Bitcoin has plunged below $30,000 for the first time since June, dragging other digital currencies down and wiping $100 billion from the crypto market, even as equity markets recover.
The world's largest cryptocurrency lost 5.8 per cent of its value, trading at $29,654.54 on the Luxembourg-based Bitstamp exchange at 1pm UAE time on Tuesday. The last time the digital currency fell below the $30,000 mark was on June 22.
Ether, the second-biggest cryptocurrency, traded 7.2 per cent lower at $1,793.93 and XRP fell 8.8 per cent to $0.52733.
"The digital asset has broken through its key support level of $30,000. It is critical that the digital coin regains ground above the $30,000 level, as a significant breach could result in a massive technical sell-off," Naeem Aslam, chief analyst at broker Avatrade, said.
"Having said that, crypto traders are well aware that the price action of cryptocurrencies is highly volatile, and the decline in prices should not come as a surprise given that similar price fluctuations have occurred in the past."
Bitcoin has more than trebled in price from $9,175 a year ago, but has more than halved since hitting an all-time high of $63,729.50 in mid-April. It is now only 2.3 per cent higher than it was at the beginning of this year.
Cryptocurrency afficionados argued during its recent run-up in prices that Bitcoin is being much more widely adopted by institutional investors, with the likes of Fidelity investing in the Grayscale Bitcoin Trust, which has more than $20bn of assets under management.
The latest Digital Asset Fund Flows report by digital asset investment manager CoinShares reported $2.9 million of net inflows into cryptocurrency funds last week, bringing the total so far this year to $5.7bn. About 73 per cent of this has been invested in Bitcoin.
However, cryptocurrency funds have witnessed outflows in seven of the past 10 weeks as investors become more nervous about the threat of regulation.
In China, authorities have closed down Bitcoin mining operations in Sichuan due to concerns about the amount of power it consumes and instructed banks not to provide cryptocurrency-related services such as clearing or trading. There have also been crackdowns on illegal miners in the UK and Malaysia.
In the US, Treasury Secretary Janet Yellen has urged financial regulators to "act quickly" to instigate new rules governing stablecoins, a type of cryptocurrency whose value is fixed to a national currency or commodity, but are considered a risk as they remain unsupervised.
MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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
Read more from Mina Al-Oraibi
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
Mohammed bin Zayed Majlis
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
