Bonfire of bitcoin: Why crypto assets are tumbling

bitcoin
The lightning uptake of crypto assets like bitcoin had swelled a volatile sector to a valuation of roughly two trillion dollars recently.

A week-long rout has wiped away tens of billions of dollars from that value and spread panic throughout the market.

Read more: Bitcoin falls 7.2% to $28,758

Bitcoin is the premier cryptocurrency and its value accounts for the lion’s share of the whole sector.

This week, its price at one stage plummeted to $25,500 -- less than half of its record price in November last year and the lowest valuation since it exploded at the end of 2020.

"Fears about rampant inflation and the abrupt ending of the era of cheap money have sent cryptocurrencies careering down a cliff edge," said Susannah Streeter of Hargreaves Lansdown, referring to the new monetary tightening policies of the US Federal Reserve and other central banks.



from latest-news - SUCH TV https://ift.tt/rnWKHSj

Comments

Post a Comment

Popular posts from this blog

Low payments by fed govt hampered development in Sindh, CM Murad tells Bilawal Bhutto

Image
Sindh Chief Minister Syed Murad Ali Shah and PPP Chairman Bilawal Bhutto Zardari had a meeting on Monday at the Bilawal House in Karachi. According to the Bilawal House spokesperson, the chief minister informed Bilawal Bhutto of the COVID-19 situation in the province along with measures taken by the Sindh Health Department to contain the virus. Speaking about the pace of development in the province, CM Murad Ali Shah told Bilawal Bhutto that progress has been largely hampered because of low payments made by the Federal government against Sindh's rightful share. Shedding light on areas where improvements were witnessed, the CM said that the Sindh government has surpassed its own tax collection targets this time. During the meeting, PPP Chairman said that he had instructed the Sindh government to start a recruitment drive for filling vacant positions, adding that all appointments must be made on the basis of merit so that the unemployed youth can benefit from the move. He also...
Read more

Taliban declare war in Afghanistan over, call for peaceful relations with world

Image
The spokesperson for the Afghan Taliban on Monday declared that the war in the country is over, saying that the group desires peaceful relations with the world. The statement comes a day after the Afghan Taliban entered Kabul as President Ashraf Ghani left the country, saying he wanted avoid bloodshed and conflict. The group respected women's and minorities' rights and freedom of expression within Sharia law, Spokesperson Mohammad Naeem added. Naeem said the Taliban wanted to have peaceful relations and was keen to develop several channels of communication it had already opened with foreign countries. "We ask all countries and entities to sit with us to settle any issues", he said in an interview with Al Jazeera TV. Two decades ago, the George Bush administration overthrew the Taliban from power in Afghanistan. Naeem said that no diplomatic body or headquarters was targeted in the Taliban's approach and the group would provide safety for citizens and diplo...
Read more

Sindh govt seeks army's help in implementation of coronavirus SOPs

Image
The government of Sindh has sought help from the Pakistan Army in implementing coronavirus SOPs as cases of the virus surge across the country. The provincial government has written to the Ministry of Interior, seeking the army's help for the civil administration under Article 245 of the Constitution. Sindh government said it would inform the interior ministry about details regarding troop employment and equipment after holding consultations over the matter. On the other hand, Sindh information ministry Nasir Hussain Shah has warned that the provincial government will impose a lockdown if the situation turns alarming in Sindh. "The provincial government is ready; if [coronavirus] situation worsens, we will impose a lockdown," he had said on Saturday. A day earlier, army troops were deployed in Islamabad and Peshawar after PM Imran Khan announced their help would be needed in ensuring implementation of safety protocols. Officials of the Islamabad administration had...
Read more

North Korea imported Chinese masks before declaring Covid victory

Image
North Korea imported more than 1 million facial masks and 15,000 pairs of rubber gloves from China in July, shortly before declaring victory over Covid-19, Chinese trade showed on Saturday. Pyongyang last week declared victory over the coronavirus, ending a little-detailed fight against “fever” cases that had risen to 4.77 million. It has registered no new such cases since July 29. Still, China exported 1.23 million facial masks to North Korea in July, worth $44,307, surging from 17,000 the previous month, according to data released by Chinese customs. From January to July, the last month for which data is available, the North bought more than 11.93 million masks from China, data showed. North Korea did not import any Covid-19 prevention and control products from China in May, the data showed. China’s overall exports to North Korea surged to $59.74 million in July from $19.05 million in June. Top exports were semi- or wholly milled rice, cigarettes, disodium carbonate and smoke...
Read more

Tareen-aligned PTI group meets PM, expresses reservations against Shahzad Akbar

Image
A group of PTI members that has extended its support to party stalwart Jahangir Tareen on Tuesday met with Prime Minister Imran Khan and expressed their reservations against aide on accountability Shahzad Akbar. Speaking to the media after the meeting with the prime minister, PTI MNA from Faisalabad Raja Riaz said that the prime minister has assured the group that he is "personally monitoring" the inquiry against Tareen and will see to it that justice is served. "We met the prime minister in a very cordial atmosphere. He has assured us that justice will be served after we expressed reservations over being singled out. The prime minister said there is no question of such treatment being meted out to anyone," Riaz said. "The prime minister has asked for some time and InshaAllah justice will be served," the PTI leader added. When asked what was discussed regarding Akbar, Riaz said that the group shared their reservations, after which "the prime min...
Read more

Biden administration fights for $1.9 trillion COVID-19 relief plan

Image
Officials in President Joe Biden’s administration tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive on a Sunday call with Republican and Democratic lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution. Lawmakers from both parties said they had agreed that getting the COVID-19 vaccine to Americans should be a priority, but some Republicans objected to such a hefty package only a month after Congress passed a $900 billion relief measure. “It seems premature to be considering a package of this size and scope,” said Republican Senator Susan Collins, who was on the call with Brian Deese, director of the White House’s National Economic Council, and other top Biden aides. Collins said she agreed additional funding was needed for vaccine distribution, but in a “more limited” bill, and planned to discuss such a measure with other lawmakers. Senator Dick Durbin, the Senate’s No. 2 Democrat, said the call had ...
Read more

Biden urges calm in first call with Palestinian President Mahmoud Abbas

Image
US President Joe Biden urged calm between Israel and Gaza on Saturday and affirmed his support for a two-state solution in his first phone call with Palestinian President Mahmoud Abbas since taking office, the official Palestinian news agency said. Biden dispatched an envoy to the region on Friday to work for calm. Biden told Abbas the United States “is making efforts with the concerned parties to reach the goal” of reducing violence in the region, a summary of the call published by WAFA said. Biden also said the United States opposes the eviction of Palestinians from East Jerusalem’s Sheikh Jarrah, the summary said. President Biden also spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices. In Gaza, at least 144 people have been killed since Monday, including 39 children and 22 women. Israel’s army destroyed in an airstrike Saturday the 13-floor bu...
Read more

T20 World Cup: Green Shirts to face Australia in Semi Final on Sunday

Image
Pakistan defeated Scotland by 72 runs on Sunday, continuing their undefeated streak in the Super 12 stage of the T20 World Cup. There are two groups in the Super 12 stage — Group 1 and 2. The team which ended at the top of each group will play the team which ranked second on the other group's points table. Pakistan ended their group run on the top of the points table, while New Zealand were second. As a result, Pakistan will now face Australia in the semi-finals in Dubai, while New Zealand will go toe-to-toe against England in Abu Dhabi. Speaking after Pakistan's victory against Scotland, Babar said the driving force behind the team's undefeated streak was their unity and consistency. "Our plan to bat first bore fruits [...] Mohammad Hafeez also batted well today," he said. The skipper said the semi-final would take place in Dubai and over there, Pakistan has a lot of fans. "Due to the fans support, we will step in the ground with confidence." ...
Read more

Dollar waits on CPI, yuan bounces back from policy knock

Image
 The dollar was largely unchanged in early European trade Friday ahead of the release of key U.S. inflation data, which could influence Federal Reserve monetary policy thinking into the new year. The euro , seen as vulnerable to a Federal Reserve hike especially if European rate rises lag, dropped 0.4% on Thursday and was steady in Asia at $1.1297. The dollar index , at 96.197, was drifting toward its seventh consecutive weekly rise ahead of the data, which is due at 1330 GMT. Annual price gains of 6.8% are expected and any upside surprise will likely be interpreted as a case for a faster Federal Reserve taper and sooner interest rate rises. Consumer confidence data is also due on Friday and if it holds up could portend even more price pressures ahead. Tom Porcelli said,"Inflation is going to accelerate." RBC Capital Markets' chief U.S. economist, who thinks the annual pace is going to pick up and keep rising to push near 7% early in the new year. He said, "As ...
Read more

Biden and Xi discuss avoiding conflict in first phone call in 7 months

Image
US President Joe Biden and Chinese leader Xi Jinping spoke for 90 minutes in their first talks in seven months on Thursday, discussing the need to avoid letting competition between the world's two largest economies veer into conflict. The US side said the "proof will be in the pudding" as to whether the stalemate can be broken with relations between the superpowers languishing at their lowest point in decades. A White House statement said Biden and Xi had "a broad, strategic discussion," including areas where interests and values converge and diverge. The conversation focused on economic issues, climate change and Covid-19, a senior US official told reporters. "President Biden underscored the United States' enduring interest in peace, stability, and prosperity in the Indo-Pacific and the world and the two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict," the statement said. Occasional hig...
Read more