SINGAPORE: Bitcoin hit a new record high $60 shy of $50,000 on Tuesday, extending a sharp rally that has been mostly fueled by big investors beginning to take digital assets seriously.
The first and most famous cryptocurrency, bitcoin hit $49,938 and has gained roughly 70 percent this year, most of that after electric carmaker Tesla said it bought $1.5 billion in bitcoin and would accept the currency as payment.
Tesla’s move was the latest in a string of large investments that have vaulted bitcoin from the fringes of finance to company balance sheets and Wall Street dealing desks, as US firms and traditional money managers have started to buy a lot of it.
The soaring cryptocurrency, which was near worthless a decade ago when software developer Laszlo Hanyecz paid 10,000 bitcoins for two pizzas, surpassed $20,000 only in mid-December, but has so far struggled to crack $50,000 after a few attempts.
“Bitcoin has been range bound for the past four or five days, suggesting either stalling momentum or a consolidation period,” said Justin d’Anethan, sales manager at digital asset company Diginex in Hong Kong.
“We believe in the latter,” he said, since strong recent demand has been drawing down bitcoin’s finite supply.
Bitcoin last traded just short of its new record at $49,045 while rival cryptocurrency ethereum also held near its own record top of $1,879 made last week.
Besides Tesla, bitcoin has drawn unprecedented flows from big and small investors in recent months and posted new milestones on the path to greater takeup as a mode of exchange.
The cryptocurrency was created by the mysterious Satoshi Nakamoto, whose real identity is unknown and is based on blockchain technology which acts like public ledger of transactions. It began circulating in 2009, mostly among speculators — something which is beginning to change.
Business software firm MicroStrategy made the first of several multimillion-dollar bitcoin purchases in August and a number of Wall Street fund managers, such as billionaire Stanley Druckenmiller, now sound positive on the asset.
PayPal is allowing customers to use bitcoin at its merchants and Mastercard preparing to do likewise, moves which bring both opportunity and risk.
“The more mainstream the digital currency becomes, the more we should expect regulators to pay attention,” said Mike O’Rourke, chief market strategist at JonesTrading.
Bitcoin within a whisker of $50,000
https://arab.news/4z2un
Bitcoin within a whisker of $50,000
- The soaring cryptocurrency surpassed $20,000 only in mid-December
Saudi Arabia merges National Competitiveness Center and Saudi Business Center
RIYADH: Saudi Arabia has merged the National Competitiveness Center and the Saudi Business Center under a unified entity named the Saudi Competitiveness and Business Center to streamline business reforms.
The decision was announced during the Cabinet session held in Jeddah on Feb. 24 and chaired by Crown Prince Mohammed bin Salman.
Majid Al-Kassabi, minister of commerce and chairman of the boards of both centers, praised the leadership’s continued support for the private sector, saying the merger will enhance Saudi Arabia’s competitiveness and elevate its ranking in relevant international indicators and reports.
He said the decision will enhance the Kingdom’s competitiveness and elevate its ranking in relevant indicators and reports. It will also facilitate procedures for starting and conducting economic businesses and provide all related services and work by adopting the best international methods and practices.
Al-Kassabi said the Saudi Competitiveness and Business Center will continue delivering more than 6,000 government services to the business sector, in integration with relevant government entities, at the highest levels of quality and innovation. Services will be provided through the unified business platform and 20 branches across 15 cities.
He said the merger will unify channels for monitoring challenges facing the private sector and implement targeted reforms to facilitate business, adding that it will enhance the Kingdom’s global competitiveness and maximize the benefits of partnerships with local and international entities and organizations, especially in knowledge transfer and the exchange of expertise.
He said the center will work with the public and private sectors to place the Kingdom among the world’s most competitive countries and make its business environment a global model for the quality, smoothness and efficiency of government services directed to the business sector.
