Bitcoin falls more than 4 percent to near $60,000

Bitcoin falls more than 4 percent to near $60,000
Cryptocurrency analysts said there did not seem to be any news driving the declines, and the moves seemed driven by profit taking after the sharp run-up. (File/AP)
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Updated 16 November 2021

Bitcoin falls more than 4 percent to near $60,000

Bitcoin falls more than 4 percent to near $60,000
  • Bitcoin’s value has more than doubled since June, driven by mainstream adoption of cryptocurrencies

SINGAPORE: Bitcoin, the world’s biggest and best-known cryptocurrency, fell more than 4 percent on Tuesday as it extended a decline through a week that also included an upgrade to its blockchain.
Bitcoin fell to $60,350 at its lowest for the day, taking losses from a record high of $69,000 struck on Nov. 10 to more than 11 percent.
Ether, the second-biggest cryptocurrency by market value, was down 4.5 percent at $4,355.4.
Cryptocurrency analysts said there did not seem to be any news driving the declines, and the moves seemed driven by profit taking after the sharp run-up.
“There is a lack of news and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.
Bitcoin’s value has more than doubled since June, driven by mainstream adoption of cryptocurrencies and, more recently, the launch of futures-based bitcoin exchange-traded funds in the United States.
It went through a major upgrade, called Taproot, on Sunday that enables its blockchain to execute more complex transactions, potentially widening the virtual currency’s use cases and making it a little more competitive with ethereum for processing smart contracts. Smart contracts are self-executing transactions whose results depend on pre-programmed inputs.


Europe energy savings practices is inefficient, auditors say

Europe energy savings practices is inefficient, auditors say
Updated 28 sec ago

Europe energy savings practices is inefficient, auditors say

Europe energy savings practices is inefficient, auditors say

BRUSSELS: More than 2 billion euros of European Union funding to help businesses save energy contributed little to climate change targets and in some cases funded investments that would have happened anyway, according to an auditor report released on Monday.

The EU regards curbing energy use as essential to meeting goals to cut greenhouse gas emissions, and record high gas and power prices in recent months have increased the focus on measures to save energy.
But so far, EU funding to support energy savings for businesses has not been effective, the European Court of Auditors said in a report.

The EU spent 2.4 billion euros ($2.74 billion) from its budget over 2014-2020 to support energy efficiency in enterprises, including energy audits and measures to cut energy consumption or energy intensity in industry, services or the public sector.

The auditors estimated that projects backed by that funding achieved 0.3 percent of the annual savings needed to reach the EU’s target to cut final energy consumption by 32.5 percent by 2030, compared to projected levels.

“European Union funding is insufficiently linked to business needs — there was no proper analysis of what is really needed by the enterprises,” ECA member Samo Jereb told Reuters.
Bulgaria, the Czech Republic, Germany, Italy and Poland, accounted for the bulk of the support.
Brussels plans to increase its 2030 energy saving target, and last year unveiled plans to renovate millions of buildings to achieve the huge energy efficiency improvements needed to meet its climate goals. Residential energy savings were not covered by the auditors’ report.

 

 

 


Singapore’s central bank issues guidelines to discourage crypto public trading: Crypto moves

Singapore’s central bank issues guidelines to discourage crypto public trading: Crypto moves
Updated 52 min 44 sec ago

Singapore’s central bank issues guidelines to discourage crypto public trading: Crypto moves

Singapore’s central bank issues guidelines to discourage crypto public trading: Crypto moves

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 1.48 percent to $42,558 at 6:51 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,241 down by 3.14 percent, according to data from Coindesk.

Other news

The Monetary Authority of Singapore issued on Monday guidelines restricting cryptocurrency trading service providers from promoting their services to the general public, as part of an effort to protect retail investors from potential risks.

In the new guidelines, MAS asserts that companies should not engage in marketing or advertising of DPT services in public areas in Singapore or through third parties, such as social media influencers, to promote DPT services to the general public. They can only market or advertise on their own corporate websites, mobile applications or official social media accounts.

Singapore is a popular location for cryptocurrency companies due to its relatively clear regulatory and operational environment and is among the forerunners globally in developing a formal licensing framework.

The city state authorities have also repeatedly warned that trading in digital payment tokens or cryptocurrency, is highly risky and unsuitable for the general public, as they are subject to sharp speculative swings.

“MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases” Loo Siew Yee, MAS assistant managing director of policy, payments and financial crime, said in a statement.

“But the trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivializes the high risks of trading in DPTs, nor engage in marketing activities that target the general public.”

Mining 

Jack Dorsey, CEO of Block, said in a tweet that the fintech company is building an open bitcoin-mining system, as the newly rebranded company looks to expand beyond its payment business and into new technologies like blockchain.

In October, Dorsey said that Block, formerly Square, was considering building a bitcoin-mining system based on custom silicon and open source for individuals and businesses worldwide.

In a tweet thread on Thursday, Block’s general manager for hardware, Thomas Templeton, laid out the company’s plans to build the mining system.

“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless,” Templeton tweeted. 


Kuwait’s budget deficit 682 million dinars in 9 months

Kuwait’s budget deficit 682 million dinars in 9 months
Updated 17 January 2022

Kuwait’s budget deficit 682 million dinars in 9 months

Kuwait’s budget deficit 682 million dinars in 9 months

KUWAIT CITY: Kuwait’s oil revenue reached 11.5 billion dinars ($38.10 billion) in the nine months to the end of December, the Ministry of Finance said in a report on Monday.
The Gulf OPEC member recorded a budget deficit of 682.4 million dinars in the first nine months of its financial year, which ends in March 2022, the ministry’s preliminary report said.
($1 = 0.3019 Kuwaiti dinars)


Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM
Updated 17 January 2022

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

RIYADH: Some military affiliated companies operating in the economy and civil sectors are being restructured to be listed on Cairo's Stock Exchange next year, Egypt's Prime Minister, Mostafa Madbouly, said.

The companies will be available to all Egyptians, not just the private sector,  he added during his interview on a BBC program, citing President Abdel Fattah El Sisi’s statement. 

Soliman did not disclose the names of other companies affiliated with the Egyptian army that are planned to be listed, until the validity of their legal structures is verified. 

“We have offered more than 25 percent of the wholly state-owned e-finance company on the EGX, and many companies, including companies affiliated with the armed forces, are scheduled to be offered on the stock exchange next year,” Madbouly said.  

He added that the size of the armed forces' institutions represents less than 1 percent of the Egyptian economy.

Ayman Soliman, the CEO of the Sovereign Fund of Egypt had previously revealed the organisation was in the process of completing the legal restructuring of two affiliated companies, namely the Safi food company and the Watania petroleum distribution company, with both set to be listed on the stock exchange.


UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister
Updated 17 January 2022

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

RIYADH: UAE-owned renewable energy company Masdar wants to see its global projects produce up to 200 gigawatts of electricity, the country’s Industry Minister Sultan al-Jaber said on Monday in Dubai.

Al-Jaber, who is also the CEO of Abu Dhabi National Oil Company (ADNOC), was speaking at the Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai.

He said  Masdar has invested in wind and solar projects in 40 countries around the world, according to Reuters, adding: “Our ambition is to accelerate this development globally to reach 100 GW and ultimately double that again to 200 GW.”

No timeframe was set out for the growth, but last month the  Abu Dhabi government confirmed plans to increase Masdar's capacity to more than 50 gigawatts by 2030.