Bitcoin, the world’s largest cryptocurrency by market value, has crashed about 20 per cent in the last month on the weakening of the Trump effect across markets and outflows from exchanged-traded funds.
The digital token tumbled after hitting a record high following US President Donald Trump’s January inauguration, as his tariff policies and stubbornly high inflation have shaken investor confidence. The crypto sector was also shaken by a record hack of the Bybit exchange last week.
As a group, Bitcoin ETFs have recorded about $2.1 billion in outflows over the past six days, Bloomberg reported.
Bitcoin was trading at $85,329.21 at 9.11am UAE time on Thursday. It had soared to a record of more than $109,000 ahead of the US presidential inauguration in January.
“The brutal sell-off happening in crypto is not unexpected considering we’ve just seen the biggest hack in our history, if not the history of all financial markets," said Charles Wayn, co-founder of the decentralised Web3 super app Galxe. "This has been compounded by further fears over global tariffs, which have wobbled main stock markets, though by nothing compared to crypto."
The sell-off is crypto-specific and likely exacerbated by a number of short positions that were automatically liquidated as prices plunged, he said.
"Crypto is a battle-tested, weather-hardened market that was able to survive a $60 billion sell-off overnight in 2022. And so Bybit’s $1.3 billion hack combined with a little bit of bluster over global trade tariffs that likely won’t materialise is not going to hold it back for long.”
Bitcoin had a stellar 2024, more than doubling from $44,000 to top $100,000 for the first time on the back of Mr Trump's White House win and the launch of Bitcoin spot ETFs in January last year.
Crypto exchange Bybit, which has more than 60 million users worldwide, said it was hit by history's biggest cryptocurrency hack on Friday, in which 401,000 Ethereum, worth more than $1.5 billion, was stolen.
North Korea was responsible for the theft of approximately $1.5 billion in virtual assets from Bybit, the US's Federal Bureau of Investigation said on Thursday.
Mr Trump on Wednesday said his administration would impose tariffs of 25 per cent on the European Union. Last week, he also floated the possibility of broadening US tariffs to include imports on cars, semiconductors and pharmaceuticals. That followed previous moves to order “reciprocal tariffs” on American trading partners, a levy on steel and aluminium imports, and more tariffs on Chinese goods. The president also said that previously announced levies on Mexico and Canada would come into force on April 2.
Investors pulled more than $1 billion from spot Bitcoin ETFs on Tuesday, the biggest outflow since the cohort debut in January last year, Bloomberg reported. The group of ETFs that hold Ether directly recorded milder outflows of $130 million.
Liquidations of long and short crypto bets accelerated on Wednesday, with about $425 million of positions wiped out over four hours at around 3.30pm in New York, according to data compiled by Coinglass. More than $2 billion of bullish bets were liquidated over the past three days.
Simon Peters, crypto analyst at trading platform eToro, said: "Bitcoin had been showing resilience until it reached the $92,000 level, which had served as support since November. The break below this level likely triggered a series of liquidations, intensifying the downward pressure on the price.
"If we look at previous Bitcoin bull markets, we often see retracements of 25 per cent to 35 per cent before finding a base and starting the next upward trend. Currently, we're down 20 per cent from the all-time high of $109,300. A 35 per cent drop could push Bitcoin to around $70,000, though this is not a certainty."
While large price movements can be "concerning", they are typical in any asset class with Bitcoin still 70 per cent higher than it was a year ago, he said.
Kevin Rusher, founder of real-world assets lending platform RAAC, said that the sell-off shows it’s time for the decentralised finance (DeFi) market to move beyond "volatile crypto assets" and explore more stable alternatives.
"Huge liquidation events like what we’re seeing today really damage DeFi’s reputation and erode trust. Many of the users that get flushed out of this market will never come back again, and that’s a problem if we want to grow DeFi into a major financial ecosystem," he said.
“The reason DeFi was born is because people were looking for a way to gain financial freedom without relying on banks and other centralised financial entities. But when crypto keeps tanking and liquidity keeps drying up, it’s hard to prioritise decentralisation over stability, so DeFi must offer the same level of stability as a bank.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
Mohammed bin Zayed Majlis
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The five pillars of Islam
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
More coverage from the Future Forum
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Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
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Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
Results
STAGE
1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
5. Luis Leon Sanchez (Astana) - 0:00:30
GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
2. Joao Almeida (QuickStep) - 0:00:05
3. Mattia Cattaneo (QuickStep) - 0:00:18
4. Chris Harper (Jumbo-Visma) - 0:00:33
5. Adam Yates (Ineos) - 0:00:39
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Skoda Superb Specs
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What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
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