iPhone | iPad
Android
Huawei
Experts say rupee will remain under pressure until there is political stability
Markets6 days ago
KT APPDOWNLOAD
Bitcoin extends slide, heads for worst week since March 2020
Singapore - The cryptocurrency fell more than 5 per cent to an almost three-week low of $28,800 in the Asia session, before steadying around $30,000.
Bitcoin fell heavily on Friday and was heading toward its sharpest weekly drop since last March, as worries over its technology and regulation extended a pullback from recent record highs.
The world’s most popular cryptocurrency fell more than 5 per cent to an almost three-week low of $28,800 in the Asia session, before steadying around $30,000. It has lost 15 per cent so far this week, the biggest drop since a 33 per cent fall in March.
Traders said a report posted to Twitter by BitMEX Research here, suggesting that part of a bitcoin may have been spent twice, had hurt confidence in the technology underlying the asset class and also that a pullback was overdue after a huge rally.
“You wouldn’t want to rationalise too much into a market that’s as inefficient and immature as bitcoin, but certainly there’s a reversal in momentum,” said Kyle Rodda, an analyst at IG Markets in Melbourne, in the wake of the BitMEX report. “The herd has probably looked at this and thought it sounded scary and shocking and it’s now the time to sell.”
Bitcoin is now around 30 per cent below the record high of $42,000 it hit two weeks ago, losing ground amid growing concerns that it is one of a number of financial market price bubbles and as cryptocurrencies catch regulators’ attention.
During a US Senate hearing on Tuesday, Janet Yellen, President Joe Biden’s pick to head the US Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.
That followed a call last week from European Central Bank President Christine Lagarde for global regulation of bitcoin.
Still, some said the pullback comes with the territory for an asset that is some 700 per cent above the 2020 low of $3,850 hit in March.
“It’s a highly volatile piece,” said Michael McCarthy, strategist at brokerage CMC Markets in Sydney. “It made extraordinary gains and it’s doing what bitcoin does and swinging around.”
Second-biggest cryptocurrency ethereum also dropped to a one-week low, of $1,041.22, before recovering to steady around $1,144.
Photo: Reuters
More news from Markets
Forex dealers say the greenback is being sold above Rs189 in the open market
Markets6 days ago
Surging oil prices have also weighed heavy on the rupee with a surprise rate hike by the Reserve Bank of India last week doing little to stem capital outflows
Markets1 week ago
The rupee has weakened sharply over the last few months due to a sharp rise in crude oil
Markets1 week ago
Century Financial will now offer services for t
Markets1 week ago
The IPO, expected to raise up to $2.74 billion, is India’s largest ever. Its partial listing is part of plans by Prime Minister Narendra Modi to privatise some industries and boost state coffers
Markets1 week ago
The selling pressure intensified after the RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has unanimously decided to hike the policy rate by 0.40 per cent with immediate effect
Markets1 week ago
Markets remain skittish regarding an expected aggressive Fed monetary policy
Markets2 weeks ago