Crypto News Recap: Bitcoin Remains Above $50K, First NFT Sold in Arab World

Published April 26th, 2021 - 08:00 GMT
Crypto News Recap: Bitcoin Remains Above $50K, First NFT Sold in Arab World
The latest downtrend of the world’s largest cryptocurrency had everyone wondering if the rally is over or if the market is taking a temporary lull between lurches? (Shutterstock)
Highlights
Let's get up to speed on the latest news of the crypto market.

With Bitcoin hovering above $50,000 for the first time since March 7 and almost all coins showing in the red zone, it takes no charts' expert to conclude that the cryptocurrency market went through quite a rough week.

However, the latest downtrend of the world’s largest cryptocurrency had everyone wondering if the rally is over or if the market is taking a temporary lull between lurches? Or will the correctional bloodbath continue toward lower levels?

According to experts, the answer is it’s still too early to tell! But everyone agrees that buying the dip is the way to go. My gut read is that this healthy correction will be the beginning of a new rally. Binance CEO Changpeng Zhao tweeted:

There’s no other way of putting this- in theory. Yes, the crypto market can be complicated, if you feel overwhelmed and want some explanations of trendy crypto terms check this out 👉 📖 15 Crypto Terms You Must Know Before Trading!
 

On another more cheerful note, 3 Ethereum ETFs have begun trading on Toronto Stock Exchange. For those who are keeping scores, Canada now has 4 ETFs. Meanwhile, the US still has none approved but rather digging even more into each proposal. 

Here are 10 things you can buy with bitcoin: Check out video⬇️

So, dear reader if you got distracted by the covid Indian variant news and haven’t been paying attention to the crypto market, worry not as we’ve got you covered 😃 let’s dive deeper into last week’s tidbits:

Crypto Charts: Bitcoin

The world's first truly digital coin (trading at $52,790) has suffered a big fall as apparently whales started a selling spree. And as we mentioned in our previous article, corrections are a healthy sign of the market after a good run and usually it's even considered a bullish sign as the coin pullback before another charge to a new all-time high.

Bitcoin_chart

Source: coinmarketcap.com

Crypto Charts

crypto chart

Source: coinmarketcap.com

Earth Day: Is Bitcoin Bad for the Environment?

As bitcoin price ticks up, more institutions and retailers show interest in cryptocurrencies pushing it further into the mainstream and reinvigorating the debate and criticism about the Bitcoin network energy consumption again.

bitcoin energy consumption

Note: A terawatt hour (TWh) is a measure of electricity that represents 1 trillion watts sustained for one hour.

Source: Cambridge Centre for Alternative Finance, Science Mag, New York ISO, Forbes, Facebook, Reedy Creek Improvement District, Worldometer/ visualcapitalist.com

In celebration of Earth’s Day, Coindesk published a report to clarify bitcoin's often misunderstood relationship with energy and all the criticism that is based on misinformation and took the opportunity to shed the light on the industry's incentives in investment in clean energy sources. 

Turkish Crypto Exchange Founder Runs away with $2 billion of investors’ funds

Thodex, a Turkish crypto exchange, announced that its platform has been “temporarily closed” due to what they called an “abnormal fluctuation in the company accounts,” according to a translated statement on its website published by CNBC.

Chew on that for a moment, as surprise surprise, the local Turkish media, later on, reported that Thodex’s founder, Faruk Fatih Ozer, had fled the country to Albania packing $2 billion of investors’ funds with him.  Yesterday, Albawaba reported that Turkey has arrested Sixty-eight suspects as part of an investigation. This comes in the aftermath of the surprise ban of crypto payment by the Turkish central bank.

Arab Female Artist Makes History by Selling First NFT in Arab World

Many artists have joined the NFT hype to profit from it amid the rush to mint, sell, and trade these NFTs among art enthusiasts.

Among them is Jordanian artist Raya Al Mufleh, who has just made $7,500 by selling the first-ever  NFT created for Saudi Arabia entitled “Royal KSA”, becoming the first Arab female professional artist to ever do so.

 The digital art was dropped last Saturday on the 4th episode of "كلام مشفر"; a show that discusses the bleeding edge in blockchain technology in Arabic.

The winning bid was worth $7,500, this marks the first-ever NFT minted in the Arab world by a professional artist. The buyer now owns a piece of Arab history and Saudi heritage and plans to hold onto it for a very long time.

“Royal KSA”, image courtesy of Jordanian artist Raya Al Mufleh

Moreover, the professional digital artist and graphic designer intends on releasing an NFT for each Arab country based on the specific pop culture of each country. Stay tuned for more local NFT stories!

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Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.


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