Bitcoin, the world’s largest digital currency, recovered from three-month lows on Monday after Tesla’s billionaire chief executive Elon Musk clarified that the company had not sold off any of its coins.
Bitcoin had dropped 12 per cent to $43,874 on Sunday – its lowest since February. The price of the cryptocurrency had been sliding since Mr Musk said last Thursday that Tesla had suspended its use as a mode of payment for the company's electric vehicles due to "environmental concerns".
However, it rallied on Monday to trade at $45,057.88 at 2.48pm on the Luxembourg-based Bitstamp exchange after Mr Musk confirmed the company had not offloaded its holdings.
"To clarify speculation, Tesla has not sold any Bitcoin," Mr Musk said in response to a tweet about the decline in its value on Monday.
The billionaire has been a strong proponent of cryptocurrencies and had engaged with Twitter users about the move to suspend Bitcoin as a payment method for Teslas. It came under renewed pressure when he replied to a tweet asking if he would sell holdings with a one-word reply – "indeed".
"The downward momentum [in Bitcoin] started since last Wednesday when he tweeted about [the] extremely high energy consuming nature of Bitcoin," Vijay Valecha, chief investment officer at Century Financial, told The National
“His current moves come in the light of his new found love for Dogecoin,” Mr Valecha added.
Bitcoin has increased in value by more than 360 per cent over the past 12 months and is up around 54 per cent so far this year, although it has declined in value by about 20 per cent over the past month. Its market cap rose to over $1 trillion in February after Tesla disclosed that it had invested $1.5 billion in the digital currency and would begin accepting it as a form of payment for its cars. However, the sell-off since means its market cap has fallen back to about $833bn, according to CoinMarketCap.
The car maker's move was widely seen as an important validation of Bitcoin and sparked more interest in the asset, which is mostly used as a speculative investment instrument rather than a mode of day-to-day payment.
However, Mr Musk's recent comments about the energy-intensive process of Bitcoin mining, coupled with his interest in meme-based Dogecoin, have increased Bitcoin's volatility. Annualised volatility of Bitcoin currently stands at above 91 per cent, according to the Bitmex exchange.
Investors need to be wary of the volatile nature of cryptocurrencies, Mr Valecha said.
“A proper wave of profit booking and short term correction in the crypto markets were due,” he said.
“Crypto markets typically exhibit immense volatility near their downside support. Bitcoin in the past has acted as bellwether for further course correction in the crypto markets, with this time being no exception.”
Mr Musk’s decision to stop accepting Bitcoin also drove other cryptocurrencies lower.
Ether, the second biggest cryptocurrency, dropped more than 6.9 per cent to $3,542.20 a coin at 12.39pm UAE time. Dogecoin, which had hit new highs after the token was used to pay for a lunar satellite launch by Mr Musk's SpaceX rocket company, fell 5 per cent to $0.50 on Monday.
Bitcoin is very "unpredictable", Irina Heaver, a technology lawyer and cryptocurrency enthusiast based in Switzerland, told The National.
"It is a small asset class and moves on sentiment. Today's sentiment is that a guy who convinced us that EVs are green and better for the environment is somehow trying to convince us that money using electricity is bad for the environment,” she said.
She believes Mr Musk's stance is "illogical".
"Tesla made huge profit selling some of its Bitcoin and they will continue holding the asset … the holders lived through so many crushes and we will survive this one as well.”
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
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
FIGHT%20CARD
%3Cp%3EAnthony%20Joshua%20v%20Otto%20Wallin%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDeontay%20Wilder%20v%20Joseph%20Parker%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDmitry%20Bivol%20v%20Lyndon%20Arthur%2C%2012%20rounds%2C%20light%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDaniel%20Dubois%20v%20Jarrell%20Miller%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EFilip%20Hrgovic%20v%20Mark%20de%20Mori%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EArslanbek%20Makhmudov%20v%20Agit%20Kabayel%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EFrank%20Sanchez%20v%20Junior%20Fa%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EJai%20Opetaia%20v%20Ellis%20Zorro%2C%2012%20rounds%2C%20cruiserweight%3C%2Fp%3E%0A
More from Rashmee Roshan Lall
More from Neighbourhood Watch:
The biog
Name: Maitha Qambar
Age: 24
Emirate: Abu Dhabi
Education: Master’s Degree
Favourite hobby: Reading
She says: “Everyone has a purpose in life and everyone learns from their experiences”
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
More on Quran memorisation:
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Zayed Sustainability Prize
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
UAE currency: the story behind the money in your pockets
Top%2010%20most%20competitive%20economies
%3Cp%3E1.%20Singapore%0D%3Cbr%3E2.%20Switzerland%0D%3Cbr%3E3.%20Denmark%0D%3Cbr%3E4.%20Ireland%0D%3Cbr%3E5.%20Hong%20Kong%0D%3Cbr%3E6.%20Sweden%0D%3Cbr%3E7.%20UAE%0D%3Cbr%3E8.%20Taiwan%0D%3Cbr%3E9.%20Netherlands%0D%3Cbr%3E10.%20Norway%0D%3Cbr%3E%3C%2Fp%3E%0A
ENGLAND SQUAD
For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.
UFC%20in%20Abu%20Dhabi
%3Cp%3E%3Cbr%3E%3Cstrong%3EUFC%20112%3A%3C%2Fstrong%3E%20Invincible%20(April%2010%2C%202010)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3ENogueira%20v%20Nelson%20(April%2011%2C%202014)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20242%3A%3C%2Fstrong%3E%20Khabib%20v%20Poirier%20(September%207%2C%202019)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%201%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20251%3A%3C%2Fstrong%3E%20Usman%20v%20Masvidal%20(July%2012%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Kattar%20v%20Ige%20(July%2016%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3EFigueiredo%20v%20Benavidez%202%20(July%2019%2C%202020)%3Cbr%3E%3Cbr%3EUFC%20on%20ESPN%3A%20Whittaker%20v%20Till%20(July%2026%2C%202020)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%202%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20253%3A%20%3C%2Fstrong%3EAdesanya%20v%20Costa%20(September%2027%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Holm%20v%20Aldana%20(October%204%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Moraes%20v%20Sandhagen%20(October%2011%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Ortega%20v%20Korean%20Zombie%20(October%2018%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20254%3A%20%3C%2Fstrong%3EKhabib%20v%20Gaethje%20(October%2024%2C%202020)%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EFight%20Island%203%3Cbr%3E%3Cbr%3EUFC%20on%20ABC%3A%3C%2Fstrong%3E%20Holloway%20v%20Kattar%20(January%2016%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Chiesa%20v%20Magny%20(January%2020%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20257%3A%20%3C%2Fstrong%3EPoirier%20v%20McGregor%202%20(January%2024%2C%202021)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cbr%3EUFC%20267%3A%20Blachowicz%20v%20Teixeira%20(October%2030%2C%202021)%3Cbr%3E%3Cbr%3EUFC%20280%3A%20Oliveira%20v%20Makhachev%20(October%2022%2C%202022)%3C%2Fp%3E%0A
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
