Summary of the day: December 30
๐ Daily trading volume of cryptocurrencies fell below $10 billion.
๐ฅต The number of cryptocurrency thefts this year has reached 190. This is 44% more than in 2021, when 132 cases of cryptocurrency theft were recorded, and an absolute record in the time of keeping statistics. The year 2022 also set a record for the amount of money stolen.
๐ซ๐ฏ Fiji's newly elected Prime Minister Sitiveni Rabuka is a Bitcoin supporter and is reportedly considering introducing a bill to accept BTC as legal tender in the country.
๐น๐ท The Central Bank of the Republic of Turkey (CBRT) has reported on the successful completion of the first phase of testing of the national digital currency. The regulator was satisfied with the results, and the next year the work on the integration of CBDC will continue.
๐ Sะพlana was the leader of the fall among the TOP-20 coins. Over the past week, the coin's value declined by 23%. Since November 2021, the value of SOL has fallen by almost 98%.
๐ BTC and ETH declined slightly over the past 24 hours, but Dogecoin became the leader among the top 10 cryptocurrencies. The rate of meme coin in the last 24 hours decreased by 3.63% to $0.06813. During the week DOGE fell by 12.79%.
๐ QCP Capital believes that in 2023, the U.S. Federal Reserve will continue to put significant pressure on stock markets. Consequently, digital currencies will also come under severe pressure if the U.S. regulator decides to raise interest rates again.
๐ Cryptocurrency exchange Binance announced the introduction of TRON network support for the BUSD platform's native stablecoin. BUSD is now supported in Ethereum, BNB Chain, Avalanche, Polygon and TRON networks.
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๐ Daily trading volume of cryptocurrencies fell below $10 billion.
๐ฅต The number of cryptocurrency thefts this year has reached 190. This is 44% more than in 2021, when 132 cases of cryptocurrency theft were recorded, and an absolute record in the time of keeping statistics. The year 2022 also set a record for the amount of money stolen.
๐ซ๐ฏ Fiji's newly elected Prime Minister Sitiveni Rabuka is a Bitcoin supporter and is reportedly considering introducing a bill to accept BTC as legal tender in the country.
๐น๐ท The Central Bank of the Republic of Turkey (CBRT) has reported on the successful completion of the first phase of testing of the national digital currency. The regulator was satisfied with the results, and the next year the work on the integration of CBDC will continue.
๐ Sะพlana was the leader of the fall among the TOP-20 coins. Over the past week, the coin's value declined by 23%. Since November 2021, the value of SOL has fallen by almost 98%.
๐ BTC and ETH declined slightly over the past 24 hours, but Dogecoin became the leader among the top 10 cryptocurrencies. The rate of meme coin in the last 24 hours decreased by 3.63% to $0.06813. During the week DOGE fell by 12.79%.
๐ QCP Capital believes that in 2023, the U.S. Federal Reserve will continue to put significant pressure on stock markets. Consequently, digital currencies will also come under severe pressure if the U.S. regulator decides to raise interest rates again.
๐ Cryptocurrency exchange Binance announced the introduction of TRON network support for the BUSD platform's native stablecoin. BUSD is now supported in Ethereum, BNB Chain, Avalanche, Polygon and TRON networks.
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Hello there!
Day started from:
The global cryptocurrency market cap today is $827 Billion, a -0.1% change in the last 24 hours
Bitcoin ~ $16,552.98 (0.0%)
Ethereum ~ $1,194.79 (0.1%)
Solana ~ $9.77 (4.0%)
Polkadot ~ $4.32 (1.2%)
Flow ~ $0.653125 (-0.7%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $827 Billion, a -0.1% change in the last 24 hours
Bitcoin ~ $16,552.98 (0.0%)
Ethereum ~ $1,194.79 (0.1%)
Solana ~ $9.77 (4.0%)
Polkadot ~ $4.32 (1.2%)
Flow ~ $0.653125 (-0.7%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
The most expensive NFT sales of 2022
Most of the top NFT sales this year are from Yuga Labs collections. Sales of NFTs with rare traits have meant there are some outliers, but most purchases were made toward the beginning of the year, notes Callan Quinn on The Block.
Itโs been a tough year for NFTs. Things started well. January this yearโฆ
https://cryptoinsight.ae/the-most-expensive-nft-sales-of-2022/
Website | Twitter | LinkedIn | Telegram
Most of the top NFT sales this year are from Yuga Labs collections. Sales of NFTs with rare traits have meant there are some outliers, but most purchases were made toward the beginning of the year, notes Callan Quinn on The Block.
Itโs been a tough year for NFTs. Things started well. January this yearโฆ
https://cryptoinsight.ae/the-most-expensive-nft-sales-of-2022/
Website | Twitter | LinkedIn | Telegram
Binance adds support for Apple Pay and Google Pay to buy crypto
Binance, the worldโs largest crypto exchange, has added support for popular payment platforms Apple Pay and Google Pay. This move is set to boost the adoption of cryptocurrencies amid the crypto winter. Users can now buy crypto on Binance and pay through popular payment services.
Binance, a popular crypto exchange platform, has added support forโฆ
https://cryptoinsight.ae/binance-adds-support-for-apple-pay-and-google-pay-to-buy-crypto/
Website | Twitter | LinkedIn | Telegram
Binance, the worldโs largest crypto exchange, has added support for popular payment platforms Apple Pay and Google Pay. This move is set to boost the adoption of cryptocurrencies amid the crypto winter. Users can now buy crypto on Binance and pay through popular payment services.
Binance, a popular crypto exchange platform, has added support forโฆ
https://cryptoinsight.ae/binance-adds-support-for-apple-pay-and-google-pay-to-buy-crypto/
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Will the next "crypto spring" be on the wreckage of the familiar world?
The tectonic plates of geopolitics began their active movement in 2022. War, numerous economic sanctions, rampant inflation, ups and downs in commodity prices, climatic disasters... Everything indicates today that the globalization that has lasted for decades has come to an end. Right now there is a geopolitical split that will have enormous implications for capital and investment markets in 2023.
That's the view of Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management. He believes that the "de-globalization" trend started before the pandemic and Russia's attack on Ukraine. And it is hard to disagree with him - indeed, the importance of regional economies began to grow even earlier, when in 2015-2016 the U.S. and European authorities began taking the first steps to bring back home the industrial production previously relocated to China.
But now events are unfolding at a very rapid pace. The world began to split before our eyes into geopolitical blocs - "authoritarian" (China, Russia and their satellites), "democratic" (North America, Europe, Japan and Australia), "independent" (India, Brazil and most other countries). All of these blocs reinforce their own political ambitions by modifying financial systems.
For example, members of the "authoritarian" bloc are carefully removing the U.S. dollar and the euro from international settlements between them - they are trying to replace them with their own currencies, primarily the yuan (and here the digital yuan came in handy). The "democratic" bloc, on the contrary, gives preference to the dollar and the euro and tries not to take any other currencies in reserves (except for the pound sterling and the Swiss franc).
I would venture to guess that this disengagement is a very long-term one. At least for the next decade, the world will spend in bitterness, on the brink of a world war, diligently severing economic ties between large geopolitical blocs - and, conversely, strengthening those ties within such blocs.
This could be the time of great new demand for cryptocurrencies. They will become a "universal language" of financial communication between people and businesses belonging to different blocks. Because it is still impossible to completely "stifle" economic interaction. And if transactions of fiat money are prohibited (an example is settlements with Russia or Belarus now), people inevitably start looking for workarounds. The use of cryptocurrency is the most obvious of these ways.
In fact, we have now begun a rapid plunge into another economic crisis. So it's appropriate to remember that cryptocurrencies themselves were a product of the previous crisis - 2007-2008. Satoshi Nakamoto created Bitcoin so that people and businesses would not depend on governments and banks for their financial affairs. It is likely that just now, when the world is "closing down" again, this original essence of cryptocurrencies will be in demand. And not their speculative component, which dominated the last five years.
Website | Twitter | LinkedIn | Telegram
The tectonic plates of geopolitics began their active movement in 2022. War, numerous economic sanctions, rampant inflation, ups and downs in commodity prices, climatic disasters... Everything indicates today that the globalization that has lasted for decades has come to an end. Right now there is a geopolitical split that will have enormous implications for capital and investment markets in 2023.
That's the view of Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management. He believes that the "de-globalization" trend started before the pandemic and Russia's attack on Ukraine. And it is hard to disagree with him - indeed, the importance of regional economies began to grow even earlier, when in 2015-2016 the U.S. and European authorities began taking the first steps to bring back home the industrial production previously relocated to China.
But now events are unfolding at a very rapid pace. The world began to split before our eyes into geopolitical blocs - "authoritarian" (China, Russia and their satellites), "democratic" (North America, Europe, Japan and Australia), "independent" (India, Brazil and most other countries). All of these blocs reinforce their own political ambitions by modifying financial systems.
For example, members of the "authoritarian" bloc are carefully removing the U.S. dollar and the euro from international settlements between them - they are trying to replace them with their own currencies, primarily the yuan (and here the digital yuan came in handy). The "democratic" bloc, on the contrary, gives preference to the dollar and the euro and tries not to take any other currencies in reserves (except for the pound sterling and the Swiss franc).
I would venture to guess that this disengagement is a very long-term one. At least for the next decade, the world will spend in bitterness, on the brink of a world war, diligently severing economic ties between large geopolitical blocs - and, conversely, strengthening those ties within such blocs.
This could be the time of great new demand for cryptocurrencies. They will become a "universal language" of financial communication between people and businesses belonging to different blocks. Because it is still impossible to completely "stifle" economic interaction. And if transactions of fiat money are prohibited (an example is settlements with Russia or Belarus now), people inevitably start looking for workarounds. The use of cryptocurrency is the most obvious of these ways.
In fact, we have now begun a rapid plunge into another economic crisis. So it's appropriate to remember that cryptocurrencies themselves were a product of the previous crisis - 2007-2008. Satoshi Nakamoto created Bitcoin so that people and businesses would not depend on governments and banks for their financial affairs. It is likely that just now, when the world is "closing down" again, this original essence of cryptocurrencies will be in demand. And not their speculative component, which dominated the last five years.
Website | Twitter | LinkedIn | Telegram
๐ On the last day of the outgoing year, the cryptocurrency market is on the plus side, with most altcoins growing.
๐ง๐ผโ๐ป BTC is now trading above $16,500, ETH is trading around $1,150. Bitcoin dominance: 42.15%; Fear and Greed Index: 25 (extreme fear); market capitalization: $755b.
Website | Twitter | LinkedIn | Telegram
๐ง๐ผโ๐ป BTC is now trading above $16,500, ETH is trading around $1,150. Bitcoin dominance: 42.15%; Fear and Greed Index: 25 (extreme fear); market capitalization: $755b.
Website | Twitter | LinkedIn | Telegram
๐โโ๏ธ According to the Financial Times, stock and bond markets around the world lost more than $30 trillion in 2022, the largest amount since the global financial crisis in 2008. ๐ Against this backdrop, the $2 trillion lost by cryptocurrencies does not seem like such a large sum.
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Hello there!
Day started from:
The global cryptocurrency market cap today is $828 Billion, a 0.1% change in the last 24 hours
Bitcoin ~ $16,547.75 (-0.1%)
Ethereum ~ $1,195.00 (-0.0%)
Solana ~ $9.82 (0.5%)
Polkadot ~ $4.30 (-0.6%)
Flow ~ $0.649245 (-0.7%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $828 Billion, a 0.1% change in the last 24 hours
Bitcoin ~ $16,547.75 (-0.1%)
Ethereum ~ $1,195.00 (-0.0%)
Solana ~ $9.82 (0.5%)
Polkadot ~ $4.30 (-0.6%)
Flow ~ $0.649245 (-0.7%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Gulf Crypto Insight: Hot crypto news from the MENA region โ December 31
Top crypto news from the Middle East region over the last week (Dec. 24โ30, 2022):
Abu Dhabi backs tech in aim to become global business hub
Abu Dhabi Finance Week showcased the ambitions of the capital city of the United Arab Emirates to become a global business hub. Having previously run as a conference dedicatedโฆ
https://cryptoinsight.ae/gulf-crypto-insight-hot-crypto-news-from-the-mena-region-december-31/
Website | Twitter | LinkedIn | Telegram
Top crypto news from the Middle East region over the last week (Dec. 24โ30, 2022):
Abu Dhabi backs tech in aim to become global business hub
Abu Dhabi Finance Week showcased the ambitions of the capital city of the United Arab Emirates to become a global business hub. Having previously run as a conference dedicatedโฆ
https://cryptoinsight.ae/gulf-crypto-insight-hot-crypto-news-from-the-mena-region-december-31/
Website | Twitter | LinkedIn | Telegram
BMW integrates Coinweb and BNB Chain for a new loyalty program
German car manufacturer BMW will be rolling out blockchain technology for its day-to-day operations and loyalty programs, with the initial roll of the product to customers in Thailand. Coinweb, the contractor, will utilize multiple blockchains, with the BNB chain as the anchor chain. BMW will integrate decentralized tech in two phases โ first, in itsโฆ
https://cryptoinsight.ae/bmw-integrates-coinweb-and-bnb-chain-for-a-new-loyalty-program/
Website | Twitter | LinkedIn | Telegram
German car manufacturer BMW will be rolling out blockchain technology for its day-to-day operations and loyalty programs, with the initial roll of the product to customers in Thailand. Coinweb, the contractor, will utilize multiple blockchains, with the BNB chain as the anchor chain. BMW will integrate decentralized tech in two phases โ first, in itsโฆ
https://cryptoinsight.ae/bmw-integrates-coinweb-and-bnb-chain-for-a-new-loyalty-program/
Website | Twitter | LinkedIn | Telegram
Bahamian regulator says it is holding $3.5 billion of FTX customer assets for โsafekeepingโ
The Securities Commission of the Bahamas has been holding on to more than $3.5 billion worth of FTX customer assets since Nov. 12, according to a statement from the regulator released late on Dec. 29. Customer assets were drained from FTX due to a security breach after the crypto exchange filed for bankruptcy protection onโฆ
https://cryptoinsight.ae/bahamian-regulator-says-it-is-holding-3-5-billion-of-ftx-customer-assets-for-safekeeping/
Website | Twitter | LinkedIn | Telegram
The Securities Commission of the Bahamas has been holding on to more than $3.5 billion worth of FTX customer assets since Nov. 12, according to a statement from the regulator released late on Dec. 29. Customer assets were drained from FTX due to a security breach after the crypto exchange filed for bankruptcy protection onโฆ
https://cryptoinsight.ae/bahamian-regulator-says-it-is-holding-3-5-billion-of-ftx-customer-assets-for-safekeeping/
Website | Twitter | LinkedIn | Telegram
Hello there!
Day started from:
The global cryptocurrency market cap today is $833 Billion, a 0.8% change in the last 24 hours
Bitcoin ~ $16,651.62 (0.6%)
Ethereum ~ $1,202.56 (0.6%)
Solana ~ $9.98 (1.7%)
Polkadot ~ $4.45 (3.5%)
Flow ~ $0.653464 (0.7%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $833 Billion, a 0.8% change in the last 24 hours
Bitcoin ~ $16,651.62 (0.6%)
Ethereum ~ $1,202.56 (0.6%)
Solana ~ $9.98 (1.7%)
Polkadot ~ $4.45 (3.5%)
Flow ~ $0.653464 (0.7%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
10 predictions for crypto in 2023
Expect blockchain adoption to increase in the year ahead, in addition to the culture wars surrounding it โ predicts Mahesh Vellanki on Cointelegraph.
This year has been a particularly tumultuous one for the crypto market, with many decentralized and centralized entities failing or struggling to stay afloat. It feels as though we are in theโฆ
https://cryptoinsight.ae/10-predictions-for-crypto-in-2023/
Website | Twitter | LinkedIn | Telegram
Expect blockchain adoption to increase in the year ahead, in addition to the culture wars surrounding it โ predicts Mahesh Vellanki on Cointelegraph.
This year has been a particularly tumultuous one for the crypto market, with many decentralized and centralized entities failing or struggling to stay afloat. It feels as though we are in theโฆ
https://cryptoinsight.ae/10-predictions-for-crypto-in-2023/
Website | Twitter | LinkedIn | Telegram
Crypto Trends Weekly โ Dec. 24โ30
Breaking crypto news from the last week (Dec. 24โ30, 2022):
Dec. 25: DeGods and y00ts, two of the most significant NFT projects on Solana, announced a migration to other blockchains. DeGods plans to migrate to Ethereum, while y00ts will be bridged to Polygon.
Dec. 26: Fidelity has filed three trademark applications to provide services inโฆ
https://cryptoinsight.ae/crypto-trends-weekly-dec-24-30/
Website | Twitter | LinkedIn | Telegram
Breaking crypto news from the last week (Dec. 24โ30, 2022):
Dec. 25: DeGods and y00ts, two of the most significant NFT projects on Solana, announced a migration to other blockchains. DeGods plans to migrate to Ethereum, while y00ts will be bridged to Polygon.
Dec. 26: Fidelity has filed three trademark applications to provide services inโฆ
https://cryptoinsight.ae/crypto-trends-weekly-dec-24-30/
Website | Twitter | LinkedIn | Telegram
Into global finance - through the "back door"
It started in 2021 and continued in 2022 - the gradual, very slow spread of cryptocurrencies as legal tender around the world. We are not talking about CBDCs or stablecoins, but "real" cryptocurrencies like Bitcoin or Ethereum.
As you know, El Salvador was the first to take this step. This was followed by Cuba and then the Central African Republic. Toward the end of the year, Brazil allowed payments in BTC, but the relevant legislation will take effect only in a few months. Few people know, but in Germany (!), for example, cryptocurrency assets are defined as private money. They can be used to pay between commercial companies and banking structures.
However, the experience so far is different in all countries and always ambiguous. El Salvador has had no luck using BTCs. But first, it was unlucky in the sense that "cryptozyma" began. Secondly, El Salvador didn't have its own currency: USD was used there as a means of payment. That means that BTC from the very beginning had to compete not with weak local currency, but with the U.S. dollar itself.
As for Cuba, there is too little information coming from there to be able to assess the success of crypto. The Central African Republic has too few computers and smartphones, and it was suspected from the beginning that they needed Bitcoin more for use in corruption schemes. Germany has a strong economy and currency (euro), there is simply no need to pay in cryptocurrencies, it does not give any
However, there are dozens of countries that either virtually allow crypto as a means of payment (they just can not properly control finances inside the country), or are preparing to legalize crypto as a means of payment. The question arises - why?
Here we should remember that cryptocurrencies have a capitalization that exceeds that of most currencies around the world, they are not subject to inflation (on the contrary), they are not controlled by anyone.
For "third world" countries with unstable problematic financial systems, this is a very good option for "recovery" of public finances. There are quite a few countries in the world which, without prior arrangement, use the U.S. dollar or the euro as a domestic means of payment. This allows to stabilize finances, but makes the country largely dependent on the policies of foreign central banks. But in the case of cryptocurrencies, there is no such danger.
And for governments of countries with weak finances, legalization of cryptocurrencies for payments is a way to absolve themselves of responsibility for failures in financial policy, for high inflation, etc. Politicians there can tell people: "You see, we don't regulate anything, we gave you the most free money! So you bear all the responsibility yourself!"
Website | Twitter | LinkedIn | Telegram
It started in 2021 and continued in 2022 - the gradual, very slow spread of cryptocurrencies as legal tender around the world. We are not talking about CBDCs or stablecoins, but "real" cryptocurrencies like Bitcoin or Ethereum.
As you know, El Salvador was the first to take this step. This was followed by Cuba and then the Central African Republic. Toward the end of the year, Brazil allowed payments in BTC, but the relevant legislation will take effect only in a few months. Few people know, but in Germany (!), for example, cryptocurrency assets are defined as private money. They can be used to pay between commercial companies and banking structures.
However, the experience so far is different in all countries and always ambiguous. El Salvador has had no luck using BTCs. But first, it was unlucky in the sense that "cryptozyma" began. Secondly, El Salvador didn't have its own currency: USD was used there as a means of payment. That means that BTC from the very beginning had to compete not with weak local currency, but with the U.S. dollar itself.
As for Cuba, there is too little information coming from there to be able to assess the success of crypto. The Central African Republic has too few computers and smartphones, and it was suspected from the beginning that they needed Bitcoin more for use in corruption schemes. Germany has a strong economy and currency (euro), there is simply no need to pay in cryptocurrencies, it does not give any
However, there are dozens of countries that either virtually allow crypto as a means of payment (they just can not properly control finances inside the country), or are preparing to legalize crypto as a means of payment. The question arises - why?
Here we should remember that cryptocurrencies have a capitalization that exceeds that of most currencies around the world, they are not subject to inflation (on the contrary), they are not controlled by anyone.
For "third world" countries with unstable problematic financial systems, this is a very good option for "recovery" of public finances. There are quite a few countries in the world which, without prior arrangement, use the U.S. dollar or the euro as a domestic means of payment. This allows to stabilize finances, but makes the country largely dependent on the policies of foreign central banks. But in the case of cryptocurrencies, there is no such danger.
And for governments of countries with weak finances, legalization of cryptocurrencies for payments is a way to absolve themselves of responsibility for failures in financial policy, for high inflation, etc. Politicians there can tell people: "You see, we don't regulate anything, we gave you the most free money! So you bear all the responsibility yourself!"
Website | Twitter | LinkedIn | Telegram