An electronic board of a cryptocurrency exchange in Seoul, South Korea, shows the bitcoin price recovering a 50 million won ($41,118) line during a session in March. EPA
An electronic board of a cryptocurrency exchange in Seoul, South Korea, shows the bitcoin price recovering a 50 million won ($41,118) line during a session in March. EPA
An electronic board of a cryptocurrency exchange in Seoul, South Korea, shows the bitcoin price recovering a 50 million won ($41,118) line during a session in March. EPA
An electronic board of a cryptocurrency exchange in Seoul, South Korea, shows the bitcoin price recovering a 50 million won ($41,118) line during a session in March. EPA

Bitcoin rallies and erases its losses for the year


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Bitcoin’s stealthy rally over the past two weeks not only pushed it past a key level of $45,000, it also put the world’s biggest cryptocurrency back in positive territory for the year.

The token rose as high as $47,583 in early Hong Kong trading, well above the $35,000-to-$45,000 range where it has been since early January. With the latest gains, Bitcoin is now up about 1.2 per cent for the year, compared with a 4.7 per cent decline for the S&P 500.

If Bitcoin can keep breaking through “in a meaningful way”, it should gain a lot of upside momentum, said Matt Maley, chief market strategist at Miller Tabak + Co.

The coin has been stuck on a tight path as the Federal Reserve and other central banks remove some of the stimulus measures put in place in response to the coronavirus pandemic downturn.

That means there is less cash to go towards riskier assets, including cryptocurrencies.

In addition, digital currencies came under scrutiny with speculation swirling that they could be used to skirt sanctions against Russia for the invasion of Ukraine, although many analysts reject that claim.

Even so, Bitcoin, and other tokens like Ether, started a steady advance this month alongside broader increases in US stocks. But it took until the past day for Bitcoin to convincingly exceed $45,000, a level it had only briefly touched since early January.

“As we test the top of the 2022 trading range for the fifth time, this is another one of these Bitcoin moments when the narrative could swiftly change and investors pile in, propelling the Bitcoin price higher,” said Antoni Trenchev, co-founder and managing partner at Nexo.

“It might just be time to awaken from the Bitcoin-sideways slumber that’s been 2022.”

For all of Bitcoin’s recent strength, its performance has been bested over the past few days by alt-coins such as Cardano, Solana, Polkadot and Dogecoin.

Cardano in particular has found favour with traders, jumping 30 per cent over the past five days. Those tokens remain down for 2022, however.

Bitcoin was well above its 50-day moving average, which currently sits at about $41,085.

That puts it around the 80th to 90th percentile and in the “overbought” range, according to Bespoke Investment Group. But, although that signals potential for a downturn in price for many assets, with Bitcoin that has historically been the opposite, the company said.

“When it has been similarly overbought in its past [over the last five years], it has averaged significant gains going out one to 12 months,” according to the Bespoke report.

When Bitcoin has been in the ninth decile of its spread versus its 50-day average, it has historically risen 16 per cent in the next month, is up 100 per cent six months later, and has gained 274 per cent after a year, according to data compiled by Bespoke.

“This isn’t normally what you see for the typical stock or ETF, but because Bitcoin has mostly traded higher over the years and really has a lot of momentum trading behind it, overbought levels have yet to become a headwind for this particular space,” Bespoke wrote.

Bitcoin’s gains since mid-March – even as the war in Ukraine dragged on – also bolstered it versus gold, its traditional safe-haven rival, which traded sideways during the period.

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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Brief scores:

Juventus 3

Dybala 6', Bonucci 17', Ronaldo 63'

Frosinone 0

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

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MATCH INFO

World Cup 2022 qualifier

UAE v Indonesia, Thursday, 8pm

Venue: Al Maktoum Stadium, Dubai

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

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BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

COMPANY%20PROFILE
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CREW
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Updated: March 28, 2022, 4:37 AM