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RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on March 30, dropping by 0.69 percent to $47,261.40 as of 8:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,381.01, down by 0.55 percent, according to data from Coindesk.
Bitcoin rose by 12 percent last week
On March 29, Bitcoin held ground just below its record high for the year, touched a day earlier. The gains for the original cryptocurrency have topped 27 percent since Russia invaded Ukraine.
In the past two years, institutional investors and financial companies have been increasingly interested in crypto, fueling the transformation of crypto from a niche technology to a mainstream asset.
Over the last week alone, Bitcoin has risen by over 12 percent.
Bitcoin and other cryptocurrencies are now being compared to traditional assets, including stocks, foreign exchange, and bonds, but their volatility remains the same.
In November, Bitcoin hit an all-time high of $69,000 before plunging almost 30 percent in just 24 days.
Dubai school to accept fees in crypto
Dubai-based Citizens School will accept cryptocurrencies as a mode of payment for tuition fees when it opens in September.
The UK curriculum school, designed and developed by Al Zarooni Emirates Investments, would be the first educational institute in the Middle East to allow the use of cryptocurrencies.
The move by Citizen School to accept Bitcoin and Ether follows the creation of a virtual asset law by the Dubai Government, which ensures investors are protected, and a legal framework is established.
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