Technology

Bitcoin rises to the highest since May, surpasses $57,000

Bitcoin rose above $57,000 on Monday morning, extending its two-week rally.

Published

1 week ago

Oct 11, 2021 11:41 PM

Faisal Ali Ghumman

Bitcoin rises to the highest since May, surpasses $57,000

GNN Media: Representational Photo

The cryptocurrency climbed to as much as $57,597.60, the highest level since early May, according to Coin Metrics. Ether added nearly 2% to $3,599.22.

The comeback — a gain of another 12% would take it back to its all-time high of about $65,000 — comes amid increasing hopes and expectations that a bitcoin futures ETF could be approved soon, as well as recent comments from the heads of the Federal Reserve and Securities and Exchange Commission, who said they have no intention of banning bitcoin, which seemed to “embolden” investors, Ned Davis Research noted.

NDR’s Pat Tschosik noted bitcoin and gold’s one-year correlation has been dropping to the point where it’s about to turn negative.

“Bitcoin could be seen as the preferred inflation hedge if the dollar and real rates are rising,” he told CNBC.

The cryptocurrency is now up 30% for the month and up 97% for the year. Many are expecting this rally to be the door to the next all-time high. Though Ned Davis notes bitcoin tends to have a correction every 40 days, on average.

The latest run-up “follows a breakout above resistance from early September, which targeted the all-time high, so we would view any resulting consolidation as temporary,” said Katie Stockton of Fairlead Strategies. “For those who are looking to add exposure, the implications would be to wait a couple weeks, noting that there is room to initial support defined by the cloud model, currently near $47-$48K.”

SOURCE: CNBC

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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

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.

Published

1 week ago

Oct 12, 2021 08:58 AM

Mehak Javed

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.

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.

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.

Published

3 days ago

Oct 18, 2021 09:06 AM

Mehak Javed

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.

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.

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.

Published

2 days ago

Oct 19, 2021 08:51 AM

Mehak Javed

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.

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.