Bitcoin retook the $57,000 level for the first time since late 2021, supported by investor demand through exchange-traded funds, as well as further purchases by MicroStrategy.
The digital asset added as much as 4.4 per cent to reach $57,039 before paring some of the jump to trade at $55,856.84 as of 9.20am UAE time on Tuesday.
Bitcoin’s price has increased by 33 per cent since the start of the year, extending a prolonged rally that has also stoked speculative appetite for smaller tokens such as Ether and BNB.
A net $5.6 billion has poured into a batch of landmark Bitcoin ETFs that began trading in the US on January 11, signalling a widening of demand for the token beyond committed digital-asset enthusiasts.
A coming reduction in the token’s supply growth, described as the halving, is adding to the optimistic sentiment.
MicroStrategy, an enterprise software company that buys Bitcoin as part of its corporate strategy, said on Monday that it had purchased another 3,000 or so tokens this month.
The company now owns about $10 billion worth of Bitcoin.
“We do not expect a major pullback from Bitcoin given its breakout and positive intermediate-term momentum,” Katie Stockton, founder of Fairlead Strategies, wrote in a note.
The combined value of digital assets now stands at about $2.2 trillion, according to CoinGecko, compared with a low of about $820 billion during the bear market of 2022, when FTX and other cryptocurrency platforms collapsed.
Digital tokens are jumping even though investors have pared back expectations for looser monetary policy this year, evidenced by a rise in US Treasury yields.
“Bullish momentum in crypto is unfolding despite an uptick in rates,” Sean Farrell, head of digital asset strategy at Fundstrat Global, wrote in a note.
Bitcoin has outperformed traditional assets such as stocks and gold this year. A ratio comparing the price of the token to the precious metal is at its highest level in more than two years.
Shares of cryptocurrency-related companies gained in the US on Monday. MicroStrategy rose by 16 per cent, trading platform Coinbase Global was up 17 per cent and miner Marathon Digital Holdings jumped 22 per cent.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
UAE'S%20YOUNG%20GUNS
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KILLING OF QASSEM SULEIMANI
Quick%20facts
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
AS%20WE%20EXIST
%3Cp%3EAuthor%3A%20Kaoutar%20Harchi%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Other%20Press%3C%2Fp%3E%0A%3Cp%3EPages%3A%20176%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20Now%3C%2Fp%3E%0A
THE%20SPECS
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more from Janine di Giovanni
Oppenheimer
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EChristopher%20Nolan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ECillian%20Murphy%2C%20Emily%20Blunt%2C%20Robert%20Downey%20Jr%2C%20Florence%20Pugh%2C%20Matt%20Damon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3Cbr%3E%3C%2Fp%3E%0A
Teaching in coronavirus times
Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
RESULTS
Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)
Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke
Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)
Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke
Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)
Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO
Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision
Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke
Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)
Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke
Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO
Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5