Cryptocurrencies extended their weekend slide on Monday, hampered by a further drop in the second-largest token, Ether, as well as the prospect of a global wave of monetary tightening.
Ether fell as much as 10.04 per cent to a two-month low and was trading at $1,308.36 at 9.20am UAE time on Monday, while Bitcoin receded 6.06 per cent to $18,822.29. Tokens such as XRP, Avalanche and Polkadot posted heavier losses.
An Ether jump since mid-June that was spurred by hype around an upgrade of the Ethereum blockchain is rapidly unwinding now that the revamp is done.
Meanwhile, investors are bracing for volatility from the jumbo interest-rate hike expected this week from the US Federal Reserve to fight price pressures.
The Ethereum update — known as the Merge — to slash energy usage is a “ginormous shift” but “in this inflationary environment macro trumps everything”, Antoni Trenchev, managing partner at cryptocurrency lender Nexo, wrote in a note.
That is evident in the pressure on a range of assets: global stocks are closer to wiping out a climb since mid-June that for many was a bear-market rally. US equity futures were in the red on Monday, while a dollar gauge pushed higher.
Elsewhere, reports that Ripple Labs and the US Securities and Exchange Commission are seeking an immediate ruling in a court case over Ripple’s affiliated token XRP saw the latter shed as much as 12 per cent. The SEC argues Ripple was “reckless” in its claims that XRP is not a regulated security.
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
