Bitcoin fell agonisingly short of its all-time high of about $69,000 on Tuesday morning, hitting $68,818.27 before losing ground in volatile trading as investors booked profits.
The cryptocurrency, the world's biggest by market capitalisation, was trading at $66,821.74 as of 12.55pm UAE time, according to CoinDesk data.
However, analysts including Markus Thielen, head of research at 10x, remains positive that Bitcoin will reach its all-time high this week.
In a research note shared by the UK-based company in a post on X, Mr Thielen said that “everybody will be astonished by Bitcoin’s price action this week”.
“Price action during the weekend is always important to follow and while attempts have been made to [liquidate] leveraged long positions, there are no sellers,” Mr Thielen was quoted by CoinDesk as saying.
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 hit a record high of $68,991.85 in November 2021, 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 SEC's ETF approval and the planned Bitcoin halving in April has fuelled the current rally, which has spread across smaller tokens and meme coins.
Ethereum, the second-biggest cryptocurrency by market cap, is currently trading at $3,696.57.19, its highest price since January 2022, while Shiba Inu has surged 42.24 per cent to hit 0000.3871.
“Retail is hearing about the large crypto run-up from the Bitcoin ETFs, and has re-entered the market, buying all the cheap coins,” Jordi Alexander, founder of digital-asset trading firm Selini Capital, told Bloomberg.
“PEPE and WIF are some of the new entrants of this cycle compared to last, as well as BONK. DOGE and SHIB getting a bit of comeback also – the key question is: Do dogs keep the lead, or is there a faster animal?”
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
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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
More from Neighbourhood Watch:
Killing of Qassem Suleimani
The%20Little%20Mermaid%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rob%20Marshall%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EHalle%20Bailey%2C%20Jonah%20Hauer-King%2C%20Melissa%20McCarthy%2C%20Javier%20Bardem%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Labour dispute
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
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
COMPANY%20PROFILE
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The%20Roundup%20%3A%20No%20Way%20Out
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lee%20Sang-yong%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Don%20Lee%2C%20Lee%20Jun-hyuk%2C%20Munetaka%20Aoki%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
