Bitcoin dropped below USD 20,000 (AED 73,462) on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.
The biggest cryptocurrency was down 7.1 per cent to USD 18,993 (AED 69,764) at 9:06 a.m. GMT (1:06 p.m. UAE time), having earlier touched USD 18,732 (AED 68,805), its lowest since December 2020.
It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.
The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.
The sector has also suffered losses after companies such as Coinbase Global Inc COIN.O, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.
The UAE has confirmed its steadfast commitment to leveraging cutting-edge technology to boost operational efficiency and enhance the quality of government services as it marked its participation in the official inauguration of the Global Government Technology Centre (GGTC) in Berlin.
Dubai's Roads and Transport Authority (RTA) has announced its digital revenues for 2023 grew by 16.8 per cent, reaching AED 3.705 billion compared to the previous year.
The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Serbia is the first with a country that is not a member of the World Trade Organisation, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade has said.
The Ministry of Finance announced the UAE Cabinet approved amendments to a Federal Decree-Law on Value Added Tax (VAT), which is set to exempt investment fund management services from VAT to stimulate growth in the investment management sector and increase the UAE’s attractiveness as a leading investment hub.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the proper bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.