Crypto bulls are out in force as growing list of companies embrace Bitcoin, even as sceptics doubt the durability of the boom. Photo: AFP
Crypto bulls are out in force as growing list of companies embrace Bitcoin, even as sceptics doubt the durability of the boom. Photo: AFP
Crypto bulls are out in force as growing list of companies embrace Bitcoin, even as sceptics doubt the durability of the boom. Photo: AFP
Crypto bulls are out in force as growing list of companies embrace Bitcoin, even as sceptics doubt the durability of the boom. Photo: AFP

Bitcoin slumps 15% after hitting new highs


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The mania that drove crypto assets to records as Coinbase Global went public last went turned on itself on the weekend, sending Bitcoin tumbling by the most since February.

The world’s biggest cryptocurrency plunged as much as 15 per cent just days after reaching a record. It was lower by 9 per cent at $55,323 at 10.18am in New York (6.18pm UAE time). Ether, the second biggest, dropped as much as 18 per cent to below $2,000 before paring losses. Binance Coin, XRP and Cardano each lost more than 12 per cent. Dogecoin, the token that started as a joke, was the only gainer among the 10 largest coins.

The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the run-up to Coinbase’s direct listing on Wednesday. The largest US crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.

“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet on Sunday. “Markets got too excited around [Coinbase's] direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”

Dogecoin, which has limited use and no fundamentals, rallied last week to be worth more than $50 billion at one point before stumbling on Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times on Friday, the online exchange said in a blog post.

There was also speculation on Sunday in several online reports that the plunge was related to concerns the US Treasury may crack down on money laundering that’s carried out through digital assets.

“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100 per cent Friday rally was ‘peak party’, after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”

Besides the “unsubstantiated” report of a US Treasury crackdown, Mr Trenchev said factors for the decline may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners”.

Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Interest in crypto increased again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of their wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.

Governments are inspecting risks around the sector more closely as the investor base widens.

Federal Reserve chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business”.

Turkey's central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of "non-recoverable" losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.

Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering scepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.

AT%20A%20GLANCE
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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Without Remorse

Directed by: Stefano Sollima

Starring: Michael B Jordan

4/5

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

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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.

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

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UAE SQUAD

UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards

Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi

Match info

Australia 580
Pakistan 240 and 335

Result: Australia win by an innings and five runs

Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

4 Kimi Raikkonen (Ferrari)

5 Daniel Ricciardo (Red Bull)

6 Max Verstappen (Red Bull)

7 Romain Grosjean (Haas)

8 Charles Leclerc (Sauber)

9 Esteban Ocon (Force India)

10 Nico Hulkenberg (Renault)

11 Carlos Sainz (Renault)

12 Marcus Ericsson (Sauber)

13 Kevin Magnussen (Haas)

14 Sergio Perez (Force India)

15 Fernando Alonso (McLaren)

16 Brendon Hartley (Toro Rosso)

17 Pierre Gasly (Toro Rosso)

18 Stoffe Vandoorne (McLaren)

19 Sergey Sirotkin (Williams)

20 Lance Stroll (Williams)

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final