the New York Stock Exchange, Cboe Global Markets and the Nasdaq.
The approval marked a key moment for the cryptocurrency sector, ushering in a regulated path for institutional and retail investor participation in the cryptocurrency asset class - and signalling the end of the sector's “Wild West” era.
The SEC approved 11 spot Bitcoin ETFs offered by major asset management companies including BlackRock, VanEck, Fidelity, Franklin Templeton and Cathie Wood’s ARC.
Bitcoin ETFs are similar to traditional ETFs – a low-fee basket of securities consisting of stocks, bonds, commodities or other financial assets that track global markets – but the digital token is the underlying asset.
“From a fundamental perspective, the price surge makes sense. Supply is limited, demand is surging, hodlers [hold on for dear lifers] aren’t willing to sell and the arrival of Bitcoin ETFs made the asset class more investable for big players,” Ms Ozkardeskaya said.
“Spot Bitcoin ETFs have amassed $6 billion since their inception, and BlackRock’s ETF saw a whopping $520 million inflows in a single day. It was apparently the second-biggest inflow into a US ETF, all asset classes included.”
The expected Bitcoin halving in April, when the amount paid to miners is slashed in a preprogrammed move every four years to reduce supply and maintain its scarcity value, is adding to the current rally that has extended to other cryptocurrencies, including Ethereum, Solana and meme coins such as Shiba Inu.
Ether, the second-biggest cryptocurrency by market cap, is currently trading at $3,797.51, its highest price since January 2022, Solana is up 6.12 per cent at $139.99 while Shiba Inu, a favourite of Elon Musk, is leading the meme coin revival after jumping 29.94 per cent to trade at 0.00003743.
“According to past cycles, there is a possibility that Bitcoin will experience further growth to reach a peak within six months to a year and a half after halving, and Ethereum may follow suit with a breakthrough,” said Ryan Lee, chief analyst at Bitget Research.
“With the entry of leading mainstream financial institutions, it can be anticipated that collective market forces will drive Ethereum to achieve a historical high in 2024, surpassing $4,900.”
During an interview with The National in June last year, Cameron and Tyler Winklevoss, the billionaire founders of cryptocurrency exchange Gemini, forecast that Bitcoin could reach as high as $500,000.
“Our bull case for Bitcoin is that it will disrupt gold,” Tyler Winklevoss said at the time.
“If you do the maths on 21 million in the supply of Bitcoin, the market cap of gold, let us say it is $10 trillion, maybe it is $11 [trillion], somewhere in that ballpark, that puts one Bitcoin – if it disrupts gold, and gets that market cap – at $500,000.”
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
Killing of Qassem Suleimani
GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
