A Kraken deal is on the horizon in Abu Dhabi, with the first major crypto exchange to offer UAE currency
According to CNBC, Kraken will open an office in Abu Dhabi after receiving a full license to operate in the UAE.
Data shows The Middle East is one of the fastest-growing cryptocurrency markets in the world, making up 7 per cent of global trading volumes.
U.S. crypto exchange Kraken will operate as a virtual asset platform that finally offers the national currency known as Dirham pairs for investors in the region
Kraken will become the first cryptocurrency exchange to offer direct funding and trading in UAE dirhams against bitcoin, ether and a range of other virtual assets.
It’s clear crypto trading is becoming increasingly mainstream in the middle east after Kraken was granted regulatory approval.
World’s largest crypto exchange Binance was given approval to operate in Abu Dhabi in recent weeks, and will recruit for over 100 positions in the country.
New York closes in on Robinhood dodgy crypto arm
Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules
New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.
It follows several regulatory probes into Robinhood in recent months.
In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.
As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.
At what times does the world invest in crypto?
New figures are out on when the most activity on the Bitcoin Network happens
Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.
It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.
Analysts are reporting a drop in the share of activity happening during Asian hours.
It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.
The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.
Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.
Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.
Is this the beginning of the end for bitcoin?
Concerns investors will lose faith in the crypto following Tesla’s sell-off
Tesla’s bitcoin sell-off has analysts concerned, after the company dumped $936 million worth of crypto, or 75% of its total holdings.
Following the news – the crypto’s price dropped and gains seen just last week were brought back down to earth.
So now the world’s biggest EV manufacturer has dropped the majority of its Bitcoin stake, should we all be doing the same?
On an earnings call, Musk said his company dumped its holdings due to the uncertainty around China’s Covid lockdowns.
He noted it’s important for Tesla to maximise its cashposition during this difficult economic period.
“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximise our cash position.”ELON MUSK
But does this really stack up? Or is it just an excuse following a nice rally?
Up until Wednesday, the last week had been good for Bitcoin, gaining 12 per cent in just seven days.
While other cryptos including ethereum and solana surged even more dramatically.
Musk says his company is still open to increasing bitcoin holdings in future.
But some analysts predict other big investors will use Tesla’s bitcoin sale as a justification to offload their own digital coins and send the price even lower.
“We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.”elon musk
They say like or not Musk can move markets and this is something to be conscious of.
But while the Tesla sell-off caught many off guard, analysts also stress this isn’t game over for Bitcoin and ebbs and flows are all just part of the market.
“The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn.”ANDREY DIYAKONOV FROM CHOISE.COM SPEAKING TO CNN
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