iPhone | iPad
Android
Huawei
GDRFA-Dubai urged customers to avoid interacting with anonymous messages or clicking on links from unknown sources
KT APPDOWNLOAD
Unstoppable Bitcoin hits $25,000, up 400% since March
Dubai - The breathtaking rally of Bitcoin, which commands about 66 per cent of the global cryptocurrency market, have been driven by institutional investors
Analysts believe that given the digital currency’s sky-rocketing trends, its value could as well be touching $27,000 within a few weeks. — AFP
Bitcoin set a new all-time high of $25,005.53 on Saturday before falling back to $24,971.23, up 6.28 per cent on the day, marking an eye-popping 400 per cent jump over the past eight months
The leading cryptocurrency, which broke $24,000 just a few days ago, continued its torrid run, undeterred by a torrent of dismal warnings and alarm bells sounded by adversaries including Nouriel Roubini, nicknamed “Dr Doom” for his famously pessimistic predictions, and former White House chief economic advisor Gary Cohn about its unavoidable collapse.
The breathtaking rally of Bitcoin, which commands about 66 per cent of the global cryptocurrency market, have been driven by institutional investors, including Anthony Scaramucci’s Skybridge Capital ( $25 million December); MassMutual ($100 million in December); and Guggenheim (up to 10 per cent per cent of its $5 billion macro fund), analysts said.
Recently, leading online payment platform PayPal said its 350 million users would soon be able to deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants.
Daniel Gouldman, CEO of crypto-banking platform operator Ternio, said PayPal’s endorsement may help crypto go mainstream
Since PayPal announced in March this year about enabling its account holders to use Bitcoin, the value of the cryptocurrency has shot up from $5,000 to $25,000, marking a mind-blowing 400 per cent surge over eight months
Analysts believe that given the digital currency’s sky-rocketing trends, its value could as well be touching $27,000 within a few weeks. ZebPay, one of India’s largest cryptocurrency exchanges, has predicted that Bitcoin’s value could hit over $135,000 by 2030.
Adversaries of the crypto currency argue that there’s no intrinsic value to be found in Bitcoin when compared to stocks, bonds, real estate, and other income-generating assets.
Launched in 2009, Bitcoin became the first cryptocurrency to adopt a decentralised network for transactions based on block-chains. This exempts the currency from central bank policies and regulations, thereby deriving its value through a process called ‘mining.’ Bitcoins can be transferred using peer-to-peer transactions, the data record-keeping of which are done by blockchains.
— issacjohn@khaleejtimes.com
More news from
The 24-year-old talent is tied for 11th place in the $2 million International Series event
DXB reveals peak periods; busiest day and weekend ahead of the summer vacation
The tourist visa is non-convertible to other categories, meaning the purpose of their visit to the Southeast Asian country must be strictly for tourism
Leaders around the world have spoken to press and taken to social media to congratulate Keir Starmer on his big win
From navigation to responsiveness, Techysquad’s website development services cover every aspect of UI/UX
Merchlist offers the market an online configurator, establishing itself as a leader in branding businesses across the vast UAE and bridging the gap in the promotional products market