The post Riot Platforms Demands Bitfarms Chairman’s Resignation, Also Calls For Governance Changes! appeared first on Coinpedia Fintech News

A well-known Bitcoin mining and infrastructure company Riot Platforms has recently raised concerns over Bitfarm for adopting a shareholder’s right plan, known as the Poison Pill. Notably, this prevents us from any shareholder acquiring 15% or more of Bitfarms common shares without a formal takeover bid. Riot platform CEO, Jason Les expressed his frustration ensuring shareholder influence on the company’s direction and that Bitfarms did not engage in private regarding the addition of independent directors and the resignation of chairman Nicolas Bonta.

The post Could Double-Digit Gains Be in Store for Bitcoin and Altcoins? Top analyst says ‘strong bounce’ is expected tonight appeared first on Coinpedia Fintech News

On Crypto Banter’s The Sniper Trading Show, the analyst brought to attention how the last four FOMC dates have coincided with temporary bottoms for Bitcoin. It’s intriguing to observe this pattern, as each time leading into December, there has been a dip in Bitcoin prices around FOMC days, followed by a reversal. Despite recent days of decline, Bitcoin is currently hovering around $69,000. The question now is whether we’ll see a reversal today, especially considering the major support levels and sudden shift of sentiment after the release of the latest CPI report. 

Additionally, there have been notable shifts in dominance during FOMC events, adding to the importance of today’s market movements. Some indicators suggest potential reversals, with daily RSIs resetting and significant bullish divergence seen in Ethereum. Amidst the market fluctuations.

The analyst also noted that this year, there’s been a deviation from an important pattern, with Bitcoin breaking all-time highs just before the halving, a move we’ve never seen before.

This raises the question: will we see an earlier pump this year? Keeping the bullish momentum intact is key. If the bullish sentiment remains over the next few months, a strong bounce in the market should be expected. Several indicators, such as the stock sitting at the bottom and key Fibonacci levels, suggest that now is an opportune time to buy.

He elaborated on the significance of the temporary bottom, stressing on the current strong upward movement. “We need to get back above the $70k to say that that was the temporary bottom. The bounce tonight needs to be substantial,” he stressed, “and within the next three days, we should ideally see a double-digit increase.” 

Addressing the potential for double-digit gains in altcoins, he predicted significant increases in the range of 20% to 25% soon, particularly after a major bounce. A big bounce tonight is imperative, he concluded, talking about the importance of closely monitoring market movements in the coming days. At the time of writing, Bitcoin has increased by two percent and is trading at $69k levels.

The post Bitcoin (BTC) Price Is Set To Achieve $350,000 Says ETF-Issuer Vaneck! appeared first on Coinpedia Fintech News

U.S.-based $90 Billion asset manager Vaneck has remained bullish on the long-term perspective of Bitcoin. Matthew Sigel, the head of digital assets research, believes that the price of BTC will potentially reach a high of $350,000 by 2030. He had priorly stated that the Ethereum (ETH) price would reach a high of $22,000 during the same time period. The research was made based on the performance of Spot Bitcoin ETF. The valuation of ETF has already surpassed the $15 Billion mark and is predicted to cross an AUM of $500 Billion.

The post MoonPay and PayPal Integration Now Includes UK and EU customers appeared first on Coinpedia Fintech News

MoonPay’s integration with Paypal has now expanded to include customers in the UK and 24 EU member states. The Clients of MoonPay can now use PayPal to buy cryptocurrencies.  MoonPay stated that its PayPal integration in the U.S. is available to 100% of users. U.S. users could buy and sell more than 110 cryptocurrencies with PayPal, as of last month’s announcement. Customers can buy crypto using their existing PayPal balance, bank withdrawals, or debit cards. MoonPay co-founder and CEO stated that the move will enable providing a frictionless experience and will lower the barriers to entry to include users around the world.

The post Coinbase Witnesses ETH Outflow Exceeding $1 Billion  appeared first on Coinpedia Fintech News

Coinbase witnessed the largest Ethereum Outflow of the year exceeding $1 billion. The massive movement has raised speculations over its potential implications on Ethereum and the broader market. Over 336,000 ETH were withdrawn from the trading platform worth $1.17 billion on June 12, 2024. This marks the fifth time in 2024 that Coinbase saw withdrawals over 150,000 ETH. The range of these transactions varied from $400 million to $1.1 billion. The large-scale movements could signal a positive indicator for Ethereum’s long-term prospects.

The post Why Bitcoin Price Surged Above $69K Today? appeared first on Coinpedia Fintech News

Bitcoin’s (BTC) price surged above $69,400 on Wednesday after teasing below $66k in the last 24 hours. As expected, the flagship coin has carried with it the entire altcoin industry, whereby the total market cap surged 3 percent to about $2.65 trillion at the time of this publication. 

Top Reasons Bitcoin Price Pumped

Bitcoin’s price has surged above $69k amid heightened whale activity in recent times. According to the latest market data, US spot Bitcoin ETFs have registered two consecutive days of cash outflows, with a net outflow of about $65 million on Monday and around $200 million on Tuesday.

Over 14,140 $BTC worth around $954.50 million have been withdrawn from #crypto exchange wallets in the last 48 hours! pic.twitter.com/MPPfpVTLFO

— Ali (@ali_charts) June 12, 2024

However, on-chain data shows that crypto exchanges’ balances have been on the decline in recent times, indicating bullish sentiment. Specifically, more than 14,140 Bitcoins, worth about $954 million, were withdrawn from cryptocurrency exchanges in the past two days.

CPI falls to 3.3%, lower than expected.Let’s go $100K #Bitcoin pic.twitter.com/vPcYYI1b3y

— Vivek (@Vivek4real_) June 12, 2024

Meanwhile, Bitcoin price experienced a sharp uptick on Wednesday during the early New York session after the U.S. Bureau of Labor Statistics disclosed lower-than-expected Consumer Price Index (CPI) data. Consequently, crypto traders are betting on possible interest rate cuts from the Fed later today, which could follow a similar move by the European Central Bank (ECB) and the Bank of Canada.

Midterm BTC Price Targets 

#Bitcoin to $85k is still on the table, then to $110,000Everything was programmed to shake out weak hands yesterday. pic.twitter.com/MRZYDBvM01

— Mikybull Crypto (@MikybullCrypto) June 12, 2024

The Bitcoin price has severally attempted to rally above $73k in recent times without success. However, the flagship coin has accumulated significant bullish sentiments, which could guarantee a rally towards $80k soon. 

In case of bullish rejection, Bitcoin’s price has established a solid support level above $61k, which could hold until the buyers regain control.

The post After Reaching $10, Here’s What’s Next for UNI Price: Will it Rise to $13 or Drop Back to $8? appeared first on Coinpedia Fintech News

Uniswap, the popular DeFi token, seems to have regained bullish attention as the prices have constantly displayed strength over the past couple of days. The platform witnessed a steep rise in trading volume of over 300% in just a few hours and reached close to $900 million from levels below $300 million. Although the volume has regained its level, the bullish impact of the token continues to persist. 

Will the UNI price reclaim the lost levels and form new yearly highs above $15?

After a prolonged consolidation of over 20 months, the UNI price broke above the range and achieved a 2-digit figure. However, the bearish pullback that was initiated in the first few days of the quarter erased most of its gains. Now that the token is constantly printing huge bullish candles, the possibility of achieving a 10% jump emerges. 

The UNI price displayed a strong bearish trend after marking the yearly highs, however, a strong rebound was initiated in the second half of May. This displayed a huge growth in the bullish momentum that revived the possibility of achieving higher targets. The price is expected to maintain a strong upswing as the RSI has again initiated a rebound from the ascending support. Now that the price has achieved the crucial $10 resistance, a rise and sustain above $10.5 may offer the required base to keep up the ascending trend. 

Secondly, the price has retained the 50-day MA as its strong support after the rebound and hence the bullish continuation may prevail. Among the top 30 cryptos, Uniswap is witnessing a significant crowd FOMO, which has a higher likelihood of a correction with a steep rise in social dominance. However, despite the rise after the 10% jump, the retracement appears to have been accomplished, which may pave the way for a fresh bullish case towards higher targets. 

The post BabeDoge Coin Price Prediction: Will The New Listings Help The Memecoin To Explode?  appeared first on Coinpedia Fintech News

Babedoge is 12.80% up in 24 hours, currently in a downtrend with bulls trying to pullback

The Price and Volume moving in the opposite direction indicate more corrections if not controlled

Babedoge price is expected to break out upward direction as per its increasing popularity and fundamentals. 

The memefi coin Babydoge today swings from being 25% up in the initial sessions to drop to 12% up now with price trading at $0.00000000186. Though the meme coin has released positive fundamentals this week the price could break out of the consolidation phase. 

The Dogecoin-inspired crypto Baby Doge grabbed attention this week with its recent announcement on ownership renouncing on Ethereum, BSC network, and Solana in the pipeline,   followed by new listings on Bybit, BingX, Changenow, Toobit, Blofin, KCex.

#BABYDOGE New Exchange Listings #BabyDogeCoin will be listed next on #Coinbase pic.twitter.com/EVKwyes3Jg

— Coinpedia Markets (@MarketCoinpedia) June 12, 2024

Whereas the token is 10% up monthly, today’s pullback can be primarily because of the waning crypto market. Secondly, the increased volatility and selling pressure after the impulse surge has a major impact. A rise in market trends may trigger the upward rally again.

BabyDoge Price and Volume Directions Show Bearish Trend

As seen on the santiments chart the BabyDoge token volume with a 24-hour rise of 1144% is moving against the price direction. This opposite movement indicated a bearish breakout if not pulled towards each other for a alongside movement. 

BabyDog Analysis

In the 1Day babydoge/usdt chart, dogecoin can be seen in consolidation since mid-March and trading in the crucial support and resistance zone, passing through a restest. 

Interestingly the RSI of babydoge is at extreme 100, since march and before, the coin isn’t falling under major corrections despite such high overbought conditions. 

Babydoge token trading above almost all Moving averages forms bullish support for the coin, and MACD in line with the histogram also creates room for upward momentum. 

Can BabyDoge Rally? 

Yes, BabyDoge sits on the foothills of the rally to enter into the list of mainstream members like Wif, Pepe, Doge, Floki, and Shib. The project is making consistent fundamental developments and listings, increasing to its holders. 

In the Short term, BabyDoge needs to break out of the upper resistance zone that creates the ability to grow up. In the reverse scene, if the price faces another restest or breaks below the support zone, more corrections can be expected. 

The Long-term analysis shows a bullish trend and any further corrections can be an buying opportunity. 

The post List of top three altcoins Expected to Surge in Tandem with Bitcoin Pump appeared first on Coinpedia Fintech News

Cryptocurrency analyst VirtualBacon took to his latest video and delved into the fascinating developments within the Bitcoin ecosystem, including ordinal runes, BRC2 tokens, and Bitcoin Layer-2 solutions, aiming to enhance Bitcoin’s utility and scalability. He poses questions about the sector’s investment potential and which projects are driving Bitcoin adoption. He gave a list of his top three altcoins, which might explode when Bitcoin pumps.

Pick one: Core

Core is an EVM blockchain built and powered by Bitcoin, combining delegated proof of work from Bitcoin mining pools with proof of stake using its core token. The project, launched in February 2023, boasts a significant portion of its token supply already circulating, a favorable aspect compared to newer projects with lower token float. Despite experiencing initial price volatility, Core’s tokenomics are considered superior to its competitors in the Bitcoin layer 2 space. After peaking in March, the token’s current consolidation phase presents a potential re-entry opportunity before its next upward move.

Pick two: Tap Protocol

He went on to discuss Tap Protocol, a project in the Bitcoin ecosystem that operates as a meta protocol. Tap Protocol offers more flexibility and decentralization compared to other protocols like BRC 20s. Although relatively new, Tap Protocol boasts powerful features and a decentralized indexer. The Tap token is not live yet but will soon be available through a token sale on CoinList, offering fair distribution. While Tap Protocol may not be as well-known as other Bitcoin layer 2 projects, it represents a significant innovation directly on top of Bitcoin, offering a fresh perspective in the space.

Pick three: Rune

The analyst said that his third pick in the Bitcoin ecosystem is Runes. Instead of focusing on a specific Rune, he advocates for a diversified portfolio of top Runes due to the early stage of the technology. He suggests checking OKX, Magic Eden, or Uniswap for the top Runes. He personally holds six Runes, including Doggo to the Moon, RC Rune, and Pups World Piece. He also holds smaller positions in Decentralized Rune, Satoshi Nakamoto Rune, and Bitcoin Wizards BRC2 token. 

The post Apple Exits X Amidst Musk’s Criticism; Shiba Inu Exec Calls It A Bearish Move appeared first on Coinpedia Fintech News

Apple has deleted all its posts on X and now follows no accounts on the platforms amidst heightened tensions between Apple and Elon Musk as Musk had recently criticized Apple for integrating OpenAI technology into its devices. Lucie expressed her concerns over Apple’s move calling the move as extremely bearish. Musk had stated that If Apple were to embed OpenAI in the operating system, then Apple products would be banned in his companies. He raised privacy issues concerns accusing Apple of being negligent with user data.

The post Bitcoin and Altcoin Surge as US CPI Rate Declines to 3.3% appeared first on Coinpedia Fintech News

The U.S. has reported a decrease in its unadjusted Consumer Price Index (CPI) annual rate for May, which is a huge turn in economic trends. The CPI annual rate dropped to 3.3%, slightly below the expected 3.4% and the previous 3.4%. 

Similarly, the unadjusted core CPI annual rate fell to 3.4%, below the anticipated 3.5% and the prior 3.6%. This decline represents the lowest core CPI annual rate since April 2021.

Despite the overall decline in inflation rates, there are still areas of concern. Shelter inflation rose by 0.4% in May and was up 5.4% year-over-year. Given their massive part in the CPI calculation, housing-related costs have been a persistent challenge for the Federal Reserve in its battle against inflation.

The crypto market has shown signs of revival in response to the report. QCP, a notable market analyst, reported a surge in the buying of 13-Jun calls, meaning that investors were positioning themselves for an upside surprise. 

Alongside this, there was a huge increase in the funding rate, suggesting a market ready to retest its highs if the CPI print aligns with expectations and the Federal Open Market Committee (FOMC) meeting results remain neutral. And the CPI has delivered a quick revival by almost all cryptos in the top ten.

Bitcoin has responded positively to the CPI data release, rising by 2% as of press time. Ethereum followed suit with a 2.4% increase. Other major cryptocurrencies such as Binance Coin (BNB) and Solana (SOL) also experienced gains of 2.2% and 3.8%, respectively.

Bitcoin and Ether spot prices were relatively stable as traders anxiously awaited the release of the CPI data and the outcomes of the FOMC meeting. The bullish sentiment is now high, and QCP stated that BTC futures swap points bounced off a low of 10% and saw a rally as traders closed their short futures positions to take profits on their basis trades. 

This bullish environment suggests that yields could be pushed higher, potentially exceeding 15%. And Bitcoin could hit $70K anytime now.

The post Bitcoin ETFs See $200 Million Outflow, Grayscale Leads With $121 Million! appeared first on Coinpedia Fintech News

The U.S. Spot ETF recorded an outflow of $200.31 Million on Tuesday with a total trading volume of approximately $1.98 Billion and lost over $64 Million on Monday. Grayscale’s Bitcoin Trust (GBTC) has recorded the highest correction with a total outflow of $121.1 Million this week. While GBTC, FBTC, ARKB, and HODL recorded outflows, meanwhile, IBIT, BTCO, BRRR, EZBC, BTCW, and DEFI recorded neutral days with no inflows or outflows.

The post Trump Wants All Remaining Bitcoin to Be Made in USA appeared first on Coinpedia Fintech News

Donald Trump said on Tuesday that he wants all the remaining Bitcoin to be made in the US helping the country become energy-dominant. Trump wrote that Bitcoin mining may be the last line of defense against a CBDC and Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. His post indicates that he would like to see more Bitcoin mining done by U.S. companies using local resources. Early Tuesday, Trump met with executives of Nasdaq-listed bitcoin mining firm CleanSpark Inc. and Riot Platforms.

The post OKX Wallet Transfers $552M Worth of $OKB to Buy-Back and Burn Wallet appeared first on Coinpedia Fintech News

In a significant move, the @okx wallet transferred 12.13 million $OKB (approximately $552 million) to the Buy-Back and Burn wallet today. This transaction is part of OKX’s quarterly buy-back and burn program, which has already seen a total of 104.32 million $OKB (35% of the max total supply) burned to date.

The buy-back and burn strategy aims to reduce the total supply of $OKB, potentially increasing its value over time by creating scarcity. This latest transfer underscores OKX’s commitment to its tokenomics model and its ongoing efforts to enhance the value of $OKB for its holders.

The post Whales Scoop Up 240,000 $ETH Worth $840M Amid Ethereum Price Dip appeared first on Coinpedia Fintech News

In a strategic move, whales have purchased over 240,000 $ETH during the recent Ethereum price dip, totaling approximately $840 million. This significant accumulation highlights strong investor confidence in Ethereum’s long-term potential, even amidst market fluctuations.

Adding to the bullish sentiment, Ethereum saw a 3.94% intraday jump, currently trading at $3,638. The aggressive buying by large holders suggests that they anticipate a rebound in Ethereum’s price, leveraging the current lower prices to increase their holdings.

The post May US CPI Ease To 3.3%; BTC Price Surge To $69K appeared first on Coinpedia Fintech News

The latest report on the Consumer Price Index (CPI) issued by the U.S. government indicates U.S. inflation remained unchanged at 0.3% in May, providing a ray of hope for financial markets amidst concerns of escalating price pressures. 

US CPI Drop To 3.3%

As per the data released by the Labor Department’s Bureau of Labor Statistics (BLS),  reveals that the U.S. Consumer Price Index (CPI) remained unchanged at 0.3% in May. This figure comes as a surprise to the market, which had anticipated a cooling of inflation to 0.1% for the month. 

However, despite this unexpected surge, the year-over-year CPI inflation cooled slightly from 3.4% to 3.3% in May.

Market Response 

In response to the CPI report, the cryptocurrency market witnessed bullish momentum, particularly with Bitcoin experiencing a sudden surge in price. The leading cryptocurrency jumped from $66,800 to nearly $69,000, marking a 3.8% increase within a short span. 

Additionally, Bitcoin’s trading volume reach $27.8 billion, while its market capitalization climbed to $1.36 trillion.

The post US CPI Rate falls to 3.3%, Bitcoin Price Surges to $69K  appeared first on Coinpedia Fintech News

The US inflation rate fell to 3.3%, lower than expected. The CPI Rate was unchanged in May after rising 0.3% in April. Economists expect that the monthly pace of inflation slowed to 0.1% last month, down from a growth rate of 0.3% in April. Bitcoin and major altcoins saw a bullish trend following the CPI report. BTC Price Surged back above $69K while altcoins are seeing decent gains.

The post Spot Ethereum ETFs Fail To Push ETH Price Above $4,000, What Altcoins Should You Buy Instead? appeared first on Coinpedia Fintech News

Ethereum (ETH) has failed to move a significant leg up above the $4,000 price region despite market-wide expectations of ETH price rallying as a result of the bullish introduction and hype of Spot Ethereum ETFs to its ecosystem. 

However, famous crypto market experts have identified ETFSwap (ETFS), Ripple (XRP), and Solana (ETFS) as must-have altcoins that leverage the craze and hype of a Spot Ethereum ETFs listing for 100x gains.

ETFSwap (ETFS) To Rally 100x Amid Spot Ethereum ETFs Listings

The recent SEC approval of Spot Ethereum ETFs to be listed in the global financial markets is bullish for crypto as it unlocks access to more liquidity in the crypto markets. ETFSwap (ETFS), the biggest Ethereum utility token and a leader in the crypto ETF economy, is touted by top market experts to be among altcoins, including Solana (SOL) and Ripple (XRP), profiting from the bullish announcement of Spot Ethereum ETFs listing.

With over $450 billion inflows projected to enter the crypto ETF economy through Spot Ethereum ETFs, ETFSwap (ETFS) is programmed for 100x gains to early investors who take full advantage of its viral ICO presale.

ETFSwap (ETFS) is a frontrunner in the crypto ETF economy as it brings a host of unparalleled DeFi utilities leveraged by smart investors and traders to become highly profitable. One of the most leveraged perks and utilities of ETFSwap (ETFS) is its top-notch DeFi trading platform.

Spot ETF analysts tout the DeFi trading platform to become the most leveraged trading platform in the industry, as it gives investors seamless access to highly sought-after tokenized ETfs in the markets, including spot Ethereum ETFs. The wide range of ETFs available for trading and investing on the ETFSwap (ETFS) DeFi trading platform include leveraged, commodity, market, fixed income and spot Ethereum ETFs.

These tokenized ETFs traded by smart investors come with a 50x leverage as support to scale investment returns up to 30,000%. Trading these tokenized ETFs comes with ease as investors leverage the unique swap feature of the ETFS utility token to purchase their desired ETFs. Also, smart ETF trading tools such as the ETF Tracker, ETF Screener, ETF Finder, and ETF Filter assist traders in finding the best ETF investment choice and in monitoring and gauging the profitability of each tokenized ETF.

ETFSwap (ETF) provides a safe and private trading environment for investors to get the most out of their ETF investments without worrying about security threats and privacy leaks. The DeFi platform does not require smart investors and traders to provide KYC to leverage its wealth-building environment. Also, it boasts of being one of the most secure ETF trading platforms, as smart contracts audits from top global security firm CyberScope reveal it to be.

Ripple (XRP) And Solana (SOL) Among Bullish Altcoins To Consider 

Ripple (XRP) and Solana (SOL) are two top altcoins alongside ETFSwap (ETFS), which analysts project will rally massively and scale investors’ portfolios in the wake of spot Ethereum ETF listings on global exchanges. Ripple’s XRP is primed for a rally as news of a partial win against the SEC in the ongoing regulatory court battles circulates the crypto industry. Ripple (XRP) has huge potential as it has a strong investor community. 

Top analysts make a 10x bullish Ripple (XRP) forecast in the forthcoming crypto bull run. At press time, Ripple (XRP) trades at 0.49$, according to coinmarketcap trading data.

Solana (SOL), on the other hand, is among altcoins showing bullish strength. Its previous performance in the 2021 crypto bull run was outstanding, as it created many millionaires. Famous crypto analysts recommend Solana (SOL) alongside ETFSwap (ETFS) as top altcoins to scale investors’ portfolios massively.

At press time, Solana (SOL) trades at $159.4, according to coingecko trading data.

Conclusion On ETFSwap Vs. Ripple’s XRP And Solana As Best Altcoin Buys Amid Spot Ethereum ETF Hyped Listings 

ETFSwap (ETFS) is the best bet for crypto investors looking to jump on the next 100x altcoin gem for life-changing gains. Top crypto analysts place ETFSwap (ETFS) highly among altcoins, including Ripple (XRP) and Solana (SOL), to leverage the spot Ethereum ETF hype and rally massively in the forthcoming bull run.

For more information about the ETFS presale:

Visit ETFSwap Presale

Join The ETFSwap Community

The post Crypto Regulations in UAE 2024 – Dubai: The Next Crypto Capital? appeared first on Coinpedia Fintech News

The United Arab Emirates (UAE) is a group of seven states in the Near East with a strong economy, ranking thirteenth in the world by GDP primarily due to its oil production. Dubai, the UAE’s largest city, is a key center for trade, business, and tourism in the region, known for its modern technology and a popular place for Bitcoin startups and trading.

In 2016, the UAE government established a legal framework for cryptocurrency regulation. Though these regulations prohibit payment services from facilitating Bitcoin transactions, the law, in collaboration with the Central Bank, allows for different interpretations based on specific situations. Embracing innovation, the UAE has launched the UAE Blockchain Strategy, aiming to position itself as a leader in blockchain technology.

The Dubai Virtual Assets Regulatory Authority (VARA), a regulatory body oversees the development of cryptocurrencies business environment in terms of licensing, regulations, and governance. 

Dubai Crypto Regulations 2024

05-06-2024: UAE Central Bank Greenlights Licensing System for Stablecoins

The Central Bank of the United Arab Emirates (CBUAE) board approved a new system to oversee and license stablecoins. During a meeting in Abu Dhabi, the board discussed projects under the government’s financial infrastructure transformation (FIT) program to enhance digital transactions, the digital economy, and innovation.

03-06-2024: Dubai’s Financial Regulator Revises Crypto Token Rules for Funds

The Dubai Financial Services Authority (DFSA) updated its cryptocurrency token rules on June 3, aiming to improve the regulatory framework for tokens in the Dubai International Financial Centre (DIFC), a special economic zone in the UAE. These amendments follow the consultation paper published in January 2024.

18-04-2024 : Binance gets Dubai crypto license

Binance got its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity. The Virtual Assets Regulatory Authority (VARA) required Zhao to surrender his voting power in Binance FZE, the Dubai-based unit, to grant the VASP license. Current CEO Richard Teng confirmed the license receipt but stated Zhao’s voting power surrender was “pure speculation.”

Taxation of Virtual Currency 

Dubai offers zero percent personal income tax on crypto gains for its tax residents. Whether actively trading or holding, there are no taxes on capital gains, business income, or salaries, making it a highly attractive location for cryptocurrency enthusiasts.

With its well-established regulatory frameworks, Dubai ensures legal certainty for crypto investors. Cryptocurrency is legal, and there are no income taxes or reporting requirements. By registering a company in one of Dubai’s Free Zones, investors can easily become residents and benefit from these favorable conditions.

Crypto Mining in Dubai

Yes, it is legal to mine cryptocurrency in the UAE. While the Central Bank regulates virtual currencies and does not recognize them as legal tender, the country is home to some of the world’s largest crypto miners.

The main challenge for miners in the UAE is the high cost of electricity, along with stiff competition from large mining farms abroad. Despite these challenges, supportive regulations, a favorable location, and access to cheap labor present many opportunities for miners in the UAE.

Historical Events & Announcements

09-03-2022: Dubai approves Virtual Asset regulation Law and establishes VARA.

Sheikh Al Maktoum, ruler of the UAE, announced a law for crypto regulation in Dubai to protect investors and set international standards. The new Dubai Virtual Asset Regulatory Authority (VARA) will enforce these rules in special development and free zones, excluding the Dubai International Financial Centre.

06-03-2022: DhanuX Wins ‘Best Crypto Startup Exchange’ In Dubai

Multi-utility crypto exchange platform, DhanuX won the award for ‘The Best Crypto Startup Exchange’ in the crypto expo held in Dubai. The crypto exchange was launched in Dubai on March 5, 2022. 

10-1-2022: Dubai allows crypto businesses to set up in a free zone

Dubai’s economic free zone, DMCC (Dubai Multi Commodities Center), now licenses businesses handling crypto assets. DMCC signed an agreement with the Securities and Commodities Authority (SCA) to regulate this. Licenses are issued by the DMCC Crypto Center after SCA screening, according to state news agency WAM.

18-12-2021: The Dubai Media Office said efforts are being made to attract new businesses, including cryptocurrencies. As part of this drive, the DWTC is planning to develop a comprehensive ecosystem in collaboration with the private sector to develop an attractive environment for business. The plan also aims to enforce rigorous measures and standards to protect investors, combat terrorism financing, and anti-money laundering measures, track cross-border deals, and ensure compliance.

27-09-2021: Largest crypto Expo in Dubai to host the mega conference which is being reported as the largest crypto event with hosting 3000 delegates the CED 2021, in Dubai. The event sparked discussion on the growth of cryptocurrency in Middle East and African countries. 

29-04-2021: The UAE’s federal government issued Federal LAw no.6 of 2021 on mediation in Civil and Commercial disputes (the UAE Mediation Law), built upon previous groundwork for mediation by providing a robust mediation framework through the uAE. Both Abu Dhabi and Dubai chambers of commerce offer mediation services for small claims and larger ones in Dubai.

06-05-2020: ANON summit 2020 will be the largest online blockchain conference in the CET time zone. This event will mirror the in-person experience with a novel digital platform, providing attendees the opportunity to attend speeches, panels, and workshops hosted on a virtual stage.  

12-11-2020: The SCA Securities and Commodities Authority of UAE has published a new regulation for licensing crypto assets. Providers offering crypto assets or any crypto-related services must be incorporated onshore within the UAE or within UAE’s financial free zones also called Dubai International Financial Center.  

01-01-2020: The Digibyte social network a crypto-friendly server from the outset that interacts with pre-existing social media services. a cryptocurrency-friendly federated social media platform based upon the open-source Mastodon platform and the decentralized ActivityPub protocol.Also Read : Dubai’s DIFC Passes One of Its Kind Digital Asset Law & New Security Law

Conclusion

Dubai and Abu Dhabi have rapidly grown as prime locations for digital asset investments, attracting institutional investors with clear regulations and a welcoming attitude. This trend positions them to capitalize on the increasing interest in digital assets.

Other emirates are also embracing digital assets, each potentially specializing in different areas. Sharjah is exploring blockchain applications, while Ras Al Khaimah aims to attract blockchain businesses with its first Web 3-focused free zone. A significant step for the UAE would be to harmonize regulations across all emirates, ensuring a consistent and inviting environment for investors and businesses.

The post June 2024 Altcoin Guide: 5 Picks for 2-3X Earnings appeared first on Coinpedia Fintech News

As the crypto market experiences a vibrant upswing, the spotlight shifts to promising altcoins. Investors seek opportunities that can deliver substantial returns. This article identifies five altcoins poised for significant growth in the next few months. These picks aim to capitalize on the current momentum and deliver notable earnings. Dive in to explore which altcoins could potentially double or even triple investments during this bullish phase.

CYBRO Presale: Seize This Unprecedented DeFi Investment Opportunity

CYBRO is turning heads in the crypto world with its exclusive token presale, capturing the interest of major crypto whales. This state-of-the-art DeFi platform provides investors with unmatched opportunities to amplify their earnings, regardless of market conditions.

With a predicted potential ROI of an astonishing 1200%, CYBRO tokens are currently available at a presale price of just $0.025 each. This rare, innovative project has already drawn in prominent crypto whales and influencers, signalling strong confidence and interest in its future.

CYBRO token holders will benefit from lucrative staking rewards, exclusive airdrops, cashback on purchases, reduced trading and lending fees, and a comprehensive insurance program within the platform.

With only 21% of the total token supply available for this presale and around 25 million tokens already sold, this is a golden opportunity for astute investors to secure their position in a truly groundbreaking project.

Render (RNDR) Crypto Price Overview and Prediction

Render (RNDR) is currently in a corrective move. The current price range is $8.18 to $10.57, with a one-week price decline of 16.27% and a one-month price drop of 23.57%. Despite the recent downturn, RNDR’s six-month price has surged by 102.25%. The nearest resistance level is at $11.93, while the nearest support is $7.14. With an RSI of 31.45, RNDR is nearing oversold conditions, suggesting potential for a rebound.

Celestia (TIA) Price Overview and Prediction for the Upcoming Period

Celestia (TIA) is currently trading between $7.95 and $10.98. The RSI of 44.17 suggests it’s in a neutral zone, neither overbought nor oversold. The nearest resistance is at $12.90 and support at $6.82. Over the past week, TIA fell by 17.42%, and it dropped by 1.97% in the last month. In the last six months, it has declined by 26.94%. The price is in a corrective move.

Optimism (OP) Price Analysis: Current Trends and Future Predictions

Optimism (OP) is currently trading between $2.0284 and $2.4950. The coin faces resistance at $2.7591 and support at $1.8254. Over the past week, OP has dropped by 10.818%, and in the last month, it is down by 15.741%. Over six months, the price has decreased by 4.924%. With an RSI of 36.873 and a declining MACD, the price is in a corrective move. Its Simple Moving Average for the last 10 days is $2.1422.

Aptos (APT) Price Overview: Short-Term Downtrend with Potential Bounce

Aptos (APT) is trading in the $7.82 to $9.38 range. The coin has seen a 10.32% drop in the past week and a 4.65% dip over the past month. Over the last six months, the price is down by 6.96%. The RSI is at 30.15, indicating it is oversold. Stochastic is low at 18.65, suggesting it could bounce soon. The current moves appear corrective, hinting at a possible upward shift if support at $7.04 holds.

Conclusion

RNDR, TIA, OP, and APT have potential but may see less short-term growth. The standout is CYBRO. It uses the Blast blockchain’s yield potential. CYBRO’s first release is set for Q2 2024. Early investors have a chance to join through the CYBRO token presale.