Bitcoin selloffs continued on Wednesday after falling as much as 25 per cent the previous day. Benoit Tessier / Reuters
Bitcoin selloffs continued on Wednesday after falling as much as 25 per cent the previous day. Benoit Tessier / Reuters
Bitcoin selloffs continued on Wednesday after falling as much as 25 per cent the previous day. Benoit Tessier / Reuters
Bitcoin selloffs continued on Wednesday after falling as much as 25 per cent the previous day. Benoit Tessier / Reuters

Bitcoin falls further 7%, close to half of its $19,000 peak


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Bitcoin extended its sharp tumble of the past 24 hours, skidding more than 7 per cent on Wednesday in a rapid downturn in fortunes as investors were spooked by fears that regulators might clamp down on an asset whose value has skyrocketed in the past year.

The price of the world's biggest and best-known cryptocurrency fell to as low as US$10,567 on the Luxembourg-based Bitstamp exchange, not far from its six-week nadir of $10,162 touched the previous day. The session's high was $11,794.07.

It led the fall in cryptocurrencies, although others such as Ethereum and Ripple, have also slid sharply this week after reports South Korea and China could ban trading, sparking worries of a wider regulatory crackdown.

"Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations," said Shuhei Fujise, chief analyst at Alt Design.

At its lows on Tuesday, Bitcoin had fallen 25 per cent in the session, its biggest daily decline in four months. It was a far cry from its peak close to $20,000 in December, when the virtual currency had risen nearly 2,000 per cent over the year.

Tuesday's decline followed reports that South Korea's finance minister had said banning trading in cryptocurrencies was still an option and that the government plans a set of measures to clamp down on the "irrational" cryptocurrency investment craze.

Separately, a senior Chinese central banker said authorities should ban centralised trading of virtual currencies as well as individuals and businesses that provide related services.

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"Bitcoin is deciding whether this is the moment to crash and burn," said Steven Englander, head of strategy at New York-based Rafiki Capital.

"My conjecture is that cryptocurrency holders are trying to decide whether to abandon Bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them."

Bitcoin futures maturing on Wednesday on the Cboe Global Markets' Cboe Futures Exchange were at $10,740, with 1,586 contracts traded, after having opened at $10,850. The open interest was 2,895 contracts. The Cboe March 14, 2018 contract was quoted at $11,130.

The futures are cash-settled contracts based on the auction price of bitcoin in US dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

The MVIS CryptoCompare Ripple Index, which covers the performance of a digital assets portfolio which invests in Ripple (XRP), a cryptocurrency developed by Ripple Labs, dropped 15 per cent to $7,298 on Wednesday.

That equity index has seen a 66 per cent slide in its value since the start of the year. Ripple itself was quoted at $1.15 on website CoinMarketCap, down from a high of $3.81 on January 4.

"The run-up in Bitcoin created a mystique of one-way trading which is being shaken but the pricing requires faith that there will always be demand," Mr Englander wrote.

"This is far from guaranteed given the existence of alternatives with better characteristics."

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

THE%20SPECS
%3Cp%3EBattery%3A%2060kW%20lithium-ion%20phosphate%3Cbr%3EPower%3A%20Up%20to%20201bhp%3Cbr%3E0%20to%20100kph%3A%207.3%20seconds%3Cbr%3ERange%3A%20418km%3Cbr%3EPrice%3A%20From%20Dh149%2C900%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

The specs: 2017 Dodge Ram 1500 Laramie Longhorn

Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

Brief scoreline:

Crystal Palace 2

Milivojevic 76' (pen), Van Aanholt 88'

Huddersfield Town 0

UAE currency: the story behind the money in your pockets
Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

Women’s World T20, Asia Qualifier, in Bangkok

UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final

(The winners will progress to the Global Qualifier)

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

If you go:

 

Getting there:

Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.

 

Getting around:

Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UAE%20Warriors%2033%20Results
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