Rumors are swirling in the cryptocurrency world that the United Arab Emirates (UAE) may possess over $40 billion in Bitcoin. If true, this would make the UAE one of the largest holders of the cryptocurrency globally. However, these claims remain unverified . The speculation started after a vague tweet by Binance’s former CEO, Changpeng Zhao , on December 22. Zhao referenced an unconfirmed report suggesting the UAE has accumulated approximately 411,978 BTC, worth around $40 billion. This news ignited debate within the crypto community, with opinions ranging from excitement to skepticism. Crypto analyst Trader T highlighted that, if accurate, the UAE could rank among the top three Bitcoin holders globally and potentially hold the largest Bitcoin reserves of any national government. Despite the buzz, many in the crypto space have urged caution. Bitcoin Archive, a prominent source in the field, emphasized that there is no solid evidence backing these claims. They stated, “People are treating the UAE’s $40 billion Bitcoin purchase as a fact , but all available information suggests this is just a rumor circulating on social media.” This speculation follows a pattern of rumors suggesting that wealthy nations in the Middle East, such as Saudi Arabia and Qatar, might also be increasing their Bitcoin holdings. These rumors have gained traction as Bitcoin’s price recently surged past the $90,000 mark. However, much like the UAE claims, these reports are also unconfirmed. While the UAE’s alleged Bitcoin stash remains speculative, the idea of nation-states acquiring Bitcoin has been gaining momentum. One notable example is El Salvador , which has openly embraced Bitcoin as part of its national strategy. Recently, the country purchased an additional 11 BTC, bringing its total holdings to 5,993.77 BTC, valued at approximately $575 million. El Salvador’s decision to increase its Bitcoin reserves defies recommendations from the International Monetary Fund (IMF), which had previously advised against such policies. Furthermore, Max Keiser, an advisor to El Salvador’s President, disclosed plans for the country to acquire an additional 20,000 BTC. He stated, “El Salvador is transitioning to a peaceful Bitcoin standard, with a goal to significantly boost its reserves.” Although concrete evidence regarding the UAE’s Bitcoin holdings is lacking, these discussions highlight a growing trend where countries are exploring Bitcoin as a strategic asset. For now, these claims about the UAE remain part of the broader speculation surrounding state-level interest in cryptocurrency.
VanEck suggests that a Strategic Bitcoin Reserve could reduce the U.S. national debt by 36% by 2050 , aligning with Senator Cynthia Lummis's proposal for the country to accumulate one million Bitcoins over the next five years. Lummis believes this reserve could provide long-term financial stability and protect future generations from inherited debt burdens. VanEck’s analysis estimates that such a reserve could lower U.S. debt by approximately $42 trillion by 2049, assuming a 5% annual debt growth rate and a 25% yearly increase in Bitcoin's value. Under this projection, Bitcoin’s price would surpass $42 million , positioning it as a dominant global financial asset by mid-century. VanEck predicts that Bitcoin could eventually represent 18% of the world's total financial assets, which are expected to grow at an average rate of 7% annually. Mathew Sigel, VanEck’s head of research, highlighted Bitcoin's potential to become a major global settlement currency. He pointed out that Bitcoin could offer an alternative to the U.S. dollar, especially for nations aiming to bypass American financial sanctions. Sigel noted the increasing reliance on Bitcoin as a neutral asset for global trade agreements. To initiate this reserve, VanEck proposed several key actions, including halting the sale of Bitcoin from U.S. asset forfeiture reserves. They also suggested that policy adjustments under a potential Trump administration could accelerate the adoption of this strategy , such as revaluing gold reserves to market prices and utilizing the Exchange Stabilization Fund for Bitcoin purchases. These measures, according to VanEck, could bypass lengthy legislative processes and enable quicker implementation. However, not everyone is convinced. Venture capitalist Nic Carter expressed doubts about whether a Bitcoin reserve would genuinely strengthen the U.S. dollar or effectively manage national debt. Investor Peter Schiff offered an alternative solution, proposing the creation of a digital currency called "USAcoin," modeled after Bitcoin but with improvements to enhance usability for everyday transactions. Schiff argued that such a digital currency, capped at 21 million units like Bitcoin, could provide financial stability without depending on volatile Bitcoin valuations. Despite the skepticism, VanEck remains confident that Bitcoin could play a transformative role in U.S. debt management and the global financial system. The debate highlights a growing divide between traditional financial approaches and emerging digital asset strategies. With influential figures on both sides, the future of Bitcoin in U.S. fiscal policy remains uncertain but undeniably significant.
The post Crypto News: Saylor Slips Plan to Take U.S. Digital Assets from $1 Trillion to $590 Trillion appeared first on Coinpedia Fintech News MicroStrategy founder and Bitcoin advocate has proposed a digital asset policy that could strengthen the US dollar, reduce national debt, and position the U.S. as a leader in the global digital economy—boosting businesses, fueling growth, and generating trillions in value. Saylor advocates for a clear framework to regulate digital assets in the U.S. He proposes classifying them into categories like digital commodities (e.g., Bitcoin), digital securities (e.g., stocks), digital currencies (e.g., stablecoins), digital tokens (e.g., utility tokens), NFTs (e.g., unique digital assets), and digital ABTs (backed by physical assets). Additionally, he calls for a system that establishes clear rights and responsibilities for issuers, exchanges, and owners to ensure confidence and legitimacy in the market. He explained the opportunity for the U.S. to lead in the digital economy by implementing a strategic digital asset policy. This could strengthen the U.S. dollar, help manage national debt, and position the country as the global leader in digital assets. A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy—empowering millions of businesses, driving growth, and creating trillions in value. https://t.co/7n7jQqPkf1 — Michael Saylor (@saylor) December 20, 2024 Taking to his X handle, Saylor wrote, “A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy—empowering millions of businesses, driving growth, and creating trillions in value.” The Bitcoin bull suggests growing the digital currency market from $25 billion to $10 trillion, expanding global digital capital markets from $2 trillion to $280 trillion, and increasing digital asset value from $1 trillion to $590 trillion, with the U.S. dominating these sectors. Additionally, he proposes creating a Bitcoin reserve to generate $16–81 trillion in wealth, supporting the U.S. Treasury and reducing the national debt. By establishing a clear taxonomy, a legitimate rights-based framework, and practical compliance obligations, the United States can lead the global digital economy. A capital markets renaissance fueled by digital assets will unlock trillions in wealth, empower millions of businesses, and solidify the US dollar as the foundation of the 21st-century digital financial system,” the blueprint concluded.
In his latest video published on December 21, crypto analyst Rekt Capital tried to answer the question “What’s The Worst Case Scenario For Bitcoin Right Now?”. After reaching a new all-time high at $108,374 on December 17, the BTC price is down more than -11%. How Low Can Bitcoin Price Go? Rekt Capital put the Bitcoin price pullback in a historical perspective, underscoring the historical importance of weeks 6, 7, and 8 in a “price discovery uptrend.” Drawing upon past cycles such as 2013, 2016–2017, and 2021, he explained that Bitcoin has a strong tendency to correct during these specific windows, with some dips reaching as steep as 34% or even higher. “Understanding these weeks is crucial because they tend to be problematic for Bitcoin,” Rekt Capital stated, referencing past cycles where significant downturns occurred within this timeframe. For instance, in week 7 of the 2013 cycle, Bitcoin experienced a dramatic 75% pullback over 13 weeks. Similarly, the 2016-2017 period saw a 34% decline in week 8, underscoring the recurring vulnerability during these specific weeks. Related Reading: Is The Bitcoin Top In For This Cycle? On-Chain Signals You Need To Know As of the current cycle, Bitcoin has undergone a 10%+ retracement, bringing its price into a historically critical support zone at $96,537 on the weekly chart. Rekt Capital emphasized the importance of this support level, noting, “This area of historical support has enabled the move to $108,000.” He cautioned that failure to maintain this support could trigger a more severe correction down to $89,830. Examining the price action of the last few days, Rekt Capital pointed out the emergence of a bearish engulfing candle in the weekly timeframe—a technical indicator often associated with potential reversals. “We’re losing resistances that turned into support,” he observed. This loss signifies a potential transition into a corrective period, as the price struggles to maintain its upward trajectory. Related Reading: Analyst Says Bitcoin Price Peak Lies Above $225,000, The Timeline Will Shock You Rekt Capital also pointed out the importance of maintaining the 5-week technical line in his analysis. “If we lose this 5-week technical uptrend and the orange trend line, it would be mounting evidence that we might be transitioning into a corrective period,” he warned. Furthermore, he addressed the CME gap between the $78,000 and $80,000 price levels, a critical area that has remained unfilled. “Delving into 26%, 27%, 28% dips could fill the entire CME gap,” Rekt Capital noted. Historically, CME gaps have the tendency to get filled whereas there are a few ones which have never been filled. Despite all cautionary signals, Rekt Capital maintains a bullish stance in the long-term “These pullbacks are what enable future uptrends in the parabolic phase of the cycle,” he explained. Drawing from previous cycles, he illustrated how corrections have historically provided the necessary “breather” for the market. In the 2021 cycle, for example, Bitcoin experienced a 16% pullback in week 6 and an 8% dip in week 8, yet the overall trend continued upward. Similarly, the current 10% retracement, while significant, could serve as a preparatory phase for the next leg of price discovery. At press time, BTC traded at $95,000. Featured image created with DALL.E, chart from TradingView.com
Nokia takes a major step toward securing cryptocurrencies with a new encryption patent. Nokia Technologies Co., Ltd. reportedly filed for a patent on Dec. 23, 2024, under the title “Device method and computer program” to improve the encryption of digital assets. The patent was submitted to the National Intellectual Property Administration in Jun. 2024 and was given publication number CN 119155674 A. Nokia is making a big move by entering the rapidly growing field of digital asset encryption, which is becoming crucial in the blockchain and cryptocurrency sectors. According to the abstract of the patent, this proposed system described in the patent will allow user devices to securely encrypt digital assets using a “first key,” which is employed to encrypt the assets and ensure their security. This key is likely part of a symmetric or asymmetric encryption system, where a single key (symmetric) or a pair of public/private keys (asymmetric) is used to ensure that only authorized parties can decrypt and access the digital asset. You might also like: News COPA and Unified Patents launch ‘Blockchain Zone’ to combat patent trolls The process of transforming data or information into a code to stop unwanted access is known as encryption. Encryption guarantees that only people with permission can access and manage digital assets like Bitcoin and other cryptocurrencies. In the case of Bitcoin ( BTC ), for instance, encryption ensures that only the private key holder can access and manage the coins stored in a wallet. In the absence of encryption, any digital asset can be susceptible to theft and hacking. Following the application of the ‘first key’, a “first network function” is then provided with the encrypted assets and an index that monitors the encryption process for further handling, which may involve processing or verification. To ensure the secure and traceable management of digital assets across networks, the system also features a mechanism for identifying these encrypted digital assets. This identification is subsequently sent to a first entity for validation or authorization, with the first network function acting as a trusted node or service that processes the encrypted assets and performs tasks such as additional verification. The patent serves as an identification process that ensures that the assets are traceable and can be validated by the right parties before they are transferred or used in a transaction. You might also like: Sony patent reveals PlayStation exploring NFTs and blockchain The advancement and security of digital asset management depend heavily on patents like Nokia. With a long history in networking, telecommunications, and technological innovation, Nokia is a leading worldwide technology company. The company’s portfolio of hundreds of patents spans decades and includes many technology fields, encompassing digital asset encryption, 5G networks, mobile communications, and the Internet of Things . You might also like: Nokia uses metaverse for breweries and aircrafts
On December 23, pseudonymous analyst Marty Marty shared an analysis of the U.S. Dollar Index (DXY), highlighting its potential impact on financial markets, including cryptocurrencies. The DXY, which measures the strength of the U.S. dollar against a basket of major currencies, currently stands at 107.84. This marks a significant recovery from its year-to-date low of
Nexo and 7RCC Global propose an innovative Bitcoin Exchange-Traded Fund ( ETF ) that integrates Environmental, Social, and Governance (ESG) principles. Named the Nexo 7RCC Spot Bitcoin and Carbon Credit Futures ETF , this fund aims to merge cryptocurrency investment with sustainability, addressing the growing demand for responsible financial products. The proposed ETF will allocate 80% of its portfolio to Bitcoin and 20% to Carbon Credit Futures . This approach blends digital asset growth with environmentally focused financial instruments. Carbon credit futures are tied to the predicted value of carbon credits, commonly used to manage emissions under cap-and-trade systems in regions such as the European Union, California, and the Regional Greenhouse Gas Initiative . This structure ensures adaptability to regulatory changes while fostering sustainable investment practices. According to Nate Geraci, President of the ETF Store , Nexo and 7RCC Global have submitted an S-1 amendment to the US Securities and Exchange Commission (SEC) . Geraci described the ETF as an "ESG version of a spot BTC ETF" and expressed confidence in its potential approval. He noted that this ETF introduces a fresh perspective in a competitive market. The spot Bitcoin ETF market has seen $36 billion in net inflows since January, underlining substantial investor interest. If approved, this ESG-focused ETF will directly compete with industry leaders like BlackRock and Fidelity , offering investors an option that combines financial returns with environmental responsibility. Additionally, this proposal aligns with global climate initiatives, including the World Economic Forum's Safeguarding the Planet program . Nexo Co-founder Kalin Metodiev, CFA , emphasized the long-term vision behind the initiative, stating: “Today’s generation seeks not only to profit but to make a difference.” This ETF represents a significant step toward integrating cryptocurrency investment with sustainable finance, setting a new benchmark for responsible investment solutions.
Bitcoin (BTC) and other cryptocurrencies suffered a bloodbath over the weekend as markets dropped significantly. In just over 24 hours, BTC dropped from around $108,000 to its current level of $95,000, as the Fed’s announcement about reducing rate cuts in 2025 hit the market hard. The drop led to BTC posting its first weekly decline since Donald Trump won the elections, with the asset down 9% over the past week. Almost all cryptocurrencies registered double-digit losses over the weekend, with BTC’s losses dwarfed by those of Ethereum (ETH), down nearly 15% over the past week as it slipped below $3,500. Solana (SOL) is down almost 3% in the past 24 hours and nearly 16% over the past week thanks to substantial losses over the weekend. Meanwhile, Dogecoin (DOGE) is down almost 21% over the past week. The crypto market cap is down just over 1.1% and currently sits at $3.3 trillion. Major Crypto Bloodbath The cryptocurrency market faced one of its biggest meltdowns in recent memory with $1.2 billion in liquidations as prices tumbled across the board. As a result, Bitcoin (BTC) fell from an all-time high of over $108,000 to below $95,000. Other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) registered double-digit losses as the crypto market took a bearish turn. The downturn started after Federal Reserve Chair Jerome Powell’s comments after the FOMC meeting. The markets, slowing down after a huge rally since Trump’s election, tumbled after Powell and the Fed took a hawkish stance and raised concerns about inflation. Powell also said the Fed would reduce rate cuts in 2025 from the forecasted four to two, triggering a significant selloff. Bitcoin (BTC)’s sharp fall Bitcoin (BTC) fell sharply over the weekend after the Federal Reserve’s warning about inflation. As a result, around $500 billion was wiped out from the market. BTC dropped around 10% but was dwarfed by losses by Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE). Federal Reserve Chair Jerome Powell warned that interest rates will not come down as quickly as expected and reduced the number of planned interest rate cuts to just two in 2025. BTC is currently trading around the $95,500 level. Meanwhile, Cathie Wood, the founder of Ark Invest Capital, has reiterated her stance on BTC’s price. Wood predicted BTC would touch $1 million by 2030, giving BTC a market capitalization of $20 trillion. “[Bitcoin] is becoming even more scarce than gold. The difference between gold and bitcoin is, when the gold price goes up, as it has, production goes up, the rate of increase in the supply goes up—that can not happen with bitcoin.” Analysts expect BTC and other cryptocurrencies to be prone to wild price swings over the holidays and the next few weeks. James Tolenado, Chief Operating Officer at Unity Wallet, stated, “In terms of what is coming over the holiday period, the first rule of Bitcoin is that it is always volatile in the same way water is always wet. Its behavior is always mixed, and there is zero discernible pattern at the end of the year and going into the next. Sometimes, the price rises in the new year, and at other times it falls. So, historically, we can say that bitcoin exhibits typically mixed behavior over Christmas and New Year.” Coinbase, Kraken Donate $1M Towards Trump Inauguration Several cryptocurrency firms, including Coinbase and Kraken, have donated towards Donald Trump’s inauguration. Coinbase and Kraken have donated $1 million each to the Trump-Vance inaugural committee. The committee is organizing events surrounding the January 20 swearing-in ceremony, including galas, parades, and dinners. Ripple has also pledged $5 million in XRP to the committee. Kara Calvert, Coinbase’s VP of US Policy, stated, “Coinbase is committed to working with the Administration and both sides of the aisle to create regulatory clarity for crypto. We’re eager to work with the most pro-crypto Administration in U.S. history as we build the future of crypto in America.” MoonPay has also pledged to donate to the inaugural committee, although the exact amount was not disclosed. Bitcoin (BTC) Price Analysis Bitcoin (BTC) dipped below $96,000 over the weekend and fell to an intraday low of $92,072 on Friday. The drop comes after BTC surged past $100,000 to set a new all-time high, as the asset witnesses wild price swings. Analysts have said the price swings are the result of traders locking in profits after BTC crossed $100,000. BTC has been highly bullish since Trump’s election victory but experienced its first weekly decline since after markets turned bearish. BTC’s decline can also be attributed to statements by Federal Reserve Chair Jerome Powell, who announced rate cuts would be reduced in 2025. Powell also stated the Fed is prohibited from holding BTC or other cryptocurrencies as reserve assets Despite BTC’s slump, analysts are confident about a recovery, with some suggesting it could go past $150,000 in 2025 thanks to growing institutional interest and favorable policies under the Trump administration. However, the weekend’s decline led to $258 million in liquidations across derivatives markets, including $30 million in long positions. Sentiment around BTC changed after it set a new all-time high on Tuesday. The asset started the previous week on a positive note, rising 1.50% to $105,746 on Monday. BTC continued to push higher on Tuesday, setting a new all-time high as it raced to $108,269. However, sentiment around BTC changed on Wednesday as the price plummeted almost 6% to $100,195. Buyers attempted a recovery on Thursday as BTC rose to $102,792. However, they lost momentum after reaching this level, allowing sellers to take control. As a result, BTC fell below the 20-day SMA and $100,000, registering a drop of 2.49% and settling at $97,703. Source: TradingView BTC fell to an intraday low of $92,072 on Friday as it slipped below key support levels. However, it recovered from this level to register a marginal increase and settle at $98,124. The weekend saw bearish sentiment return as BTC fell to $97,505 after a marginal decline. Sunday saw a jump in selling activity as BTC dropped by 2.26% to $95,303, ending the weekend negatively. The current session sees BTC marginally up as buyers try to build momentum and push towards $100,000. On the other hand, if sellers retake control, BTC could drop below the 50-day SMA and go as low as $90,000. Ethereum (ETH) Price Analysis Ethereum (ETH)’s recent decline has seen the world’s second-largest cryptocurrency slip below $3,500 after surging past $4,000 last week. ETH reached an intraday high of $4,106 last Monday as bullish sentiment peaked. ETH dropped on Tuesday instead of consolidating above this level, falling by 2.33% to go below $4,000 and settle at $3,892. Bearish sentiment intensified on Wednesday as ETH dropped almost 7%, going below the 20-day SMA and settling at $3,625. Buyers attempted a recovery on Thursday as ETH reached an intraday high of $3,762. However, it lost momentum after reaching this level, dropping almost 6% to go below the $3,500 level and settling at $3,415. Source: TradingView ETH plunged to an intraday low of $3,096 on Friday, falling below the 50-day SMA as sellers attempted to drive it below $3,000. However, it recovered from this level to climb above the 50-day SMA, reclaim $3,000, and settle at $3,470. Any hope for a sustained recovery was dashed over the weekend as ETH dropped almost 4% on Saturday to go below the 50-day SMA and settle at $3,336. ETH continued to decline on Sunday after failing to mount a recovery, dropping 1.71% and settling at $3,279. The current session sees ETH marginally up as buyers attempt a recovery. Buyers will look to build momentum and push ETH above the 50-day SMA. If they are successful, ETH will target the $3,500 level. However, if sellers retake control, ETH could drop to $3,000 before seeing a recovery. Solana (SOL) Price Analysis Solana (SOL) is looking to recover after dropping to its support level of $180 over the weekend. SOL suffered a monumental decline after turning bearish on Wednesday, with the altcoin down almost 16% over the past week. SOL started the week in the red in an indication of things to come, dropping 3.55% to $216. However, it recovered on Tuesday, rising to an intraday high of $228 before settling at $223, an increase of 3.23%. Bearish sentiment returned Wednesday as SOL dropped by 7.50% to go below the 50-day SMA and settle at $206. Sellers retained control on Thursday as SOL slipped below $200 after a drop of just over 6% and settled at $193. Source: TradingView SOL plummeted to an intraday low of $175 on Friday, briefly falling below the $180 support level. However, it recovered to thwart selling pressure and registered a marginal increase to settle at $194. The recovery was short-lived as SOL was back in the red on Saturday after a failed attempt to reclaim $200. SOL reached an intraday high of $202 before turning bearish as sellers took control. As a result, SOL dropped almost 7% and fell to $181, just above the $180 support level. Buyers attempted a recovery on Sunday as SOL rose to an intraday high of $187 before losing momentum. As a result, SOL registered a marginal decline and settled at $180. SOL has recovered during the current session but is witnessing significant volatility, having dropped to an intraday low of $176 and an intraday high of $187 before settling at $181, a marginal increase. Dogecoin (DOGE) Price Analysis Bearish sentiment around Dogecoin (DOGE) intensified last week as it plummeted below the 50-day SMA and a key support level. DOGE started the week in the red, dropping just over 1% on Monday and settling at $0.401. Sellers retained control on Tuesday as the price fell just over 2% to go below $0.40 and settle at $0.393. Bearish sentiment intensified on Wednesday as DOGE dropped over 9% and settled at $0.357, just above the $0.30 support level. DOGE registered a more substantial drop on Thursday, falling over 12% to slip below the 50-day SMA and a key support level to settle at $9.313. Source: TradingView DOGE plummeted to a low of $0.262 on Friday as sellers attempted to drive it below $0.30. However, it recovered from this level to reclaim $0.30 and register a marginal increase to settle at $0.317. Saturday began with DOGE surging to $0.35 before losing momentum. As a result, it dropped back and settled at $0.319, registering only a marginal increase. However, it was back in the red on Sunday dropping by 2.47% and settling at $0.312. The current session sees DOGE marginally down as sellers attempt to push it below $0.30. Ripple (XRP) Price Analysis Ripple (XRP) has been trading downwards since hitting an intraday high of $2.72 on Tuesday. After reaching this level, XRP fell back, dropping to $2.56, ultimately registering an increase of 3.38%. However, sentiment changed on Wednesday as XRP plummeted over 10%, going below the 20-day SMA and settling at $2.30. Buyers attempted a recovery as XRP rose to an intraday high of $2.43. However, it could not go higher and fell by 3.10% to settle at $2.23. Bearish sentiment intensified on Friday as XRP dropped to an intraday low of $1.95. However, it recovered from this level to register an increase of 1.83%, settling at $2.27. Source: TradingView XRP could not sustain its recovery and fell back in the red on Saturday, dropping almost 2% and settling at $2.23. Sellers retained control on Sunday, pushing XRP down by 1.58% to $2.20. XRP has remained in the red during the current session, down 1.27% and trading at $2.17. Aptos (APT) Price Analysis Aptos (APT) has plummeted over the past week and is down a staggering 35% in the past seven days as bears tighten their grip. APT’s decline began on Tuesday when it fell over 7%, going below the 20-day SMA and settling at $12.92. Sellers retained control on Wednesday as the price dropped 8.2% to slip below the 50-day SMA and settle at $11.85. APT rose to an intraday high of $12.72 on Thursday as buyers attempted a recovery. However, they lost momentum after reaching this level and fell back, dropping just over 4% to $11.36. APT experienced considerable volatility on Friday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand and pushed APT down by 4.31% to $10.87. Source: TradingView Bearish sentiment intensified substantially on Saturday as APT plummeted by 12.46% to go below $10 and settle at $9.51. Sellers retained control on Sunday, pushing APT down by 3.16% to $9.21. The current session sees APT down by 1.42% and trading at $9.10 as sellers look to drive the price below $9. Celestia (TIA) Price Analysis Celestia (TIA) dropped to a key support level on Monday when it fell to $6.58. With sellers retaining control on Tuesday, TIA dropped below this level and the 50-day SMA to $6.26, registering a fall of almost 5%. TIA fell below $6 and the 200-day SMA on Wednesday after a drop of 8.20% and settled at $5.74. Bearish sentiment intensified on Thursday as TIA dropped almost 11% and settled at $5.12. Sellers drove the price to an intraday low of $4.34 on Friday. However, TIA recovered from this level to register an increase of 1.86%, settling at $5.22. Source: TradingView Bearish sentiment returned over the weekend as the price dropped below $5 on Saturday, dropping almost 6% after a failed attempt to reclaim $6. Sellers retained control on Sunday as TIA registered a marginal decline and ended the weekend at $4.90. The current session sees TIA up by 1.45% as it attempts to reclaim $5. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
UAE’s first crypto-listed company, Phoenix Group, plans NASDAQ dual-listing. Phoenix Group , the first cryptocurrency company in the UAE to be listed on the Abu Dhabi Stock Exchange (ADX), is planning to dual-list on the Nasdaq in 2025 to expand its worldwide footprint. Founded in 2017 and based in Abu Dhabi, the company made history in October 2023 when it was registered on the Middle Eastern stock exchange as the first private cryptocurrency and blockchain organization. With government-supported programs creating a flourishing digital economy, the UAE is quickly becoming a center for cryptocurrency innovation and a desirable destination for crypto businesses looking to go worldwide. Phoenix Group has developed into a multibillion-dollar technological conglomerate and is currently the biggest cryptocurrency mining operator in the MENA area. Currently, the firm operates 765 MW of mining facilities in the United States, Canada, and the United Arab Emirates. A vital component of Phoenix Group’s investing ventures is Bitcoin mining devices, which are pieces of hardware that solve challenging mathematical puzzles to validate transactions on the Bitcoin ( BTC ) network. Taking advantage of the growing market for mining equipment, the firm is also the only distributor of MicroBT’s BTC mining devices in countries including the GCC, Egypt, Turkey, and Kenya. You might also like: New cryptocurrency to mine for free: Top 10 projects The company’s new CEO and co-founder, Munaf Ali, has more than 20 years of capital markets expertise. “The worlds of traditional and digital assets are merging, and Phoenix Group is preparing for future success” he stated. To further broaden its worldwide reach, he also said that, the company is aggressively pursuing dual listing on the Nasdaq to tap into the global capital markets and increase its international presence. Seyed Mohammad Alizadehfard, the former CEO, will remain an advisor to the business. “My experience in the cryptocurrency space and Munaf’s background in a senior institution will ensure that the company continues to be a leader in the industry,” he stated. The company’s dual listing on Nasdaq may be crucial in establishing the UAE as a major participant in the blockchain and cryptocurrency sectors globally, especially if the UAE’s crypto scene picks up steam and Phoenix Group grows its presence abroad. You might also like: Binance founder Changpeng Zhao sparks debate over UAE’s alleged $40b Bitcoin holdings
Rich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC). Robert Kiyosaki Hints At Economic Depression Ahead Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns. In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.” This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.” However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil. What’s Next For BTC? Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market. In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest. However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset. On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead. The post Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC? appeared first on CoinGape .