Bitcoin slid to its lowest price since mid-December as the speculative demand for the token triggered by hype about new exchange-traded funds dissipates, leaving the cryptocurrency in the red since the start of 2024.
The largest digital asset flirted with a drop below $40,000 before trading at $41,220 as of 12pm on Friday, a decline of 4 per cent in the past 24 hours.
Smaller tokens such as Ether, Solana and Polkadot also struggled.
Bitcoin surged 157 per cent last year on optimism about the eventual January 11 launch of the first US ETF to directly hold the token.
Digital assets also got a tailwind from bets on looser monetary policy.
Traders are now assessing how much money the ETFs attract and paring expectations for interest rate cuts.
“This type of correction after a significant run-up is normal for Bitcoin,” said Greg Moritz, co-founder at cryptocurrency hedge fund AltTab Capital.
Nine new spot Bitcoin ETFs went live last week, including those backed by BlackRock and Fidelity Investments.
The $25 billion Grayscale Bitcoin Trust changed from a closed-ended structure into an ETF.
BlackRock’s iShares Bitcoin Trust has passed $1 billion in investor inflows.
The equivalent figure for the Fidelity Wise Origin Bitcoin Fund is about $880 million.
Grayscale’s Bitcoin fund, which was created in 2013, has recorded about $1.6 billion in outflows since it started trading as an ETF.
The Grayscale fund traded at a discount to its underlying holdings last year when it was a closed-ended vehicle, spurring some to bank on the gap narrowing.
Speculators may be exiting that trade, now that the discount has all but gone.
“GBTC selling, that’s the story,” said cryptocurrency investor Meltem Demirors.
Shares in the fund have also been “pledged as collateral or used to repay bad loans” as part of cryptocurrency sector insolvencies, she added.
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FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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The specs
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Fuel consumption: 6.9L/100km
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Fuel consumption: 11.7L/100km
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Price: From Dh590,000
Zayed Sustainability Prize
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
