LONDON: Bitcoin plunged on Thursday to its lowest in 10 days, leading a sell-off that extended to other smaller digital coins.
Bitcoin, the world’s biggest cryptocurrency, slumped as much as 13 percent to $16,317, a sharp correction from its three-year high of $19,521 hit a day earlier. It was last down 8 percent.
The cryptocurrency has rallied around 150 percent this year to just shy of its all-time high of $19,666. Fueling its rise has been demand for riskier assets, interest in assets perceived as resistant to inflation, and expectations that cryptocurrencies will win mainstream acceptance.
Bitcoin’s 12-year history has been peppered with vertiginous gains and equally sharp drops. It is highly volatile, and its markets are far less transparent than traditional assets.
Traders cited the unwinding of highly leveraged positions built up as bitcoin moved closer to its record, as well as tweets by the CEO of major cryptocurrency exchange Coinbase expressing concern at rumors of a regulatory crackdown.
“There’s definitely been a sense of euphoria in markets over the last couple of days ... this mostly feels like a reaction to that — over-leveraged markets took one small hit and suffered immensely,” said Joseph Edwards of Enigma Securities, a cryptocurrency brokerage.
Brian Armstrong, CEO of California-based Coinbase, tweeted on Tuesday that he was worried by rumors the United States would clampdown on individual cryptocurrency wallets.
“Brian Armstrong @ Coinbase tweeted his concerns which I think spread these worries to a wider audience,” said Jamie Farquhar, portfolio manager at crypto firm NKB Group.
Smaller cryptocurrencies also fell, with second-largest digital coin ethereum dropping around 13 percent and XRP, the third-biggest coin, sliding more than 20 percent. Both coins, which tend to move in tandem with bitcoin, hit multi-year highs earlier this week.
Bitcoin plummets to 10-day low, dragging smaller cryptocurrencies down
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Bitcoin plummets to 10-day low, dragging smaller cryptocurrencies down
- The cryptocurrency has rallied around 150 percent this year to just shy of its all-time high of $19,666
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
