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Gulf Today Report
Bitcoin fell below the $27,000 level as the sell-off in the cryptocurrency world continues. Bitcoin price fell almost 9% to $26,848.20 (€25,659) on Thursday, according to data from Coin Metrics.
The Coinbase outage came as Binance, the world's largest cryptocurrency exchange, suspended trading of Terraform Labs' Terra (Luna) and TerraUSD (UST) tokens, which crashed 98 per cent, wiping out the life savings of its investors.
The sharp drop comes after the US Bureau of Labor Statistics announced consumer prices for April was stronger than expected, forcing investors to sell riskier assets like cryptocurrencies.
During this time, the price of Ether fell by more than 23%.
The so-called stablecoins are sending shockwaves through the markets, wiping billions of dollars off their value, causing liquid cryptocurrencies like Bitcoin to crash and people's savings to be lost.
The two main stablecoins of the Terra crypto project have fallen into freefall with some calls the incident is a Ponzi scheme similar to the Lehman Brothers collapse that precipitated the 2008 financial crisis.
Stablecoins claim to be a relatively safe haven in the highly volatile cryptocurrency market.
They are supposed to be linked to a fiat currency and usually hold a 1 to 1 parity with the US dollar.
But recent events have shown that they are just as volatile as other cryptocurrencies.
The world's second largest cryptocurrency Ethereum joined the cryptocurrency crash, plummeting in value by 20 per cent.
David Marcus, former head of Meta's crypto unit, has launched a Bitcoin payments startup that is backed by venture capitalist firms Andreessen Horowitz (a16z) and Paradigm.
Marcus will serve as CEO with several ex-Meta crypto team members, reports TechCrunch.
The startup is aiming "to explore, build and extend the capabilities and utility of Bitcoin."
Bitcoin's lightning network allows for cheaper and faster transactions than the base level network allows, making it a more ideal platform to leverage for payments and decentralized apps.
Marcus, who was also Facebook Messenger head, offered some details on his next company Lightspark that will build Bitcoin's Lightning network.
The startup did not disclose the funding amount but said it is led by a16z Crypto and Paradigm, with participation from Thrive Capital, Coatue, Felix Capital, Ribbit Capital, Matrix Partners and Zeev Ventures.
Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile “Wild West” market.
Bitcoin passed the $60,000 mark for the first time on Saturday, with analysts saying the giant US stimulus package helped boost the world’s most popular virtual currency on its record-breaking run.
Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), has said the metaverse will shape a new digital future for humanity.
Adnoc Distribution announced on Wednesday the approval of an interim dividend payment to shareholders for the first six months of 2022 of Dhs1.285 billion (10.285 fils per share), equivalent to $350 million. This is the first payment of what is expected to be a full-year 2022 dividend payment of minimum Dhs2.57 billion (20.57 fils
Dubai Chamber of Commerce recently hosted a workshop on the UAE Corporate Tax system at its headquarters, which was attended by over 330 participants from the business community, representing various economic sectors. Organised in collaboration with leading law firm Al Tamimi & Co., the workshop supported the Chamber’s
The UAE e-commerce market is expected to reach $27 billion this year chiefly due to exponential growth in Dubai’s small and medium enterprises as the emirate hosts more than 10,000 SMEs. E-commerce sales in the UAE are estimated to grow by an average of 23 percent per annum between 2018 and 2022, according to Statista.