A Bitcoin ATM at the Clark Street subway station in Brooklyn, New York. The digital asset was trading at $60,207 as of 9.10am on Wednesday in the UAE. AFP
A Bitcoin ATM at the Clark Street subway station in Brooklyn, New York. The digital asset was trading at $60,207 as of 9.10am on Wednesday in the UAE. AFP
A Bitcoin ATM at the Clark Street subway station in Brooklyn, New York. The digital asset was trading at $60,207 as of 9.10am on Wednesday in the UAE. AFP
A Bitcoin ATM at the Clark Street subway station in Brooklyn, New York. The digital asset was trading at $60,207 as of 9.10am on Wednesday in the UAE. AFP

Bitcoin faces worst month in two years as ETF demand falls


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Bitcoin recorded its worst monthly drop in April since the collapse of Sam Bankman-Fried’s FTX empire in November 2022, as the prospect of higher-for-longer interest rates weighs on the cryptocurrency market.

The largest digital asset slumped by about 16 per cent last month as excitement about US spot Bitcoin exchange-traded funds flatlined after earlier lifting the token to a record high of about $74,000 in March.

The cryptocurrency was trading at $60,207 at 9.10am UAE time on Tuesday. Smaller tokens such as Ether and the meme-crowd favourite Dogecoin are also nursing 24-hour losses.

Tuesday’s debut of Bitcoin and Ether ETFs in Hong Kong also failed to provide a tailwind.

Trading volume for the six vehicles totalled $12.7 million on the first day, sizeable locally but smaller than the $4.6 billion achieved by the US products when they went live in January, according to Bloomberg Intelligence.

The debuts mark the first launch of spot cryptocurrency ETFs in Asia.

Delayed cuts

A case is building for the US Federal Reserve to signal a delay in rate cuts after officials conclude a policy meeting on Wednesday.

For example, the latest US data included a climb in labour costs, adding to evidence of inflationary pressures.

Real yields – seen as the true cost of money for borrowers – are jumping, a tough backdrop for speculative assets such as digital tokens.

Higher Treasury yields and real rates have been “toxic for gold, Bitcoin and US equity”, Chris Weston, head of research at Pepperstone Group, wrote in a note.

ETF outflows

A net $182 million was pulled from the group of about a dozen US spot Bitcoin ETFs last month through April 29, according to data compiled by Bloomberg. The funds had a net inflow of $4.6 billion in March.

“ETFs created a new avenue for engagement that has been wildly popular, much more popular than anyone’s expectations,” Seth Ginns, Coinfund’s managing partner and head of liquid investments, told Bloomberg Television on Tuesday.

That “led to Bitcoin moving up very quickly, much further than what has been anticipated”.

The Bitcoin network underwent a “halving” last month, a four-yearly event that reduces new supply of the token and which some analysts view as a bullish precursor.

So far, the supply curbs have failed to provide much of a discernible prop for prices.

Previous Bitcoin halvings in 2012, 2016 and 2020 were followed by massive rallies in its price. For instance, a year after the May 2020 Bitcoin halving, the cryptocurrency’s price was up by more than 545 per cent.

“This current cycle stands out from all the other previous cycles as the Bitcoin price has already achieved a new all-time high – even before the halving,” Bitfinex analysts said in an April 8 report.

The recent downtrend can be attributed to increased profit-taking by investors who entered the market during the downturns of 2022 and 2023, as well as ETF investors who witnessed significant price appreciation on their shares after entering the market in the early weeks of 2024, Matteo Greco, research analyst at Fineqia International, wrote in a note.

Binance founder gets four months in prison

In other news from the industry, Binance founder and former chief executive Changpeng Zhao was ordered to spend four months in prison for looking the other way as cyber criminals and terrorist groups freely traded on the world’s largest cryptocurrency exchange.

The sentence was far below the three years requested by prosecutors. A date for Mr Zhao to turn himself in to prison authorities has not been decided.

Mr Zhao, 47, had pleaded guilty in November to one count of failing to maintain an anti-money laundering programme.

Between 2018 and 2022, Binance processed at least 1.1 million transactions worth about $898 million that breached US sanctions, according to the government’s memo.

Binance agreed to pay $4.3 billion to settle related allegations from the US government.

“I failed here,” Mr Zhao told the court in Seattle on Tuesday. “I deeply regret my failure and I am sorry.”

“I left my family to come to the US to take responsibility for my actions. That’s because responsibility is a core value for me, and I live by that.”

Binance founder and former chief executive Changpeng Zhao arrives at federal court in Seattle, Washington, on Tuesday. AFP
Binance founder and former chief executive Changpeng Zhao arrives at federal court in Seattle, Washington, on Tuesday. AFP

But the US District Judge Richard Jones said he was troubled by Mr Zhao's decision to ignore US banking requirements.

“Better to ask for forgiveness than permission,” is what Mr Zhao told his employees about the company's approach to US law, prosecutors said.

Mr Zhao is the first person sentenced to prison for such breaches of the Bank Secrecy Act, which requires US financial institutions to know who their customers are, to monitor transactions and to file reports of suspicious activity.

“This wasn’t a mistake,” Justice Department lawyer Kevin Mosley told Mr Jones. “When Mr Zhao violated the BSA, he was well aware of the requirements.”

In a letter to the court, Mr Zhao wrote that there was “no excuse for my failure to establish the necessary compliance controls at Binance”.

“I wish I could change that part of Binance’s story,” he said. “But under my direction, Binance has now implemented the most stringent anti-money laundering controls of any non-US exchange, and those controls have been in place since 2022.”

In a post on social media platform X after the sentencing, Mr Zhao said: “I will do my time, conclude this phase and focus on the next chapter of my life [education].”

I failed here. I deeply regret my failure and I am sorry
Changpeng Zhao,
founder and former chief executive of Binance

He added that he “will remain a passive investor (and holder) in crypto”.

Despite Mr Zhao’s criminal case, his wealth swelled by $25 billion as the cryptocurrency industry recovered last year.

He is currently ranked as the 42nd richest person in the world, according to the Bloomberg Billionaires Index.

“The Securities and Exchange Commission's new calls for a hefty prison sentence for CZ is bad juju for relations between the digital asset sector and regulators,” said Lucas Kiely, chief investment officer of digital wealth platform Yield App.

The regulatory clarity and enforcement actions won by cryptocurrencies, plus the approval of long-awaited Bitcoin ETFs over in the past 12 months, are positive moves that have the potential to benefit myriad investors, he said.

Continued regulation by the US authorities is going to result in it cutting itself out of this fast-growing industry as other jurisdictions, notably Hong Kong, go in the opposite direction, Mr Kiely added.

With inputs from agencies

Company%20profile
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Jetour T1 specs

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Power: 254hp

Torque: 390Nm

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

ATP RANKINGS (NOVEMBER 4)

1. Rafael Nadal (ESP) 9,585 pts ( 1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
11. David Goffin (BEL) 2,335 ( 3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 ( 1)
15. Denis Shapovalov (CAN) 2,050 ( 13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 ( 7)

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

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

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UAE currency: the story behind the money in your pockets
What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

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

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Series result

1st ODI Zimbabwe won by 6 wickets

2nd ODI Sri Lanka won by 7 wickets

3rd ODI Sri Lanka won by 8 wickets

4th ODI Zimbabwe won by 4 wickets

5th ODI Zimbabwe won by 3 wickets

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E930Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh749%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The%20specs%3A%202024%20Panamera
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E353hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh408%2C200%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

UAE currency: the story behind the money in your pockets
The specs: 2019 BMW i8 Roadster

Price, base: Dh708,750

Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery

Transmission: Six-speed automatic

Power: 374hp (total)

Torque: 570Nm (total)

Fuel economy, combined: 2.0L / 100km

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Updated: May 01, 2024, 7:19 AM`