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.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Killing of Qassem Suleimani
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Marital status: Single
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Match info
Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
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