What could be more amazing than watching how countries are gradually adopting cryptocurrency. This week, the UAE Regulator allowed cryptocurrency trading in the free economic zone of Dubai.
The Securities and Commodities Authority (SCA) and the Dubai World Trade Center Authority (DWTCA) have entered into an agreement supporting the regulation, issuance, listing and trading of crypto assets and related financial activities in the Dubai World Trade Center Free Zone (DWTC).
We remind you that the free zone of the Dubai World Trade Center (DWTC) is a free economic zone that is the epicenter of business in the Middle East, and also plays an important role in the development of business tourism and trade throughout the country.
Unfortunately, the market did not react so strongly to this news, but showed strong pressure after another alert from the Chinese authorities. The Central Bank of China has issued another notification on the prevention of speculation on the crypto market, a complete ban on mining, adding that “cryptocurrencies violate the economic order in the country and generate criminal activity.”
The regulator clarified that foreign crypto exchanges should not provide services to Chinese investors.
While countries are divided into two camps – for and against – the global crypto market cap is $2.00 T, a 2.51% increase over the last day. And we’re still in a bull market.
JPMorgan analysts have released a new report. And there’s one constant trend: Big-money investors are shying away from the Bitcoin futures trade and pivoting instead to Ethereum futures as expectations for the world’s largest cryptocurrency soften.
That dynamic makes the current weakness in futures especially bearish for bitcoin, analysts write. An interesting fact is that back in May, another large bank, Goldman Sachs, described Bitcoin as a little-functional tool and at the same time extolled Ethereum, calling it the future “Amazon of information”.
While Bitcoin is standing on the sidelines, altcoins are increasingly receiving support in the market. For example, the top Gainers from CoinMarketCap show that many DeFi coins are now on the moon and securing their places in the rating due to high demand.
It is also interesting that the top trending coins are headed by Cardano and its popularity is only growing every day.
Bitcoin price analysis
At the beginning of the week, Bitcoin started at $48.37k. At the time of writing, BTC is holding at $42k with a 24-hour trading volume of $35,606,403,631.08. The dominance of BTC in the market is 42.08%.
After the announcement of the People’s Bank of China, a massive decline in quotations led to a drop in the capitalization of the crypto market by $150 billion. Despite a strong support range in the region of $40-42k, the price of bitcoin in the coming days may drop to $38k. Analysts say the bitcoin price will not return to $45k until Monday, but long-term holders will be able to buy more BTC due to the attractiveness of the price.
Ethereum price analysis
At the beginning of the week, the price was $3481, and at the time of writing it’s $3448. Meanwhile, the current market dominance of ETH is growing and is now 22.01%.
By the way, the amount of Ethereum locked in DeFi is approaching new all-time highs.
TOP CRYPTO NEWS
- Huawei launched a blockchain service based on artificial intelligence. The solution is designed for industrial supply chains and is an innovative way to manage pledges for movable warehousing properties. Previously an area of financial services that wasn’t seeing extensive digitalization, movable properties represent an innovative market space worth billions of yuan.
- Bitcoin.org has been hacked to display a fraudulent cryptocurrency giveaway ad. The site owner stated that the hack happened immediately after moving to Cloudflare. Also, the DeFi project Vee․Finance was hacked, hackers managed to steal 8,804.7 ETH and 213.93 BTC ($36 million).
- The mayor of Miami noted the success of a recent initiative to finance municipal projects through the income from MiamiCoin mining and stated that the city token brings more than $2,000 to the city every 10 minutes.
- The head of the SEC highlighted the problems of the crypto industry. Gary Gensler, during a recent interview, called cryptocurrencies “a highly speculative asset class, the value of which in many cases is determined by nothing but the willingness of investors to pay.” Gensler also noted that digital assets tend to both rise significantly in price and fall sharply — it is important to prevent the impact of digital innovations on the stability of the financial system. The head of the SEC recalled that the tasks of his department include protecting investors and ensuring the stability of the financial system, which is impossible without the regulation of crypto exchanges and compliance with laws.
- Russia and Turkey have the same stance on cryptocurrencies. The Turkish president said that the country is now at war with cryptocurrencies. A representative of the Central Bank said that cryptocurrencies are bought by citizens not as an investment tool, but for the possible purpose of conducting anonymous calculations. “Why conduct anonymous calculations? The first thought that comes to mind is to mediate some illegal goals,” the representative of the Central Bank added.
- China will launch a digital yuan-linked stablecoin for international trade. The new asset will be called the “offshore yuan stablecoin” — its functionality will be limited to international trade, and the cost will be tied to the Chinese CBDC. The developers said that unlike other popular stablecoins, such as USDT and USDC, the new asset will be “completely decentralized”.
- Twitter on Thursday announced it will now allow users to tip their favorite creators on the social network using bitcoin. The company introduced tipping as a test feature back in May as a way to experiment with helping creators earn money from their followers for the content they post on Twitter. The company announced Thursday that its Tip feature will now roll out globally to all Apple iOS users this week and will become available for Android users in the coming weeks.
- An analyst of the largest financial conglomerate in Germany believes that Bitcoin will be able to become a real digital gold in the future — the asset will exist for centuries and will not be largely controlled by the state. At the same time, Marion Labour warned investors against the volatility of crypto assets and said that most people buy Bitcoin for investment and speculation, and not for using coins as a means of exchange.
- New coins WBTC and CHZ are now available for purchase in Lumi. Also EQIFI is now available in the wallet and you can keep your coins safe. We also wrote a new article that is suitable for everyone who wants to know a little more about blockchain than just the news on twitter. If you want to fully immerse yourself in smart contracts and understand how it all works, we suggest you read our last article: Top Blockchain Online Courses. Here you will learn about the most popular and proven courses that are available on the Internet. In addition, you will be able to create your own blockchain or cryptocurrency yourself. Follow the link and immerse yourself in crypto completely!
This is all the news for now, we will continue to keep you informed of all the main events of the crypto market. This article is for informational purposes only and does not provide any financial advice. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, TikTok and LinkedIn. Let’s learn the cryptocurrency market together step by step!