Connect with us

Technology

Bitcoin plunges 10% amid selling pressures in global stocks, regulatory concerns

The price of bitcoin dropped sharply Monday as investors began shedding risk amid a global equity markets decline.

Published

on

Bitcoin plunges 10% amid selling pressures in global stocks, regulatory concerns
GNN Media: Representational Photo

While bitcoin is often called a safe-haven asset, the growing reality is its price tends to go down amid broader declines in risk assets. Bitcoin’s rally this year has coincided with the broader risk-on rally and, much like stocks, the digital currency is prone to sharp declines in September.

Bitcoin lost as much as 10% on Monday morning. It was last down 7% at $43,953.87, according to Coin Metrics. The broader crypto market is in the red too, with ether last down 8% to $3,064.29.

Global equity markets are sliding as investors fear spreading risk from a shakeout in China’s property market tied to highly indebted developer Evergrande. Investors are also focused on the Federal Reserve and whether it will signal its readiness to start removing monetary stimulus from the economy. The central bank will begin its two-day meeting Tuesday.

Bitcoin traded above $50,000 earlier this month, topping a key psychological resistance level for trader. Now, however, the cryptocurrency is below its 50-day moving average of $46,514, which analysts and traders look to for a change up or down and to get a sense of the intermediate-term trend.

The crypto decline comes as uncertainty about the regulation of stablecoins intensifies. The Financial Stability Oversight Council could designate them as systemically risky, The New York Times reported over the weekend. This could subject them and their operators to heavy regulation.

While bitcoin was sliding, gold futures climbed 0.8% to $1,765.70 per ounce.

The prices of other cryptocurrencies plunged as concerns over the spillover risk to the global economy from Chinese property group Evergrande's troubles rippled over to wider markets.

SOURCE: CNBC 

Faisal Ali Ghumman

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 4 months.

Pakistan

Pakistan logs over 600 new COVID infections, 20 deaths 

According to National Command and Operations Center (NCOC), around 603 cases of coronavirus were reported while 20 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,300.

Profile Avatar

Published

on

Pakistan logs over 600 new COVID infections, 20 deaths 

Islamabad: Amid a steady decline in Covid-19 infections, Pakistan's coronavirus positivity ratio further fell to 1.37% with 603 new cases.

According to National Command and Operations Center (NCOC), around 603 cases of coronavirus were reported while 20 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,300.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than the previous three COVID waves.

The total number of cases has reached 1,265,650.

As many as 1,211,710 patients have recovered from the disease with 1,852 critical cases.

Punjab

The number of patients swelled to 438,133 in the province with 12,861 causalities.

Sindh

The number of infections has surged to 466,154 in the province, while the death toll has reached 7,533.

Khyber Pakhtunkhwa

The confirmed cases have surged to 176,950 in the province with 5,689 casualties.

Balochistan

There are 33,133 confirmed cases while 354 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 34,406 coronavirus cases in the AJK while the death toll has reached 740. On the other hand, there are 10,370 cases in GB with 186 coronavirus deaths.

Islamabad

There are 106,504 cases in the capital city while 937 people have lost their lives.  

Continue Reading

Pakistan

COVID-19: Pakistan sees significant decline in deaths, logs 663 new cases in 24 hours

According to National Command and Operations Center (NCOC), around 663 cases of coronavirus were reported while 11 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,280.

Profile Avatar

Published

on

COVID-19: Pakistan sees significant decline in deaths, logs 663 new cases in 24 hours

Islamabad: Amid a steady decline in Covid-19 infections, Pakistan's coronavirus positivity ratio further fell to 1.66% with 663 new cases.

According to National Command and Operations Center (NCOC), around 663 cases of coronavirus were reported while 11 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,280.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than the previous three COVID waves.

The total number of cases has reached 1,265,047.

As many as 1,210,897 patients have recovered from the disease with 2,280 critical cases.

Punjab

The number of patients swelled to 437,974 in the province with 12,849 causalities.

Sindh

The number of infections has surged to 465,819 in the province, while the death toll has reached 7,530.

Khyber Pakhtunkhwa

The confirmed cases have surged to 176,886 in the province with 5,686 casualties.

Balochistan

There are 33,128 confirmed cases while 352 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 34,402 coronavirus cases in the AJK while the death toll has reached 740. On the other hand, there are 10,369 cases in GB with 186 coronavirus deaths.

Islamabad

There are 106,469 cases in the capital city while 937 people have lost their lives.  

Continue Reading

Pakistan

Coronavirus: Pakistan records lowest daily death toll of fourth wave

According to National Command and Operations Center (NCOC), around 689 cases of coronavirus were reported while 18 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,152.

Profile Avatar

Published

on

Coronavirus: Pakistan records lowest daily death toll of fourth wave

Islamabad: Amid a steady decline in Covid-19 infections, Pakistan's coronavirus positivity ratio further fell to 1.62% with 689 new cases. 

According to National Command and Operations Center (NCOC), around 689 cases of coronavirus were reported while 18 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,152.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than the previous three COVID waves.

The total number of cases has reached 1,259,648.

As many as 1,189,742 patients have recovered from the disease with 2,280 critical cases.

Punjab

The number of patients swelled to 436,442 in the province with 12,792 causalities.

Sindh

The number of infections has surged to 463,167 in the province, while the death toll has reached 7,502.

Khyber Pakhtunkhwa

The confirmed cases have surged to 176,048 in the province with 5,650 casualties.

Balochistan

There are 33,083 confirmed cases while 350 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 34,354 coronavirus cases in the AJK while the death toll has reached 739. On the other hand, there are 10,353 cases in GB with 186 coronavirus deaths.

Islamabad

There are 106,201 cases in the capital city while 933 people have lost their lives.   

Continue Reading

Trending