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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Read more:
Bitcoin plummets 20% as fears of cryptocurrency crackdown spreads
Abu Dhabi Securities Exchange signs agreement with Swift and other parties to adopt blockchain technology
Bitcoin may be good but it is not most lucrative
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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is that cryptocurrency holders are trying to decide whether to abandon Bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them."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."
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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COMPANY%20PROFILE
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
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MATCH INFO
Manchester United v Brighton, Sunday, 6pm UAE
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Indika
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More on Palestine-Israeli relations
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
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