As the crypto prices are in free fall and bitcoin is trading below $20k, it's difficult to stay bullish.
While tension arises, every trader is riveted to their screens, their gaze fixed on market conditions, it’s hard to think about anything else these days. However, in doubt, we must zoom out. El Salvador’s president, Nayib Bukele, tweeted:
I see that some people are worried or anxious about the #Bitcoin market price.
— Nayib Bukele (@nayibbukele) June 19, 2022
My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.
Patience is the key.
On a happier note, the major player in global energy markets Russia seems to be getting ready to mine Bitcoin with flared gas.
Let's cut to the chase, and share with you all the major crypto news that happened last week!
Russia to Mine Crypto with Flare Gas
According to Cointelegraph, Gazprom Neft, Russia's state-owned gas behemoth, has partnered with BitRiver, Russia's leading crypto-mining colocation services supplier, to provide hosting services for major crypto mining operations.
Gazprom will supply energy generated from flared gas to BitRiver's partner data centers. Flared gas is usually wasted so Russia will be mining by using wasted natural gas as a power source, making profits out of waste and cutting its emissions.
Elon Musk Gets Slapped with DOGE Lawsuit
Billionaire Elon Musk, as well as his companies SpaceX and Tesla Inc, are being sued for a hefty $258 billion in damages for "engaging in a crypto pyramid scheme" involving Dogecoin (DOGE).
Happy Father’s Day @elonmusk pic.twitter.com/78Iq5bOQpc
— Baby Doge (@BabyDogeCoin) June 19, 2022
The Dogefather is accused by Keith Johnson of being a part of a large-scale pyramid scheme to control the price of Dogecoin while also convincing people online that the cryptocurrency was a legitimate and sound investment. Filed the complaint on June 16 in Manhattan's Southern District Court, Johnson is seeking $86 billion in restitution. In addition, he seeks $172 billion in triple damages and a court order prohibiting Musk from promoting Dogecoin.
It’s worth mentioning that DOGE is accepted by the EV maker for some merchandise.
CoinMENA Gets VARA’s Provisional Approval
Fastest-growing crypto exchange in MENA, CoinMENA, has obtained a provisional license from Dubai's Virtual Assets Regulatory Authority (VARA) to continue operations in Dubai while it goes through the in-depth process of applying for a license, as required by VARA.
We’re pleased to announce that CoinMENA has obtained a provisional license from Dubai’s VARA, making it the third license we would obtain after securing two digital assets licenses in just over a year since our launch.
— CoinMENA | كوين مينا (@CoinMENA) June 16, 2022
? https://t.co/7HeWOKT6WW#Cryptocurrency #Regulation #Dubai pic.twitter.com/lXX0Dk9Lrz
This provisional license will be CoinMENA’s third as it got the first from the Central Bank of Bahrain (CBB) and the second in the European Union.
Dubai Chamber of Commerce Teams up with India to improve AI, Blockchain, and Fintech
Dubai Chamber of Commerce, one of Dubai Chambers' three chambers, recently hosted a webinar attended by over 270 participants in partnership with the UAE Embassy in India, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Dubai Economy and Tourism and the Indian Business & Professional Council (IBPC).
The webinar discussed the UAE-India Comprehensive Economic Partnership Agreement (CEPA) and how AI and blockchain can help both economies.
