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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.

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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

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Sports

'Chittagong test': Pakistan thrash Bangladesh by eight wickets

Pakistan chased down the 202-run target with eight wickets in hand.

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'Chittagong test': Pakistan thrash Bangladesh by eight wickets

Dhaka: In the key match of Chittagong test, Pakistan thrashed Bangladesh by eight wickets Tuesday.

Pakistan chased down the 202-run target with eight wickets in hand.

It is pertinent to mention here that this was the second time in Pakistan’s Test history, which stretch 440 matches, that an opening pair recorded two century stands in a match.

Bangladesh had got off to a positive start with Mushfiqur hitting a boundary off the first ball of the morning, bowled by Hasan Ali.

But two balls later he left a delivery that darted back in and departed for 16 after Hasan uprooted his off-stump.

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Sports

1st Test: Pakistan beat Bangladesh by eight wickets

The second Test starts Saturday in Dhaka

Published by Siddra Sumreen

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1st Test: Pakistan beat Bangladesh by eight wickets

Chattogram: Pakistan won the first Test against Bangladesh by eight wickets after  brilliant opening stand of 151 runs from Abid Ali and Abdullah Shafiq placed Pakistan in a commanding position.

Pakistan comfortably chased a target of 202 runs on the final day of the match despite the threat of spin could have made it a tricky chase.

Fast bowler Shaheen Afridi earlier claimed 5-32 to help Pakistan bowl out Bangladesh for 157 runs in their second innings despite wicketkeeper-batsman Liton Das making a fighting fifty.

Resuming Day 5 at 109 without loss, and just 93 runs away from the victory, Pakistan’s openers appeared to be in full control until off-spinner Mehidy Hasan struck.

Shafique followed his first-innings half-century to reach 73 before Mehidy (1-59) trapped him lbw.

Seven overs later, left-arm spinner Taijul Islam (1-89) had Abid out lbw, baffling him with a sharp turn to make Pakistan 171-2.

Azhar Ali then combined with captain Babar Azam to complete the inevitable, hitting consecutive boundaries off Mehidy to finish off the game. Azhar was unbeaten on 24 and Azam was not out on 13.

Liton Das’ maiden Test century helped Bangladesh post 330 in its first innings, then Taijul Islam claimed 7-116 to bowl out Pakistan for 286 — giving the hosts a 44-run first-innings lead.

Fast bowler Shaheen Shah Afridi was instrumental in Pakistan’s rally, returned figures of 5-32 to wrap up Bangladesh’s second innings for 157.

The second Test starts Saturday in Dhaka.

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Entertainment

Rocker Bryan Adams, other music starts perform in Pirelli calendar

Cher, Rita Ora, Iggy Pop, Jennifer Hudson and other music stars take centre stage in the 2022 Pirelli calendar unveiled on Monday, shot by Canadian rocker and photographer Bryan Adams.

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Rocker Bryan Adams, other music starts perform in Pirelli calendar

However the 62-year-old was unable to unveil his take of the famed calendar in person in Milan after testing positive for COVID-19 upon arrival in Italy last week. He joined a press conference remotely via video.

Called "On The Road", the calendar seeks to depict a day in the life of a touring musician.
Its cover shows guitarist and singer St. Vincent posing with a Pirelli guitar pick on her tongue. It features pictures of Cher and Pop in dressing rooms, Ora in the bath, rapper Saweetie pushing a luggage trolley and Hudson surrounded by flowers.

Rapper Bohan Phoenix poses on a piano while musician Grimes' photo is set in a futuristic setting. Adams, who snapped the photos in Los Angeles, Capri and Canada last summer, also features.

"With all these pictures, fantasy plays a big part in trying to create something," he said in a statement. "Because you don't want it to be literal, you want it to be glamorous, yet it gives the impression of what it might be like."

Adams said last week that he had tested positive for COVID-19 after flying into Milan and was going to hospital. It was the second time in a month he had tested positive for the virus. He has since posted photos, thanking doctors and nurses looking after him.

Adams is best known for songs like "Summer of ‘69", "Heaven" and "(Everything I Do) I Do It for You".

As a photographer, he has snapped Mick Jagger and Naomi Campbell, as well as Britain's Queen Elizabeth. He has also published books of his photos, including one on injured British soldiers.

First published in the 1960s, the Pirelli calendar has a limited run and is usually gifted to the company's clients. In recent years, it has moved away from featuring images of scantily-dressed models to more artistic themes, featuring various celebrities.

The 2021 edition was suspended due to the pandemic.

SOURCE: REUTERS

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