Gulf Crypto Insight: Hot crypto news from the MENA region – December 31
Top crypto news from the Middle East region over the last week (Dec. 24–30, 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 dedicated…
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. 24–30, 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 dedicated…
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 – first, in its…
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 – first, in its…
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 ‘safekeeping’
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 on…
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 on…
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 – 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 the…
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 – 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 the…
https://cryptoinsight.ae/10-predictions-for-crypto-in-2023/
Website | Twitter | LinkedIn | Telegram
Crypto Trends Weekly – Dec. 24–30
Breaking crypto news from the last week (Dec. 24–30, 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 in…
https://cryptoinsight.ae/crypto-trends-weekly-dec-24-30/
Website | Twitter | LinkedIn | Telegram
Breaking crypto news from the last week (Dec. 24–30, 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 in…
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
Hello there!
Day started from:
The global cryptocurrency market cap today is $842 Billion, a 1.2% change in the last 24 hours
Bitcoin ~ $16,742.51 (0.5%)
Ethereum ~ $1,218.08 (1.2%)
Solana ~ $11.86 (18.7%)
Polkadot ~ $4.52 (1.6%)
Flow ~ $0.701930 (7.3%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $842 Billion, a 1.2% change in the last 24 hours
Bitcoin ~ $16,742.51 (0.5%)
Ethereum ~ $1,218.08 (1.2%)
Solana ~ $11.86 (18.7%)
Polkadot ~ $4.52 (1.6%)
Flow ~ $0.701930 (7.3%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Crypto technology will shift toward ‘steadier hands’ in 2023: Circle CSO
Turmoil in the crypto sector in 2022 will see the tech change hands to “more regulated and established institutions,” says Circle’s chief strategy officer.
Circle’s chief strategy officer and head of global policy, Dante Disparte, believes that the turmoil in the crypto sector over the last year could mark the handover of crypto technology to…
https://cryptoinsight.ae/crypto-technology-will-shift-toward-steadier-hands-in-2023-circle-cso/
Website | Twitter | LinkedIn | Telegram
Turmoil in the crypto sector in 2022 will see the tech change hands to “more regulated and established institutions,” says Circle’s chief strategy officer.
Circle’s chief strategy officer and head of global policy, Dante Disparte, believes that the turmoil in the crypto sector over the last year could mark the handover of crypto technology to…
https://cryptoinsight.ae/crypto-technology-will-shift-toward-steadier-hands-in-2023-circle-cso/
Website | Twitter | LinkedIn | Telegram
Ethereum transactions 338% higher in 2022 but Bitcoin remains most popular
Total transactions on the Ethereum network outstripped Bitcoin more than four-fold, but Bitcoin was still the most searched cryptocurrency of 2022.
The Ethereum network eclipsed Bitcoin in terms of total transaction volume last year, though the king of crypto has managed to retain its crown when it comes to online search interest.
According to data…
https://cryptoinsight.ae/ethereum-transactions-338-higher-in-2022-but-bitcoin-remains-most-popular/
Website | Twitter | LinkedIn | Telegram
Total transactions on the Ethereum network outstripped Bitcoin more than four-fold, but Bitcoin was still the most searched cryptocurrency of 2022.
The Ethereum network eclipsed Bitcoin in terms of total transaction volume last year, though the king of crypto has managed to retain its crown when it comes to online search interest.
According to data…
https://cryptoinsight.ae/ethereum-transactions-338-higher-in-2022-but-bitcoin-remains-most-popular/
Website | Twitter | LinkedIn | Telegram
Erik Voorhees tips $40K BTC by June, but little consensus among pundits
ShapeShift CEO Erik Voorhees expects Bitcoin to reach $40,000 by the summer, while Tim Draper has stood by his $250,000 prediction for the second year running.
There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what’s in store for…
https://cryptoinsight.ae/erik-voorhees-tips-40k-btc-by-june-but-little-consensus-among-pundits/
Website | Twitter | LinkedIn | Telegram
ShapeShift CEO Erik Voorhees expects Bitcoin to reach $40,000 by the summer, while Tim Draper has stood by his $250,000 prediction for the second year running.
There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what’s in store for…
https://cryptoinsight.ae/erik-voorhees-tips-40k-btc-by-june-but-little-consensus-among-pundits/
Website | Twitter | LinkedIn | Telegram
Hello there!
Day started from:
The global cryptocurrency market cap today is $853 Billion, a 1.5% change in the last 24 hours
Bitcoin ~ $16,855.22 (0.8%)
Ethereum ~ $1,247.52 (2.5%)
Solana ~ $13.71 (16.4%)
Polkadot ~ $4.66 (3.1%)
Flow ~ $0.737837 (5.2%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $853 Billion, a 1.5% change in the last 24 hours
Bitcoin ~ $16,855.22 (0.8%)
Ethereum ~ $1,247.52 (2.5%)
Solana ~ $13.71 (16.4%)
Polkadot ~ $4.66 (3.1%)
Flow ~ $0.737837 (5.2%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Crypto adoption in 2022: What events moved the industry forward?
While the crypto market in 2022 was hit by a slew of insolvencies and daily volatility, adoption seems to have continued apace on the global level.
It’s no secret that the crypto market was gripped by bearish pressure for the entirety of 2022. However, amid all the volatility and chaos, many positive news stories appeared…
https://cryptoinsight.ae/crypto-adoption-in-2022-what-events-moved-the-industry-forward/
Website | Twitter | LinkedIn | Telegram
While the crypto market in 2022 was hit by a slew of insolvencies and daily volatility, adoption seems to have continued apace on the global level.
It’s no secret that the crypto market was gripped by bearish pressure for the entirety of 2022. However, amid all the volatility and chaos, many positive news stories appeared…
https://cryptoinsight.ae/crypto-adoption-in-2022-what-events-moved-the-industry-forward/
Website | Twitter | LinkedIn | Telegram
Core Scientific shuts down 37K mining rigs it was hosting for Celsius
Core Scientific estimates that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700.
Bankrupt cryptocurrency lender Celsius Network has agreed to let Bitcoin miner Core Scientific shut off more than 37,000 mining rigs it had been hosting for Celsius during the miner’s bankruptcy proceedings.…
https://cryptoinsight.ae/core-scientific-shuts-down-37k-mining-rigs-it-was-hosting-for-celsius/
Website | Twitter | LinkedIn | Telegram
Core Scientific estimates that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700.
Bankrupt cryptocurrency lender Celsius Network has agreed to let Bitcoin miner Core Scientific shut off more than 37,000 mining rigs it had been hosting for Celsius during the miner’s bankruptcy proceedings.…
https://cryptoinsight.ae/core-scientific-shuts-down-37k-mining-rigs-it-was-hosting-for-celsius/
Website | Twitter | LinkedIn | Telegram
US federal agencies release joint statement on crypto asset risks and safe practices
The Fed, FDIC and OCC teamed up to wish the banks they regulate a FUD-filled new year with a warning about the risks associated with crypto assets and their efforts to contain those risks.
United States federal bank regulatory agencies started off the new year with a statement on crypto assets looking back at the…
https://cryptoinsight.ae/us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices/
Website | Twitter | LinkedIn | Telegram
The Fed, FDIC and OCC teamed up to wish the banks they regulate a FUD-filled new year with a warning about the risks associated with crypto assets and their efforts to contain those risks.
United States federal bank regulatory agencies started off the new year with a statement on crypto assets looking back at the…
https://cryptoinsight.ae/us-federal-agencies-release-joint-statement-on-crypto-asset-risks-and-safe-practices/
Website | Twitter | LinkedIn | Telegram
Hello there!
Day started from:
The global cryptocurrency market cap today is $855 Billion, a 0.2% change in the last 24 hours
Bitcoin ~ $16,834.67 (-0.2%)
Ethereum ~ $1,252.42 (0.3%)
Solana ~ $13.28 (-4.0%)
Polkadot ~ $4.62 (-0.8%)
Flow ~ $0.728677 (-1.9%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $855 Billion, a 0.2% change in the last 24 hours
Bitcoin ~ $16,834.67 (-0.2%)
Ethereum ~ $1,252.42 (0.3%)
Solana ~ $13.28 (-4.0%)
Polkadot ~ $4.62 (-0.8%)
Flow ~ $0.728677 (-1.9%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Why is the crypto market up today?
The crypto market is up today, reflecting market participants’ expectations that inflation is cooling after positive economic data.
The crypto market is up today and Bitcoin, Ether, Solana and numerous altcoins rallied after data published by the Institute for Supply Management (ISM) on Jan. 4 which showed slower demand and lower input prices for manufactures…
https://cryptoinsight.ae/why-is-the-crypto-market-up-today/
Website | Twitter | LinkedIn | Telegram
The crypto market is up today, reflecting market participants’ expectations that inflation is cooling after positive economic data.
The crypto market is up today and Bitcoin, Ether, Solana and numerous altcoins rallied after data published by the Institute for Supply Management (ISM) on Jan. 4 which showed slower demand and lower input prices for manufactures…
https://cryptoinsight.ae/why-is-the-crypto-market-up-today/
Website | Twitter | LinkedIn | Telegram
Celebs who got burned endorsing crypto and those that got away with it
Screen actors and sports stars copped most of the backlash for 2022’s crypto endorsements, while soccer legends appear to have gotten away with it.
Celebrities had a shaky year promoting crypto firms and projects throughout 2022.
Many found themselves named in lawsuits over their alleged promotion of since-failed projects, while others have been relentlessly mocked…
https://cryptoinsight.ae/celebs-who-got-burned-endorsing-crypto-and-those-that-got-away-with-it/
Website | Twitter | LinkedIn | Telegram
Screen actors and sports stars copped most of the backlash for 2022’s crypto endorsements, while soccer legends appear to have gotten away with it.
Celebrities had a shaky year promoting crypto firms and projects throughout 2022.
Many found themselves named in lawsuits over their alleged promotion of since-failed projects, while others have been relentlessly mocked…
https://cryptoinsight.ae/celebs-who-got-burned-endorsing-crypto-and-those-that-got-away-with-it/
Website | Twitter | LinkedIn | Telegram
SEC files objection to Binance.US’s plans to acquire Voyager Digital
The SEC wants to see more information included in the $1.022 billion deal between Binance’s U.S. arm and Voyager Digital before it agrees to the acquisition.
The United States Securities and Exchange Commission (SEC) has filed a “limited objection” to crypto exchange Binance.US’s proposed $1 billion takeover of bankrupt crypto lender Voyager Digital, citing a…
https://cryptoinsight.ae/sec-files-objection-to-binance-uss-plans-to-acquire-voyager-digital/
Website | Twitter | LinkedIn | Telegram
The SEC wants to see more information included in the $1.022 billion deal between Binance’s U.S. arm and Voyager Digital before it agrees to the acquisition.
The United States Securities and Exchange Commission (SEC) has filed a “limited objection” to crypto exchange Binance.US’s proposed $1 billion takeover of bankrupt crypto lender Voyager Digital, citing a…
https://cryptoinsight.ae/sec-files-objection-to-binance-uss-plans-to-acquire-voyager-digital/
Website | Twitter | LinkedIn | Telegram
Bank of England answers professionals’ questions about upcoming CBDC wallet
The Bank of England answered more than 70 questions from applicants who wish to win over the $244,000 contract.
Companies that applied to win over the $244,000 contract to develop a central bank digital currency (CBDC) wallet proof-of-concept (PoC) for the Bank of England (BOE) provided questions about the project. In response, the central bank…
https://cryptoinsight.ae/bank-of-england-answers-professionals-questions-about-upcoming-cbdc-wallet/
Website | Twitter | LinkedIn | Telegram
The Bank of England answered more than 70 questions from applicants who wish to win over the $244,000 contract.
Companies that applied to win over the $244,000 contract to develop a central bank digital currency (CBDC) wallet proof-of-concept (PoC) for the Bank of England (BOE) provided questions about the project. In response, the central bank…
https://cryptoinsight.ae/bank-of-england-answers-professionals-questions-about-upcoming-cbdc-wallet/
Website | Twitter | LinkedIn | Telegram