Bloomberg (Bloomberg) -- As Covid-19 continues to ravage India, financial professionals across the country are grappling with an increasingly surreal disconnect between the epidemic’s devastation and a record-breaking boom in local markets.The world’s worst coronavirus outbreak has battered India’s economy and lifted its official Covid death toll to more than 318,000 -- a figure that experts say is likely a significant undercount.And yet investors continue to snap up Indian assets, fueling a 65% rally in the Nifty 50 Index over the past 12 months that has outpaced every other major equity benchmark worldwide. The measure’s surge to a record on Thursday has coincided with the fastest rate of Indian initial public offerings since 2017 and an unprecedented flood of foreign-currency bond issuance by local companies.While the combination of pandemic pain and financial-market euphoria is hardly unique to India, nowhere else has the contrast been so extreme.Bulls say the gains are justified by central bank stimulus at home and abroad, along with signs that the current virus wave may be peaking and optimism that India’s long-term economic growth potential will emerge from the crisis intact. Skeptics point to overly rosy earnings estimates and the risk of further outbreaks in a country where vaccination rates remain stubbornly low. India’s central bank weighed in on Thursday, warning in its annual report that the surge in stocks “poses the risk of a bubble.”What’s clear is that financiers on all sides of the debate are stretched thin. Booming markets have left the industry swamped with work at a time when many employees have been sickened by the virus. Some have had to franticly search for medical help after hospitals were overrun and oxygen supplies fell short. Almost everyone has at least one friend or family member who has died.“You feel numb, as if we are in the midst of a war and are losing people one after the other,” said Vikaas Sachdeva, the Mumbai-based chief executive officer of Emkay Investment Managers Ltd., who lost four members of his extended family to the virus.Sachdeva expects Indian markets to be volatile in the near term as investors weigh uncertainties around the vaccination program and the possibility of a third wave. His firm has been buying shares of Indian companies with “high quality” management, betting that the country’s long-term investment case remains intact.India’s $2.9 trillion stock market has been buoyed in part by resilient demand from international investors, who’ve purchased a net $34.9 billion of shares over the past 12 months. While they pared holdings in April and early May, buying by local mutual funds and insurance companies has helped fill the gap. A steady decline in reported Covid cases since mid-May -- along with Prime Minister Narendra Modi’s decision to avoid another nationwide lockdown -- have added weight to calls for further market gains.Indian companies have taken advantage of the exuberance in markets to raise about $4 billion via public offerings since the start of the year, on track for the busiest first-half since 2017, according to data compiled by Bloomberg.“The IPO boom is being driven by Indian technology companies coming of age with businesses doing better than expected,” said Sunil Khaitan, India head of global capital markets at Bank of America. “Tech companies are advancing their fundraising plans and financial sponsors also believe this is a good time to bring in public market investors in these companies amidst ample global liquidity.”Khaitan expects India IPO volumes to more than double in 2021 from the previous year.The surge in activity has left some financial firms scrambling to complete deals after employees were sidelined by the virus. The head of equity capital markets at a Mumbai-based investment bank, who asked not be named discussing private matters, said that at one point 25% of his 40-person group was infected.About 200,000 Indian bank employees have been infected and 1,200 have died since the pandemic began, the industry’s largest union estimated this month.Among the biggest risks for India market optimists is another virus wave. Just 3.2% of the population has been fully vaccinated, versus 39.7% in the U.S. and 10.1% in Brazil, according to Bloomberg’s Covid-19 Tracker.The Indian economy’s recovery from last year’s recession is already showing signs of sputtering. The country lost 10 million jobs in May, according to private research firm Centre for Monitoring Indian Economy Pvt. Among the 40 companies in the Nifty 50 index that have posted quarterly results so far, more than half have missed analysts’ estimates. While India’s central bank predicts the economy will grow at a 10.5% pace this fiscal year, other forecasters including S&P Global Ratings and Moody’s Investors Service have recently cut their estimates to below 10%.“If this Covid situation keeps affecting newer areas and new strains keep emerging, then there is a problem for the near term,” said Deepak Jasani, head of retail research at HDFC Securities Ltd.Sachdeva, the Emkay CEO, said Covid will impact him and his colleagues in ways that go far beyond their work in finance. He’s reading “The Difficulty of Being Good” by Gurcharan Das, who writes about his search for a meaningful life.“The pandemic has brought about a change in many of us and we are more aware of things that matter most in life,” Sachdeva said. “We would though have to see if this is indeed a permanent change when life comes back normal.”(Updates death toll in second paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.<doc-sep>Bitcoin: Hedge fund manager says crypto’s value will rise again FREE now SUBSCRIBE Invalid email Make the most of your money by signing up to our newsletter fornow When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. DAILY HEADLINES Despite small gains in the late hours of the weekend, the cryptocurrency market suffered heavy losses last week. Prices appear to have found stability this morning, but most of the market has made a loss on the day. Bitcoin increased 0.63 percent to trade for $6,384.25, while Ethereum fell 2.67 percent to trade at $317.69. Ripple dropped 1.89 percent to go for $0.301862 and Litecoin dropped another 2.30 percent to sell for $59.44. The bearish market has forced prices to plummet significantly, but are the fortunes of crypto investors about to turn? Bitcoin price LIVE: $43 billion in crypto value wiped in a five day rout 2.40 pm UPDATE: Saudi Arabian regulators warn bitcoin trading is illegal A governmental committee comprised of Saudi Arabian regulators has issued a statement warning that cryptocurrency trading is illegal in the kingdom. According to a statement issued Sunday, the standing committee warned against trading in cryptocurrencies due to "negative consequences and high risks on traders as they are out of government supervision." The statement said: "The committee assured that virtual currency including, for example but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices." Bitcoin increased 0.63 percent to trade for $6,384.25 2pm UPDATE: Vietnam confirms suspension of crypto-mining equipment imports Vietnam has confirmed is has suspended all imports of cryptocurrency mning equipment to the country. Domestic businesses and individuals have stopped importing crypto mining equipment altogether since the beginning of July, according to the Ho Chi Minh City (HCM) Customs Department, as reported by Viet Nam News on Monday. Officials from Vietnam’s largest city said individuals and firms had imported as many as 3,664 application-specific integrated circuit (ASIC) devices in the first half of 2018. 3,000 machines were notably imported by four enterprises involved in mining operations with the rest imported by individuals and organizations who did not include import tax codes, the authority said. A majority of the devices were revealed to be Antminer models, a brand of cryptocurrency mining equipment developed by industry giant Bitmain. 9.41am UPDATE: Bitcoin traders turn to Turkey as Lira drops by 20 percent Turkey apears to be a new option for traders, as bitcoin trading volumes on Turkish exchanges increases. The country is embroiled in a currency crisis that looks set to continue into this week, dropping prices through the floor. Koinim, Turkey’s largest exchange, has reported a 63 percent increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35 percent and 100 percent respectively, according to CoinMarketCap data. Unlike Iran, where a ban on bitcoin and cryptocurrency trading means those wanting to buy bitcoin must turn to peer-to-peer exchanges like LocalBitcoins, banks in Turkey often still work with local exchanges, meaning fresh adopters can begin buying and trading more easily. 8am UPDATE: Crypto millionaire allegedly scammed out of 5,500 bitcoins Acording to media reports from Bangkok Post, a 22-year-old crypto millionaire lost more than 5,500 bitcoins in an alleged investment scam in Thailand. The report alleges that a group of Thai people approached and solicited Finnish businessman Aarni Otava Saarimaa in June 2017 pitching investing in several Thai stocks, a casino in Macau as well as a new cryptocurrency called Dragon Coin. The group claimed that upon issuance, the Dragon Coin could be used at the casino. They also brought Saarimaa to a casino in Macau to show the legitimacy of the plan. Saarimaa, who bought into the scheme, transferred a total of 5,564 bitcoins to the group, the report said. Yet having seen no returns at all months after the investment, Saarimaa filed a complaint to Thailand's Crime Suppression Division (CSD) in January together with his local business partner who believed the investment plan was a scam. The subsequent investigation alleges that the froup liquidated the bitcoins into Thai Baht and distributed into several other bank accounts. The lost bitcoins are allegedly in a total value of $24 million. The cryptocurrency market has seen small gains on the day<doc-sep>CRYPTOCURRENCY traders are on suicide watch after a devastating market crash. The top 20 cryptocurrencies, including Bitcoin and Ethereum, fell by four to 20 per cent on Tuesday, cranking up pressure on investors. 3 Cryptocurrency traders are on suicide watch after a huge market crash Credit: Getty Images - Getty There are concerns huge losses could out lives at risk, with suicide prevention hotlines soaring on a popular Bitcoin Reddit forum. Ether, a token currency of Ethereum, was the biggest loser, falling to just £197, its lowest price this year. Bitcoin is down 57 per cent in 2018 and ripple has fallen 87 per cent over the year. The entire market has lost £473 billion in 2018, according to Yahoo Finance - the outlook is bleak for wannabe 'Bitcoin billionaires'. It's part of a bigger trend of struggling cryptocurrencies, virtual payment systems loved by tech boffs and criminals alike. Earlier this year Evgeny Chereshnev, founder of tech firm Biolink.Tech, told Sun Online cryptocurrencies are like a "pyramid scheme". 3 One Bitcoin was worth £1,125,000 in December last year, but is now worth little over £5,000 Credit: Alamy 3 CEO of Ripple, Brad Garlinghouse, explains how he sees the future for his cryptocurrency and its rival Bitcoin "People invest to drive interest which, in turn, means others invest more money – and that drives the price," he explained. People have poured huge amounts of money into Bitcoin with the promise of success. That's led to huge numbers of Bitcoin rivals springing up, hoping to make some quick cash from greedy investors. The price has fluctuated wildly over the years, making it possible to earn huge sums of money. What is Bitcoin? Bitcoin got you baffled? Here's what you really need to know Bitcoin is a virtual currency It's traded between people without the help of a bank Every transaction is recorded in a public ledger, or 'blockchain' Bitcoin is created by mining Mining involves solving difficult maths problems using computer processors Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly Bitcoin is one of many different cryptocurrencies, but by far the most popular In early 2010, it traded for just a few US cents, rising to $1 in early 2011. Bitcoin then grew quickly: April 2013 – $266 November 2013 – $1,000 April 2017 – $2,000 September 2017 – $5,000 November 2017 – $7,300 December 2017 – $14,851 MOST READ IN MONEY SHOP FAST Tesco launches rapid delivery service to ferry groceries to customers within 1hr BENEFIT BLOW Brits miss out on £15billion of benefits - how to claim back money owed HOLIDAY BLUES Holidaymakers risk losing thousands jetting off to amber list countries SALE AWAY Sainsbury’s launches massive clothes sale with prices starting at £1.20 CASHING IN Martin Lewis' tips gets reader £5,000 council tax refund and £15,000 grant BILL HIKE Virgin Mobile to hike bills for millions of customers from July If you bought 100 Bitcoin for $100 (£75) in 2011, it would now be worth $6434.63 (£5048.52). But if you'd sold those Bitcoin last December, you'd have made $1,485,100 (£1,125,000) instead. Last night there were signs of the currency was stabilising after bog losses. Las Vegas strip club now takes Bitcoin so punters can tip dancers without the wife finding out If you, or anyone you know, needs help dealing with mental health problems the Samaritans can be contacted on 116 123, or visit Mind’s website.<doc-sep>Bitcoin, ethereum and other major cryptocurrencies have plummeted in price, with analysts warning that the market has hit "panic mode". Ethereum experienced the biggest drop in value of all the major digital currencies, falling by nearly 20 per cent over the last 24 hours to hit its lowest price in almost a year. For all the latest updates on the cryptocurrency price crash, follow The Independent's bitcoin liveblog. Massive trading volumes suggest a mass sell-off, with ethereum trading at $262 at the time of writing. The price of bitcoin has fallen to $6,043, down 7 per cent since this time yesterday. Bitcoin's volatile history in pictures Show all 10 1 /10 Bitcoin's volatile history in pictures Bitcoin's volatile history in pictures Satoshi Nakamoto creates the first bitcoin block in 2009 On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System' Reuters Bitcoin's volatile history in pictures Bitcoin is used as a currency for the first time On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $90 million at today's prices Lazlo Hanyecz Bitcoin's volatile history in pictures Silk Road opens for business Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin Screenshot Bitcoin's volatile history in pictures The first bitcoin ATM appears On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash Reuters Bitcoin's volatile history in pictures The fall of MtGox The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed Getty Images Bitcoin's volatile history in pictures Would the real Satoshi Nakamoto please stand up In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim Getty Images Bitcoin's volatile history in pictures Bitcoin's big split On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash Reuters Bitcoin's volatile history in pictures Bitcoin's price sky rockets Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year Reuters Bitcoin's volatile history in pictures What goes up... Bitcoin price crashes spectacularly, losing half of its value in a matter of days Getty Images Bitcoin's volatile history in pictures Bitcoin plunges The cryptocurrency eventually bottoms out below $4,000 in 2019 before slowly rebuilding momentum to outperform more traditional assets Getty Images Cryptocurrency analysts have linked the latest market movements to the liquidation of funds raised through ICOs (initial coin offerings), meaning companies may be selling the ethereum raised through the popular fundraising mechanism. "The crypto market seems to have hit panic mode, with prices falling significantly across the board. As we can see in the case of ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes," said Matthew Newton, an analyst at the online trading platform eToro. "This has had a knock-on effect on the rest of the [cryptocurrency] market, with bitcoin also momentarily dropping below $6,000 late last night. With prices hanging in the balance, emotions will be running high among traders. But keeping things in perspective, bitcoin is still range-bound for now between $5,700 to $8,000 in line with how it has traded over the past few months.” Eiland Glover, CEO of crypto firm Kowala, said: "As crypto markets circle the drain today, with many of the more popular cryptocurrencies falling to levels not seen since November of last year, many of the more cautious investors may be looking to cut their losses and move on from the troubled asset-class. What is often and regrettably overlooked by everyday traders is the financially liberating nature of this technology, which has been nothing short of a miracle for those in equally unstable economies, such as Venezuela and Turkey." He added: "While your average trader on Reddit or in a family office may be taking a hit this month, the true sufferers are those who are seeing their life savings plummet yet have no trustworthy fiat alternative to turn to." It's been a bumpy ride for ethereum investors so far in 2018 (CoinMarketCap) Cryptocurrency investors have been sharing their tales of woe on community forums, with some revealing the extent of their personal losses. "I got into crypto's at the end of January," one member of the cryptocurrency forum on Reddit. "Put around 25,000 USD in in total, spread out pretty well I thought." They continued: "I was never really worried during that past dips as I had a lot of faith in the future of crypto's and the technology... But the dips kept coming... My portfolio of 25k is now barely worth 5k, and not even worth selling. At this point I'd much rather consider it all lost." Others in the sub-Reddit said they would make the most of the price crash by "buying the dip", despite the downward trend across markets in 2018. "I honestly didn't believe the alt market... would hit these levels," one user wrote. "Well, I can only think of one thing to do. Time to double down. I'm either winning big or going down with the ship." Experts warn that the volatility of cryptocurrencies mean people should not invest more than they can afford to lose.<doc-sep>
Hello And Welcome Back To The Latest Edition Of All The Cryptos Are Getting Rekt Right Now. Crypto bloodbaths have become fairly common in 2018 — mainly because of the insane growth in 2017 — but we’ve not covered them all because they are so numerous and often include so-called ‘flash crashes’ or small drops, but the fall happening today is worth noting for several wider reasons. Primarily that’s because this is a major test for Ether — the token associated with the Ethereum Foundation that is the second largest cryptocurrency by volume — has been on a downward spiral with little sign of change. Ether, which is the preferred platform of choice for most developers building on the blockchain, is down nearly 17 percent over the past day. That’s erased billions of dollars in paper (crypto) value as the bear market for cryptocurrencies continues to pull markets south. The drop also marks the first time ever that the price of an Ether has fallen below its valuation over one year: one Ether is worth $266 right now at the time of writing, versus $304 on August 14 2017. The token has been steadily falling since early May, when its peak value was $808, and as the lynchpin for many ICO project tokens, its demise has sent the value of most other tokens down, too. Just looking at Coinmarketcap.com this morning, all but two of the top 100 tokens are down over the last 24 hours with many losing 10-25 percent of their value over the past day. Bitcoin, too, has dropped below $6,000, having topped $8,000 for a time last month. Ether’s plummet below $300 has sparked a mixed debate among those in the crypto community. The token had been held as visionary, an improvement on Bitcoin that gives developers a platform to build on — whether it be decentralized apps, decentralized systems or more — but that hasn’t been reflected in in this months-long price retreat. Certainly, two founders who spoke TechCrunch and have held ICOs expressed a belief that Ether “needs to find some price stability” to allow the focus to become about product and not just ‘get rich’ speculation. Of course, it helps that the two founders and many of those who held token sales have long since sold the Ether or Bitcoin they raised in exchange for fiat currency. Indeed, if their token sale was last year, the chances are they got a lot more real-world cash than they initially bargained for or would get now. But still, the idea of consistency is shared by others who are in crypto professionally. That includes investors like Kenrick Drijkoningen, who is in the midst of raising a $10 million fund for LuneX, a spinout of Singapore-based VC firm Golden Gate Ventures. In an interview last week, Drijkoningen told TechCrunch that raising a fund and doing deals in a ‘low tide’ market like now beats attempting to do the same amid a frothy period with hype and peak valuations — one Ether was worth nearly $1,400 in January, for example. A number of others VCs have long said that, ultimately, stability is good for the ecosystem. But, on the other side, there are more pessimistic voices. Among some investors canvassed by TechCrunch, the sense is that with the downturn of the ICO funding boom that fueled much of Ethereum’s rise, there may be less incentive to hold as the broader market’s interest in the cryptocurrency wanes. For one Bitcoin bull, the intrinsic value of Bitcoin as an immutable, decentralized ledger acts as a more powerful draw than the perceived mutability and centralization that the Ethereum platform offers. “People are also beginning to understand the unique value of an immutable, decentralized ledger, and recognize that Ethereum is not that,” the investor wrote in an email. Another long-term problem that Ethereum faces, according to this investor, is that the promise of decentralized apps backed by the token is yet to be released. Crypto Kitties, a smash hit earlier this year, has faded and now there’s competition as Bitcoin’s Lightning Network is adding nodes and apps — referred to as LApps — which can operate in a similar but leverage the Bitcoin ledger. It’s still early days, of course, and markets will always rise and fall, but this is the first big test for Ether and Ethereum. Beyond the sport of price speculation, it’ll be worth watching to see where this heads next.