Bitcoin vaulted above $29,000 to reach yet another record level on the last day of 2020, showing no signs of slowing down its huge December rally.
The largest cryptocurrency by market cap climbed to as high as $29,292 before pulling back slightly to trade at $29,150.49 as of 8.18am UAE time on Thursday. It has advanced almost 50 per cent in December, on track for its biggest monthly gain since May 2019.
“Key to this rally is that it has been sustained over several weeks,” said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong. “If we do see a break to the downside, it will be instructive on the direction of first-quarter flows whether we see institutions continue to buy on a potential dip.”
Bitcoin has now quadrupled in value this year amid the global coronavirus pandemic, while the wider Bloomberg Galaxy Crypto Index tracking the largest digital currencies is up about 280% as rival coins such as Ether have also rallied.
The latest price surge continues to divide opinion between those who view cryptocurrencies as a hedge against dollar weakness and inflation risk, and others who question Bitcoin’s validity as an asset class given its speculative nature and boom-and-bust cycles.
“Lots of things are being validated in my view,” including Bitcoin’s role in finance and as a store of value, said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “Bitcoin is now a real alternative.”
That said, Bitcoin’s massive December rally also has at least one technical indicator flashing red, suggesting the coin is “close to a top”, Ayyar said. The digital asset is well into overbought territory according to its relative strength indicator.
Regulatory concerns also remain a wider factor for crypto investors. The Securities and Exchange Commission this month accused Ripple Labs and its top executives of misleading investors in affiliated token XRP. While Ripple plans to challenge the accusation in the courts, the development underscores the prospect of stricter oversight of digital assets.
XRP has plummeted almost 70 per cent this month and faces further pressure with Coinbase the latest exchange to announce plans to suspend trading in the token. Coinbase also faces a proposed class-action lawsuit over the commissions the exchange collected for selling the token.
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Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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