Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.
Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at $6,422 as of 1:25pm in Hong Kong, according to Bloomberg composite pricing. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital assets, traded near its lowest level since November 2017 as rival coins Ripple, Ether and Litecoin also fell.
Cryptocurrency bulls who counted on an expanding user base to drive up prices have been dealt a string of recent disappointments. Business Insider reported on Wednesday that Goldman Sachs Group was pulling back on near-term plans to set up a crypto trading desk, while trading platform ShapeShift said on Tuesday that it will begin asking users for personal information -- a policy that may drive away customers who value anonymity. The moves follow last month’s decision by US regulators to reject another round of Bitcoin exchange-traded fund proposals.
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“A lot of retail investors’ hopes for a bigger institutional presence were really being driven by Goldman Sachs,” Stephen Innes, head of trading for Asia Pacific at Oanda, said by phone from Singapore. “This is just a negative, negative sign as far as liquidity goes.”
While many banks and institutional investors are dipping their toes into the world of cryptocurrencies, concerns about everything from money-laundering to market manipulation and unclear regulations have prevented widespread adoption. The market value of virtual currencies tracked by CoinMarketCap.com has slumped about 75 per cent from its January peak to $204 billion.
The next key level to watch for Bitcoin is $5,000, according to Mr Innes, who said a drop below that threshold may cause losses to accelerate.
The biog
Name: Ayisha Abdulrahman Gareb
Age: 57
From: Kalba
Occupation: Mukrema, though she washes bodies without charge
Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
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