Bitcoin Plunges After Meteoric Rise
Singapore: Bitcoin plunged as much as 15 percent to below $14,500 on profit-taking today, capping a roller-coaster week that saw the currency hit a series of record highs and underlining concerns about its volatility.
The virtual currency, which has no central bank backing and no legal exchange rate, briefly hit a new record of $17,000 before plunging to $14,480 in Asian afternoon trade, according to Bloomberg News. It clawed back some ground and stood at $16,100 in later trading.
Created in 2009 as a bit of encrypted software, the digital money been used to buy everything from beer to pizza, and is increasingly accepted by major companies such as booking website Expedia. It has soared more than 50 percent in just a week and is up from a 2017 low of $752 in mid-January.
Analysts have put the surge down to growing acceptance among traditional investors and a decision by US regulators to allow Bitcoin futures to trade on major exchanges. But some, including the US Federal Reserve, have warned against dabbling in Bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.
Until now it has only been traded on specialist platforms, but will debut on Cboe Futures Exchange this weekend before hitting the major Chicago Mercantile Exchange (CME) on December 18.
However major derivatives brokerages have raised concerns with regulators that the decision to allow it into mainstream markets been taken too hastily, and analysts are warning any hitch with its launch could spell trouble.
"If there are any kind of hiccups, we could easily see a scenario where it falls back by 50 percent," Kay Van-Petersen, macro and crypto strategist with Saxo Bank in Singapore, told AFP.
But he still expected the currency to keep rising in the long term, predicting its value would hit $50,000 to $100,000 within 18 months. The nascent Bitcoin industry was meanwhile coming under pressure due to the sudden surge of attention.
Major US online exchange Coinbase temporarily crashed; wallet service Trezor, which stores Bitcoins, reported issues with its servers; while leading exchange Bitfinex said it had been hit by a cyberattack.
Worries about the digital currency's vulnerability to theft were highlighted again this week when NiceHash marketplace -- which pairs those with spare computing power with those wanting to create new coins -- said it was investigating a security breach that had resulted in the theft of Bitcoins.
Bitcoin transactions happen when heavily encrypted codes are passed across a computer network.
Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.
IANS
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A woman was killed and four other civilians were injured in Uri in Jammu and Kashmir's Baramulla district as the Pakistan army intensified artillery fire across the Line of Control (LoC) in Kashmir, officials said, adding that a large number of houses have also been damaged in the cross-border shelling.
Reports state that a Pakistani shell struck the vehicle the woman was traveling in, resulting in her death. The woman was identified as Nargis Bashir, and some of her family members had boarded a vehicle to flee from the Razarwani village in Uri that was hit by the mortar and artillery shells from Pakistan.
In an attempt to educate and make people aware about the consequences of war amid Pakistan's continuous firing in the border states, the Delhi government did a mock drill to test air raid sirens installed at the Public Works Department (PWD) at ITO and asked people to not react out of panic.
District Magistrate (Central) G. Sudhakar also urged people to remain calm and not be alarmed when they hear the sirens.
At least twice, sirens sounded during the drill, which started at 3 pm.
PWD Minister Parvesh Verma said 40-50 more such sirens will be installed across the national capital, each of which will cover an area of 8 km.
Residents present in Rajouri along the Line of Control have started moving to safer areas after heavy cross-border shelling and attempted drone and missile attacks last night by Pakistan. All drone and missile attacks were intercepted and foiled by India's air defence system.
#WATCH | J&K | Residents of Rajouri living along the LOC have started moving to safer areas after heavy cross-border shelling and attempted drone and missile attacks last night by Pakistan.
— ANI (@ANI) May 9, 2025
All drone and missile attacks were intercepted by India's air defence system and foiled,… pic.twitter.com/XITK0CsejT
Pakistan has claimed that its Economic Affairs Division account on social media has been hacked and called the post where it appealed for more loans from the international community owing to losses from Operation Sindoor "fake."
In a post on X, Pakistan's Ministry of Foreign Affairs Fact Checker shared a picture of the post and mentioned that it was "fake." Additionally, it asserted that the account had undergone hacking.
A missile-like object is found deep inside the Dal Lake after loud explosions were heard on Saturday morning in Srinagar, which is a major tourist attraction. The defense ministry also confirms that Pakistan has intruded into Srinagar's airspace in a press release.
Since the early hours of Saturday morning (10th May), Srinagar has been rocked with multiple explosions, and now electricity is taken off in various places across Kashmir. The reason for this is yet to be determined, as reports indicate multiple places in Kashmir have lost power. The Indian Army released a statement after the press briefing, where they mentioned that they have attacked and neutralized multiple terrorist launchpads in a coordinated fire assault, razing them to cinders.