Bitcoin plummets to 10-day low, dragging smaller cryptocurrencies down

Bitcoin plummets to 10-day low, dragging smaller cryptocurrencies down
Bitcoin’s 12-year history has been peppered with vertiginous gains and equally sharp drops. (AFP)
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Updated 26 November 2020

Bitcoin plummets to 10-day low, dragging smaller cryptocurrencies down

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

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.


EgyptAir reduces its ticket prices by 50% to European countries

EgyptAir reduces its ticket prices by 50% to European countries
Updated 25 January 2021

EgyptAir reduces its ticket prices by 50% to European countries

EgyptAir reduces its ticket prices by 50% to European countries
  • Business class tickets discounted by 35%, and economy class tickets by 25%, with discounts applicable when purchasing tickets until Jan. 31
  • Tourism revenues in Egypt plummeted by more than 69% during the last year due largely to the coronavirus disease pandemic

CAIRO: EgyptAir has announced a 50 percent discount on economy and business class tickets between Cairo and a number of European destinations.

The company offered discounts on its flights between Cairo and Paris for travel from Jan. 24 to Jan. 29, between Cairo and Amsterdam for travel on Jan. 24, 27 and 29, Cairo and London from Jan. 27 to Jan. 29 and between Cairo and Frankfurt on Jan. 28.

The company announced the continuation of discounts on flights between Egypt and Saudi Arabia, Riyadh, Dammam, Jeddah, Madinah and Al-Qassim.

Business class tickets are 35 percent off, and economy class tickets are 25 percent off, with discounts applicable when purchasing tickets until Jan. 31 and traveling until March 15, returning before March 31.

Last Thursday, the state-owned company began applying additional discounts to the price of fuel for the aviation sector, to reach 15 cents per gallon, in support of the tourism sector and to stimulate aviation.

Tourism revenues in Egypt plummeted by more than 69 percent during the last year due largely to the coronavirus disease pandemic, dropping to about $4 billion compared to more than $13 billion in 2019 due to the suspension of air traffic and travel worldwide, and the closure of borders between countries for several months.

Egypt announced an initiative to stimulate domestic tourism under the title “Winter in Egypt,” which relies on reducing the prices of domestic flight tickets.