Dubai has been ranked first in the region and second globally as a cryptocurrency hub.
With zero per cent tax, Dubai is an appealing place to live for crypto investors – and may be the second choice for some UK residents... The city also has a high quality of life with a score of 175.84 – the seventh highest overall,” Recap research said.
In recent years, Dubai has emerged as a hotbed for crypto activity owing to the emirate’s strategic policies. The establishment of VARA was a major turning point for the region, which has, so far, proved instrumental in providing clarity to several crypto firms distressed by the US’s approach to regulating the industry.
Despite prohibiting involvement with privacy-centric coins under the new regulatory regime, the city has opened arms to several crypto exchanges, including OKX, Bybit, and more.
A recent study published by Recap revealed that Dubai hosts nearly 800 crypto-based companies as of January 2023 for residents to choose from when it comes to finding a career in the sector. Its 0% tax regime also makes it a favorable venue for crypto investors.
XRP and Cardano Shine as Bitcoin Investment Products See Outflows
In a reversal of a recent trend, long-Bitcoin investment products have represented 93% of the outflows of cryptocurrency investment products, while short Bitcoin products saw their 14th consecutive week of outflows. Products investing in $XRP and Cardano ($ADA), meanwhile, attracted significant inflows.
According to CoinShares’ latest Digital Asset Fund Flows report, institutional investors have seemingly preferred altcoins over the past week, with the exception of Ethereum. Altcoin recorded inflows of $3 million over the past week, and $19 million over the past eight weeks.
Funds investing in Cardano, Solana ($SOL), and XRP have seen significant inflows, raking in $640,000, $600,000, and $500,000 from investors last week. In contrast, Ethereum-focused funds saw $1.9 million in outflows, while Avalanche ($AVAX) investment funds saw $400,000 in outflows.
The wider digital asset investment product market saw a small pullback, with minor outflows totaling $21 million last week. Trading volumes for digital asset investment products slumped to $915 million for the week, significantly lower than the $1.5 billion weekly average observed so far this year.
This downward trend in volume was mirrored in the broader Bitcoin market, which saw a total of $16 billion traded last week on trusted exchanges, a considerable drop from the $52 billion weekly average for the year to date.
Despite this subdued activity, digital assets have managed to pull in just under $500 million of inflows in the first half of the year the report adds. Notably, this past week North America was the epicenter of negative sentiment, witnessing $11 billion of outflows.
Investment products focusing on XRP and ADA may be seeing increased inflows over a recent ruling that saw a federal judge deem XRP is not necessarily a security, prompting investors to move into the token as it was relisted on a number of large exchanges.
As reported, CCData’s latest Digital Asset Management Review report products focusing on XRP saw a 33.2% rise in inflows, taking their assets under management to $65.7 million.
Notably, the number of XRP holders with at least one million tokens on the cryptocurrency’s ledger has now surpassed the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.
Cardano’s ADA may have benefited from the ruling as well, as the cryptocurrency was named a security in recent lawsuits the U.S. Securities and Exchange Commission (SEC) filed against leading cryptocurrency exchanges Binance and Coinbase.
Moreover, Cardano was mentioned as one of the top cryptocurrencies when it comes to its ESG score by CCData’s ESG Benchmark report. The report was topped by Ethereum ($ETH ) and was followed by SOL and ADA.
Bitcoin Pizza Day: what is it and what is being celebrated?
It was 22 May 2010, when Laszlo Hanyecz, a programmer, made history by buying two Papa John’s pizzas for 10,000 BTC. At the time, the value was about $41. #binancepizza#Binance#BTC#crypto2023#pizzaday
EOS unveils testnet for EVM integration. EOS has launched a testnet for its ETH Virtual Machine (EVM) feature before its April release. The EVM is integrated within an EOS smart contract to provide users and developers with high-speed transactions at low fees. #EOS#crypto2023
The asset exploded from under $20,000 to over $28,000 during the US banking crisis, which actually expanded to Europe, with UBS having to acquire Credit Suisse and Deutsche Bank’s stocks plummeting. The Fed’s latest interest rate hike on Wednesday brought more volatility to BTC, which dumped by $2,000 in hours.
However, the bulls came back to play almost immediately, and bitcoin spiked to over $29,000 briefly on Friday. After charting yet another 9-month high above that level, the cryptocurrency retraced to under $28,000, where it has remained for the past few days.
XRP did enjoy a massive rally earlier this week as rumors spread online that the Ripple-SEC case was very close to ending, and most likely with a positive outcome for Ripple. #xrp#crypto2023#cryptotrading#crypto101#SEC
Bitcoin held above $28,100 on Tuesday and continues to trade around nine-month highs amid the banking turmoil. BTC hit a new peak of $28,554 early Monday morning and is up nearly 20% this month, after briefly dipping below $20,000 on March 10. #BTC#crypto2023#bitcoin#trading
ETH traded around $1,790 Tuesday after climbing as high as $1,845 Sunday night.ETH is hovering near its highest levels since early August and up 4.6% this month.ETH hit a month-low of $1,385 on March 10 before rallying nearly 30%.The #2 crypto is up roughly 50% year-to-date #ETH
Terra (LUNA) is currently $1.51 USD with a 24hour trading volume of $82,592,346 USD. Terra has seen a 7.20% rise in the last 24hours and is now ranked #111 by CoinMarketCap with a live market cap of $351,700,925 USD. There is a circulating supply of 233,430,946 LUNA coins #luna
BNB Price Live Data A report from CoinMarketCap states that the BNB price is currently USD 317.06, with a 24hour trading volume of $520.3Its constantly growing from last few days .M. BNB is presently ranked at #4 in CoinMarketCap, with a market cap of $49.93 B #Binance#BNB#cmc
Predict (ETH) prices to reach an average of $1,737.63 in May 2023, with potential Return on Investment (ROI) of 20.9%. Minimum expected price for ETH is $1,659.62, and Maximum is $1,851.91. prediction is based on the analysis of ETH prices in the past #crypto2023#ETH#crypto101
In the past month, the cost of Bitcoin has risen by 15.60%, from ₹18, 32,153 to ₹20, 00,521. The market capitalization of Bitcoin also increased from ₹35, 38,826 to ₹38, 63,958. Similarly, in the past 1 week, Bitcoin has seen a 9.19% increase in its price #crypto101#BTC#crypto
According to the latest data, the price of Bitcoin (BTC) has significantly increased in the past 1 day, 1 week, and 1 month. This has attracted a lot of investors from southern Asia #crypto2023#BTC#cryptotrading#Bitcon