Suddenly it lost half of its value… Will the “Bitcoin” curse affect the world’s economy?

The cryptocurrency “Bitcoin” electronic currency received a severe blow recently, after it lost more than half of its market value, amid fears that it will go down further.

The price of Bitcoin fell below $30,000, on Tuesday, for the first time since the end of last January, affected by Chinese efforts to regulate this decentralized financial market.

And the Chinese company “Bitmin”, the largest maker of bitcoin mining machines in the world, announced on Wednesday that it has stopped sales of mining machines, after a major crackdown on this activity by the Beijing government.

Former cryptocurrency producers reported that energy providers in China’s Sichuan province had been ordered to stop providing electricity to bitcoin-producing companies before Sunday.

But the highly volatile cryptocurrency is still 3% higher than its price at the beginning of the year, while it is down 54% from its all-time high, when it reached $64,870 in mid-April.

The “Bitcoin” website defines this currency as an innovative payment method and a new form of money, that does not operate with a central authority, does not need banks, and is a cryptocurrency.

And about the person responsible for managing the Bitcoin network in the world, the site says in a strange answer to the traditional exchange market that Bitcoin is “open source”, and its design is open to the public, as no one owns or manages the Bitcoin network.

This currency first appeared as an idea in 1998, and its first application was in 2008-2009 by an unknown person known as Satoshi Nakamoto. The same site says that he is a “discreet” character; Stressing that the suspicions raised about him are unfair.

Since the end of 2020, electronic payment platforms such as PayPal and banks on Wall Street, through to industry groups such as Tesla, have become interested in Bitcoin.

This caused the cryptocurrency market to expand to $2,500 billion in mid-May, but since China toughened the tone, Bitcoin has been suffering from criticism over its massive electricity consumption.

ability to recover

Co-founder of the Coinmena platform, Talal Al-Tabbaa, believes that Bitcoin has been subjected to major tremors since its appearance, reaching a loss of 80% of its value more than once, but it is returning strongly, and this time, but it is an exception; It is a currency “you get sick and not die,” as he put it.

In an interview with Sky News Arabia, the expert indicated that the value of the digital currency market is $1.5 trillion, and therefore it is still a small market, but it affects the global trade market.

Causes of collapse and question marksعلامات

In the estimation of the economist Ahmed Moati, one of the reasons for the decline in the cryptocurrency market is the tweet of the American billionaire Elon Musk, CEO of Tesla and SpaceX, in mid-May, in which he announced the suspension of Tesla car sales. Via Bitcoin.

And this tweet created a crisis of confidence in this field, especially since many investors entered the cryptocurrency field out of confidence in Musk, which caused the market value of virtual currencies to drop from 2.5 to 2 trillion dollars, according to Maati.

The expert points to a second reason for this collapse, which is the decision of the document issued by 3 associations of the Central Bank of China, in which they demand that institutions not conduct business in the field of virtual currencies.

Maati adds that the pace of investment in digital currencies increased with the beginning of the Corona crisis and the high unemployment rate; At that time, individuals resorted to investing in this field.

But with the decline in the severity of the Corona crisis, and the beginning of the decline in unemployment, the reasons that prompted many to this investment also began to fade, and this was reinforced by the statements of US President Joe Biden, who said that he expected that development rates would reach their highest growth rate this year.

currency out of control

Professor of economics at Ain Shams University in Egypt, Youman El Hamaki, says that the relationship between Mask and Bitcoin price fluctuation is marred by “a lot of question marks.”

This was justified in an interview with “Sky News Arabia”, that Musk “is a businessman who cares about making profits more than anything, and thus benefits from the great capabilities of Tesla to control the prices of Bitcoin, when he talks about dealing with Bitcoin, the price rises dramatically, and vice versa. True, then when it comes back, it supports the demand for Bitcoin and raises its price, and this cycle continues to benefit from the profits.”

The professor of economics also warns that the problem with Bitcoin lies in the fact that it is outside the control of central banks, and those who use it by a specific group have enormous capabilities for mining through the “Blockchain” technology, and this makes them face many questions.

big risks

Another important point raised by the economist and head of the Egyptian Forum for Political and Strategic Studies, Rashad Abdo, is that “the bitcoin of the printed currency is fixed and does not change, which is 21 million units, and after it started with less than one US cent in 2008, it recently approached $60,000 An American, and this is not a fair price, and it may rise again because the number of its units is stable and the demand is increasing.”

At the same time, Abdo adds to “Sky News Arabia”, that Bitcoin has exposed its owners to huge losses, as it may return to less than a thousand dollars again, and whoever bought at the high price is exposed to large losses, which happened after Bitcoin lost more than half of its value. in a short time.

The Egyptian expert blames some countries, including America, for “allowing this currency to be traded in banks and stock exchanges, which led to its spread, and international companies advise their customers to buy bitcoins and allocate billions for that.”

In a surprising move, El Salvador’s parliament this month approved a law declaring bitcoin a legal currency, and President Najib Bukele supports this trend in the hope of the Central American country’s growth.

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Cts-Ministry of Health Summit on Delta variant and discos – Health

Pending the results of the new investigation by the Higher Institute of Health on the spread of variants of the SasrCov2 virus in Italy, expected shortly and which should confirm an increase in cases of the Delta variant, comes a squeeze on the controls and tracking of this very mutation, more formidable as it is highly transmissible, while at the European level the German Chancellor Angela Merkel has announced the request for a “coordinated approach” especially on the entry of travelers from countries where the variants are more widespread. The tightening of controls was decided after a meeting between the coordinator of the Technical Scientific Committee Franco Locatelli, the Minister of Health Roberto Speranza and the undersecretaries Andrea Costa and Pierpaolo Sileri. In particular, an increase in specific tracking is being planned on the Delta variant: among the hypotheses, a greater number of swabs, attention to outbreaks, but also to individual cases. There is also the ‘Finland case’ to increase the concerns. The Ministry of Health has in fact sent the Regions an alert note, recommending to enhance sequencing and contact tracing, after the detection of Delta variant outbreaks in Finnish hospitals. The authorities of Finland, the ministry announced, report an extensive outbreak of cases with the Delta variant that hit 4 hospitals in the country in May for a total of 98 cases. The lethality rate was 17.3%. Of the 98 cases, 18 healthcare workers and 42 patients had received at least one dose of the vaccine. Similarly, of the deceased patients, 70.6% had received at least one dose (one patient received 2). D.hence the recommendation to the Regions to rigorously apply containment measures and to prioritize, among others, samples of individuals arriving from countries with a high incidence of variants and vaccinated subjects who become infected despite the development of immunity.

And to ask for action to be taken in a decisive manner is the Gimbe Foundation in light of the results of the new monitoring relating to the week from 16 to 22 June: “A ‘wait-and-see’ management of the Delta variant is not acceptable, against which it is necessary to promptly implement the measures recommended by the ECDC: enhance sequencing and contact tracing, implement screening strategies for those arriving from abroad and accelerate the administration of the second dose in over 60s and the frail “.

According to the report of the European Center for Disease Prevention and Control (ECDC) published yesterday, this variant is 40-60% more contagious than the alpha (English) variant and will cause 70% of new infections by the beginning of August. and 90% by the end. In Italy, according to the international database Gisaid, on the basis of the samples taken from 9 to 23 June, out of 218 sequences deposited 71 (32.6%) are from the delta variant but not all Regions share the sequences in this database. A more accurate figure on the prevalence of the delta variant in Italy, as of May 18, stood at 1%.

“In the absence of reliable data on the presence of the Delta variant in Italy – points out the president Gimbe Nino Cartabellotta – there are three reasonable certainties: first of all, the number of sequences carried out is modest and heterogeneous at a regional level; secondly, contact tracing is not been resumed, despite the contagion numbers allowing it.

Finally, the comparison with what is happening in the United Kingdom is worrying, where the variant is spreading quickly: in Italy, in fact, just over 1 in 4 people have completed the vaccination cycle (compared to 46% in the United Kingdom), while 26.5% of the population received only one dose (compared to 17%) and 46% are totally uncovered (compared to 37%). Worrying percentages considering the lower effectiveness of a single dose against this variant “.

Since the beginning of May -53% tested, new cases underestimated – From the week of May 5-11 to today “the number of people tested for Sars-Cov-2 has progressively reduced by 52.7%, from 662.549 to 313.122” and with “significant and unjustified regional differences”. This was revealed by the new independent monitoring of the Gimbe Foundation, which sees the risk of an “underestimation of new cases” of Sars-Cov-2 infection. The data is still falling overall. In particular, in the week 16-22 June 2021 the following data are recorded: -36.5% cases of coronavirus (7,262 compared to 11,440), -46.2% deaths (221 compared to 411), -31.3% of hospitalizations with symptoms (2,289 compared to 3,333) and -28.2% of Covid intensive care (362 compared to 504). Furthermore, from the peak of 6 April to today, the beds occupied in the medical area by Covid patients have dropped from 29,337 to 2,289 (-92.2%) and those in intensive care from 3,743 to 362 (-90.3%). In addition, deaths have also been steadily decreasing for 10 weeks, with an average of 32 per day in the last week compared to 59 in the previous week. Positive data but that must not lead to a decrease in testing. “For 14 consecutive weeks – declares Nino Cartabellotta, president of the Gimbe Foundation – there has been a decline in new weekly cases. If the constant reduction of the positive / tested cases ratio confirms a reduced circulation of the virus, the progressive decrease in testing activity underestimates the number of new cases and documents insufficient contact tracing, crucial at this stage of the pandemic. “

Slow down the vaccine campaign, supplies below forecasts – Vaccine supplies see a semester that closes at about -20 million doses and the vaccination campaign slows down despite more than 3 million doses in the fridge. In the last week, 3,751,029 million doses were administered, for the first time down compared to the previous week (-4.5%). To make the point is the new independent monitoring of the Gimbe Foundation for the week from 16 to 22 June. As of June 23, about 50 million doses were delivered, equal to 66% of those planned for the first half of 2021. “Compared to the estimated supplies – explains the president Gimbe Nino Cartabellotta – 25.9 million remain to be delivered by the end of the second quarter. of doses, 34% of those originally planned. Even without considering those of CureVac’s vaccine, which has not successfully passed clinical tests, it is certain that 18.6 million doses will not arrive by the end of the month “. As for coverage, as of 23 June, 54% of the population, or over 32 million citizens, had received at least one dose of the vaccine and 27.6%, or over 16 million, had completed the vaccination cycle. In the population most at risk, 86% of over 60s received at least the first dose, but 14%, or almost 2.5 million over 60s, received none and regional differences are strong. There are more than 5.4 million over 60s yet to complete the vaccination course, although the latest data show that a single dose of vaccine (Pfizer or AstraZeneca) reduces the likelihood of disease by 31% and hospitalization by 75% and these percentages rise to 80% and 94% respectively with the complete cycle.

From the beginning of May -53% tested, new cases underestimated – From the week 5-11 May to today “the number of people tested for Sars-Cov-2 has progressively reduced by 52.7%, passing from 662.549 to 313.122” and with “relevant and unjustified regional differences”. This was revealed by the new independent monitoring of the Gimbe Foundation, which sees the risk of an “underestimation of new cases” of Sars-Cov-2 infection. The data is still falling overall. In particular, in the week 16-22 June 2021 the following data are recorded: -36.5% cases of coronavirus (7,262 compared to 11,440), -46.2% deaths (221 compared to 411), -31.3% of hospitalizations with symptoms (2,289 compared to 3,333) and -28.2% of Covid intensive care (362 compared to 504). Furthermore, from the peak of 6 April to today, the beds occupied in the medical area by Covid patients have dropped from 29,337 to 2,289 (-92.2%) and those in intensive care from 3,743 to 362 (-90.3%). In addition, deaths have also been steadily decreasing for 10 weeks, with an average of 32 per day in the last week compared to 59 in the previous week. Positive data but which should not lead to a decrease in testing. “For 14 consecutive weeks – declares Nino Cartabellotta, president of the Gimbe Foundation – there has been a decline in new weekly cases. If the constant reduction of the positive / tested cases ratio confirms a reduced circulation of the virus, the progressive decrease in testing underestimates the number of new cases and documents insufficient contact tracing, crucial at this stage of the pandemic. “

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VIDEO.- Tremendous images of the fall of the cable car in which 14 people died in Italy

The Italian public television RAI broadcast the moment of the collapse of a cable car on May 23, in which fourteen people died and only one child survived and had to suffer strong criticism for the decision.

“In circumstances like these, it is the duty of the public service to carefully assess all the implications, starting with the ethical ones, out of respect for the victims and their families,” admitted the president of the RAI, Marcello Foa. The news of the third Italian public television channel, TG3, broadcast the images of the moment in which the cable car with fifteen people inside falls into the void while making the route between the Alpine mount of Mottarone and the town of Stresa (north).

In the video, the cabin windows were covered so as not to show its occupants. The recording was also published by private media, some partially, such as “Il Corriere della Sera”, and others entirely, until the moment of fall, such as “La Repubblica”, although previously warning that they were sensitive images. Later the images went viral and all the media echoed them.

This has generated debate about the need to show these types of images, those of an accident that shocked public opinion and left fourteen dead, including two children, and a sole survivor, a five-year-old boy who lost to his parents and his brother in the accident.

The Verbania prosecutor, Olimpia Bossi, issued a statement denouncing “the absolute inappropriateness of the publication” of the images of the “last and dramatic moments” of the passengers. And the mayor of Stresa, Marcella Severino, declared herself “stunned” by the dissemination of the images.

The accident is being investigated and three people have been charged, initially detained on a precautionary basis and later released from jail, although one of them is under house arrest. Specifically, the owner of the Ferrovie del Mottarone company, which manages the cable car, Luigi Nerini, as well as the director of infrastructure, Enrico Perocchio, have been released but remain on the list of those investigated. While the chief of operations of the cable car, Gabriele Tadini, was placed under house arrest, after admitting that he deactivated the braking system, which caused the fall.

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