Live updates: Follow the latest on Donald Trump’s inauguration
Bitcoin, which on Monday soared to a record of more than $109,000 ahead of US president-elect Donald Trump's inauguration, is likely to go much higher, say analysts.
The world’s largest cryptocurrency rallied amid expectations that Mr Trump's policies will promote the adoption of digital assets. Bitcoin was trading at $106,014.33 at 4.42pm UAE time on Monday.
"Bitcoin’s recent breach of $109,000 on Monday is a historic milestone, and I firmly believe this is only the beginning," said Nigel Green, chief executive of wealth management company deVere Group.
"We forecast that it could surge to $150,000 by mid-2025, driven by a confluence of factors including a pro-crypto Trump administration, heightened institutional investment, growing retail enthusiasm, and favourable regulatory developments globally. The ongoing momentum suggests that Bitcoin is cementing its status as a dominant global asset class," he said.
Bitcoin had a stellar 2024, more than doubling from $44,000 to top $100,000 for the first time on the back of Mr Trump's White House win and the launch of Bitcoin sport exchange traded funds (ETFs) in January last year.
"Trump has vowed to make the US a crypto capital for the world, with policies that push for the establishment of a strategic Bitcoin stockpile," said Vijay Valecha, chief investment officer at Century Financial.
"Crypto is here to stay, with eight states in the US introducing bills proposing crypto reserves, along with at least 13 more states preparing for similar legislation. Additionally, supporting the rally, net inflows of $1.86 billion were reported by US Bitcoin spot ETFs last week, taking the total net flow to $2.42 in the new year."
In the short term, according to Fibonacci extension levels, prices could see the $132,000 level as the first target, with a further target at $149,778, close to the psychological $150,000 level mark, Mr Valecha said.
Crypto markets perform in line with risky assets, and Bitcoin has performed best during improving US liquidity conditions, said Manuel Villegas, digital assets analyst at Julius Baer. "Overall, crypto markets are positively positioned ahead of Trump’s inauguration, the outlook on policy changes is big, and volatility is unlikely to subside anytime soon.
"That said, ETF flows are moving ahead of the inauguration, anticipating a little bit of ‘hot sauce’ to further warm up markets," he added. Julius Baer's outlook for the first quarter "remains stable, contingent on sustained demand and constrained supplies, with swings exacerbated by the macroeconomic environment", Mr Villegas said.
Mr Green also cautioned that investors must remain strategic amid the boom in crypto prices, keeping a focus on diversification and a long-term perspective. “While the current rally is incredibly promising, it’s important to note that it won't be a straight line to $150,000," he said.
"Market corrections are inevitable as investors periodically lock in profits, but these pullbacks are not a sign of weakness. Instead, they represent opportunities for longer-term growth, as the underlying fundamentals – such as institutional adoption and geopolitical demand – remain robust.”
Mr Trump was once a crypto sceptic. In his first term, he derided Bitcoin and its peers as “not money”, “based on thin air” and something that “can facilitate unlawful behaviour, including drug trade and other illegal activity”. He also described it a scam after he left office in 2021. However, in the months before and after his election this time around, he said he was considering an executive order designating cryptocurrencies as a “national priority”.
"We're gonna do something great with crypto because we don't want China or anybody else – not just China but others are embracing it – and we want to be the head," Mr Trump told CNBC in December. In response to a question on his plans to build a crypto reserve similar to oil reserves, he said: "Yeah, I think so."
The number of new meme coins and their value have jumped since Mr Trump’s election victory in November. Industry executives are hoping the incoming administration will adopt a friendlier approach to crypto assets. Along with his sons, Mr Trump has also endorsed World Liberty Financial, a crypto venture set up by his longtime business partners and others.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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 Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Sholto Byrnes on Myanmar politics
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”.
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
