Technology

Bitcoin, other cryptos surge after sharp sell-off

The price of bitcoin climbed back above $58,000, rising 8.6% in 24 hours to $58,607.75, according to Coin Metrics data.

Published

1 month ago

Nov 29, 2021 11:14 PM

Faisal Ali Ghumman

Bitcoin, other cryptos surge after sharp sell-off

GNN Media: Representational Photo

Bitcoin and other cryptocurrencies surged Monday after a sharp sell-off at the end of last week.

The price of bitcoin climbed back above $58,000, rising 8.6% in 24 hours to $58,607.75, according to Coin Metrics data.

Other digital assets also rose, with ether jumping more than 9% to $$4,440.99 and XRP up 9% at around 99 cents.

Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, said early reports that the new, heavily-mutated omicron Covid variant came with milder symptoms was giving the market a boost.

“We’re seeing news of the variant being potentially weaker in terms of symptoms in early analysis, which has bolstered the market comeback,” Ayyar said via email. “Hence, smart investors have probably bought this dip.”

Bitcoin last week sank as low as $53,549, its lowest level since early October, amid a broader sell-off in stocks and other riskier assets on the back of fears over the new coronavirus variant.

The world’s largest digital currency was briefly down more than 20% from its recent all-time high of nearly $69,000, officially entering bear market territory. Bear markets are typically defined by a decline of 20% of more from recent highs.

The new Covid variant, first identified in South Africa, has spread to multiple countries including the U.K., Germany and Italy.

The US, UK and other nations have restricted travel with some African countries in response. Britain has also introduced new measures to tackle the new virus mutation, including mandatory mask wearing in shops and public transport in England.

On Sunday, Dr. Angelique Coetzee, the South African doctor who first spotted the omicron variant, described its symptoms as “extremely mild,” soothing fears of a potential return of lockdown restrictions during the holidays.

“The global environment did add to the uncertainty across all risk asset classes as we saw last week, but the bounce back always shows us how strong the uptrend is, which is what we’re seeing here,” Ayyar said.

If bitcoin loses $48,000 to $50,000 on a daily or weekly basis, “that would definitely imply bearishness,” he added. But for now, Ayyar says “we’re still in bull market territory.”

SOURCE: CNBC

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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.

World

PM appreciates Putin, discusses bilateral cooperation

Imran Khan said he looks forward to President Putin's visit to Pakistan as well as his own visit to Russia at an appropriate time.

Published

11 hours ago

Jan 17, 2022 03:25 PM

Mehak Javed

PM appreciates Putin, discusses bilateral cooperation

Islamabad: Prime Minister Imran Khan has appreciated Russian President Vladimir Putin's statement that insulting Holy Prophet Muhammad (Peace Be Upon Him) does not count as an expression of artistic freedom but is a violation of religious freedom.

In a telephonic conversation with the Russian President, the Prime Minister said he has been regularly highlighted the appalling rise in Islamophobia and associated hatred in his addresses to the UN General Assembly, pointing towards its serious ramifications.

The Prime Minister underscored that Pakistan's bilateral relationship with Russia is on an upward trajectory, with an increased focus on trade and economic ties and energy cooperation.

He reiterated the government's resolve for early realization of the Pakistan Stream Gas Pipeline Project.

Both leaders agreed to enhance bilateral cooperation in different areas, increase high-level exchanges, and remain in close contact on matters relating to Afghanistan.

The Prime Minister underscored that a peaceful and stable Afghanistan is pivotal for regional stability.

He said Afghanistan is facing dire humanitarian and economic challenges and support of the international community to the people of Afghanistan at this critical juncture remained vitally important.

The Prime Minister also underscored the importance of release of Afghanistan's financial assets for addressing the dire needs of the Afghan people.

Imran Khan said he looks forward to President Putin's visit to Pakistan as well as his own visit to Russia at an appropriate time.

Pakistan

PM Imran Khan launches Pakistan’s first-ever digital city in Haripur

Pakistan Digital City project will be completed at a cost of Rs1.31 billion

Published

10 hours ago

Jan 17, 2022 05:17 PM

Siddra Sumreen

PM Imran Khan launches Pakistan’s first-ever digital city in Haripur

Islamabad: Prime Minister Imran Khan on Monday performed the groundbreaking ceremony of Pakistan Digital City Special Technology Zone project, the country’s first such venture, during his visit to Huripur.

The prime minister was accompanied by Khyber Pakhtunkhwa (KP) Chief Minister Mahmood Khan, federal and provincial ministers.

The Pakistan Digital City project will be completed at a cost of Rs1.31 billion and scattered over 86 kanals of land.

Pakistan Digital City Haripur is a flagship project of the Khyber Pakhtunkhwa government being launched to provide all facilities to the IT industry in one place.

The project aims to serve as a state-of-the-art facility to enable collaborations and innovation amongst academia, research, industry and planners from within country and abroad.

It will benefit other allied industries like electronics, software houses, mobile phone industry, technology incubators, and computer industry in the province.

Last month, Prime Minister Imran Khan had inaugurated Lahore Technopolis, a special technology zone, to create jobs and boost Pakistan’s tech exports.

Sports

Under-19 World Cup: Pakistan to take on Zimbabwe today

Pakistan is the third most successful side after India and Australia in the ICC U19 Cricket World Cup

Published

11 hours ago

Jan 17, 2022 03:32 PM

Siddra Sumreen

Under-19 World Cup: Pakistan to take on Zimbabwe today

Trinidad and Tobago: Pakistan will play their first match of the tournament against Zimbabwe in the ICC Men’s U19 Cricket World Cup West Indies 2022 on Monday at the Diego Martin Sporting Complex in Trinidad and Tobago.

Pakistan will then meet Afghanistan on Thursday at the Brian Lara Cricket Ground, while their last Group C fixtures will be against Papua New Guinea (PNG) on Saturday at the Queens Park Oval.

Pakistan is the third most successful side after India and Australia in the ICC U19 Cricket World Cup, which was launched in 1988 before becoming a biennial event in 1998.

Pakistan have won titles in 2004 and 2006, finished runners-up thrice in 1988, 2010 and 2014, and achieved third positions in 2000, 2008, 2018 and 2020.

Squad: Qasim Akram (captain, Central Punjab), Abdul Faseeh (Northern), Abbas Ali (Khyber Pakhtunkhwa), Ahmed Khan (Khyber Pakhtunkhwa), Ali Asfand (Central Punjab), Arham Nawab (Central Punjab), Awais Ali (Central Punjab), Faisal Akram (Southern Punjab), Haseebullah (wicketkeeper, Balochistan), Irfan Khan Niazi (Central Punjab), Maaz Sadaqat (Khyber Pakhtunkhwa), Mehran Mumtaz (Northern), Mohammad Shehzad (Southern Punjab), Rizwan Mehmood (Sindh) and Zeeshan Zameer (Sindh)

Traveling reserves: Ghazi Ghori (wicketkeeper, Sindh), Mohammad Zeeshan (Central Punjab).

Pakistan fixtures:

17 Jan - v Zimbabwe - Diego Martin Sporting Complex.

20 Jan - v Afghanistan - Brian Lara Cricket Ground.

22 Jan - v PNG - Queens Park Oval.