Although the crypto market started in 2022 in red, there was some positive news regarding the adoption of crypto in UAE making the bigger picture look promising and optimistic.
Market dips left many investors scratching their heads whether they should change their investment strategy. Only time will tell if we'll witness a deeper correction or if the markets will become bullish again.
Despite all the eye-watering volatility, it's safe to say that BTC price is considered stable in the grand scheme of things:
Jan, 8th 2021: $40,800— Bitcoin (@Bitcoin) January 9, 2022
Jan, 8th 2022: $40,800#Bitcoin seems like a stable currency with juicy vol to sell.
Without further ado, let’s take a look at the major highlights of last week in the amazing world of crypto.
Bitcoin's price is trading $42,094 at the time of writing. Bitcoin’s dominance is at 40.31%, an increase of 0.09% over the day.
Cryptocurrencies are mostly trading in the green after a long week of mixed trading. The global crypto market cap is at $1.97 trillion, increasing 1.52% from yesterday.
While the overall market volume over the last 24 hours is $86.72 billion, decreasing 8.31%.
UAE Ministry of Human Resources Teams up with BSV Blockchain
UAE Ministry of Human Resources and Emiratization has announced a new partnership with Bitcoin association and BSV Ecosystem aiming to achieve Blockchain integration vision into UAE’s government systems. The Ministry goal is to understand the transformational revolutionary power of blockchain technology.
In an interview, Saeed Mohammed Alhebsi, AI advisor - UAE Ministry of Human Resources & Emiratisation explained how BSV can help enable the country’s ambitious blockchain and AI plans:
‘We are using BSV’s knowledge about blockchain technology to learn and raise awareness among our employees and our executive office. From there, we believe that we need to find out how the blockchain is suitable to us, how the blockchain will solve our problems, and how we can build on it,’ he says.
We speak to Saeed Mohammed Alhebsi, AI advisor to UAE Ministry of Human Resources & Emiratisation, about the country's blockchain plans and how #BSV can help enable their vision.https://t.co/W1lqdYQwSe#BSVBlockchain #Blockchain— Bitcoin Association (@BitcoinAssn) January 7, 2022
Central Bank of Bahrain Successfully Finishes JP Morgan CBDC Pilot Test
The Central Bank of Bahrain has announced the completion of a test of the JPM Coin with Onyx by J.P. Morgan. In the test, the JPM coin enabled Bank ABC to launch real-time payment for Aluminium Bahrain (ALBA) to benefit ALBA's counterparties in the United States, according to the press release.
The JPM Coin is a permissioned blockchain system that serves as a payment rail and deposit account ledger, allowing participating entities to transfer US Dollars held on deposit with J.P. Morgan.
Arab Bank to Offer 9 DeFi Tokens and mints NFTs
The Arab Bank Switzerland has started allowing its clients to securely trade and custody of 9 DeFi tokens plus the possibility to mint NFTs and tokenized securities.
The multi national bank first introduced crypto back in 2019 offering Bitcoin, Ethereum, Tezos, to its institutional investors, and now can they trade in other 9 ERC20 Tokens in the DeFi space including fantom (FTM), aave (AAVE), compound (COMP), synthetix (SNX), chainlink (LINK), polygon (MATIC), the graph (GRT), curve (CRV), uniswap (UNI) and yearn finance (YFI).
Samsung Announces new TV that Supports NFTs
Tech giant Samsung has announced a ground-breaking smart Tv that will include an “NFT aggregation platform”. To be Debuted at Consumer Electronics Show (CES) 2022, Samsung is introducing the world’s first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art — all in one place, the press release says.
PayPal Confirms Rumours of its Own Stablecoin
Payment giant PayPal is diving deep into crypto as it confirmed to Bloomberg the plans exploring the possibility to launch its very own stablecoin. Also PayPal pledged to work closely with relevant regulators "if and when [it] seek[s] to move forward” to launch "PayPal Coin".
Stablecoins are cryptocurrencies that are pegged to fiat money, or to exchange-traded commodities. Being a great enmesh between the traditional financial system into the crypto market, stablecoins are always favorable by new traders as they are a good stable investment that keeps them safe from the eye watering volatility of the markets.