BlockByBlock | Blockchain > World Cup?
Local Developments
Movements In The GCC π
Binance receives regulatory approval from the Abu Dhabi government to provide custody services to professional clients in the region.
MidChains, a regulated crypto trading platform in the UAE, partnersΒ with AlΒ Maryah Community Bank to provide a direct gateway into crypto trading and investing.
Phoenix Technology, a leading regional provider of crypto mining hardware, signs a partnership with MicroBT to launch a $2 billion crypto mining farm in the next six months.
ADGM Courts, an authority that supports the financial regulator Abu Dhabi Global Markets (ADGM), implements blockchain technology to help save significant time for the parties in the judicial process.
The UAE goverment launches Jahiz, a training program for government employees to develop skills in Metaverse, Artificial Intelligence and Blockchain technologies.
βThe competitiveness of governments depends on empowering their employees with future skills and enhancing their understanding of emerging trends in sectors pertaining to government work. This shall contribute to enhancing governmentsβ future readiness and positively affects performance, public services and productivity,β said Her Excellency Ohood Al Roumi.
Key Industry Development
Are Monstrous Crypto Gains A Mark Of The Past? π€
There's perhaps never been a bleaker moment for crypto than now.
From the string of high profile crypto collapses to the evisceration of Bitcoin and Ether valuations, it seems that wherever the crypto enthusiast looks to for hope, they find only more blood.
When the news is dominated by negativity, and investor sentiment is at a low, it's good to take a big-picture approach. The fact is: Yes, things are bad, but these cycles have happened before.
A study on Bitcoin's past price performance shows that 50 to 80% drops are common. Specifically, our studies find:
Between Dec. 16, 2017, and Feb. 6, 2018, Bitcoinβs price dropped roughly 70% in 52 days, declining from $19,700 to $5,900.
Between June 26, 2019, and March 13, 2020, Bitcoinβs price dropped roughly 70% in 261 days, declining from $12,900 to $3,900.
Between April 14, 2021, and May 19, 2021, Bitcoinβs price dropped roughly 53% in 35 days, declining from $63,500 to $30,000.
In each one of these instances, Bitcoin's price has rebounded to all-time highs and set new ones.
Additionally, on the smaller-scale spectrum, some coins are defying market behavior and going on extravagant rises. These coins are remnants of 2021's "pump and dump" fad, and, these movements tend to come with risk. But it's still a fact that they represent potential opportunities for grand ascensions in short periods of time - a theme of the 2021 bull market present in 2022.
Specifically, BlockByBlock notes:
SONM rising from an open price of 0.2018 to a high of 13.865 in 2 days, a +6000% increase. (Nov. 20)
XRP rising from an open price of 0.325 to a high of 0.559 in 8 days, a 72% increase. (Sep. 23)
SHIBA rising from an open price of 0.0000124 to a high of 0.00001794 in 1 day, a 33.78% increase (Aug. 14).
AAVE rising from an open price of 122.08 to a high of 261.29 in 16 days, a 112% increase (Mar. 16)
For experienced traders, these types of movements can be leveraged for small, short-term gains. Just like in 2021, the booms are still apparent in 2022; they're just a lot rarer.
In our view, the crypto scene will continue to provide such opportunities for those with the skill to find them and act on them quickly. Of course, an elite level of risk management is required to come out on top.
Startup Action
Updates From The Startup EcosystemΒ πΈ
Rekt Studios, a UAE-based blockchain-focused startup, secures $1.5 million in funding from Cypher Capital.
WadzPayΒ partners with the payment service providerΒ GeideaΒ to facilitate digital payments during the Islamic holy pilgrimage.Β
Mubadala Capital, a UAE-based Web3 fund, acquires a 20% stake in Abu-Dhabi-based blockchain project AirCarbon Exchange.
Startup Spotlight π‘
Rekt is a software and gaming development company that harnesses emerging technologies such as VR, AR and NFTs, alongside innovative concepts such as Decentralized Autonomous Organizations (DAO) and NFT interoperability to bring to you the next-generation of blockchain-based games.
Implementing blockchain and using the Metaverse as a key platform, Rekt Studios aspires to pioneer the future of these technologies and redefine what they are capable of.
Rekt Studios aims to use the $1.5 million raised from UAE-based Web3 fund Cypher Capital to launch a product capable of establishing itself as the leading gaming metaverse. The collaboration will also provide access to the substantial global network of Cypher Capital and facilitate the execution of Rekt Studioβs first gaming metaverse, Unseen.
"I am confident that the ambitious plans which Rekt Studio have laid out to date alongside their stated goals of Rekt Studio will have a very positive impact on the region," said Bill Qian, Rekt Studioβs Board advisor.
Click here for more on Rekt Studios.
Blockchain Trends
Global Trends π
The New York Fed launches a 12-week Central Bank Digital Currency (CBDC) pilot program with large North American banks.
Binance creates an industry recovery fund to help projects struggling with liquidity.
FTX bankruptcy filing reveals that Alameda Research "loaned" $1 billion directly to Bankman-Fried, while FTX director of engineering Nishad Singh also received a $543 million "loan" from the company.
Local Trends π
The Abu Dhabi Global Market Academy (AGMA) launches the School of Digital Assets through a special partnership with Binance.
Upcoming Events
AgoraGroupΒ π΄
TheΒ Global Blockchain CongressΒ is undergoing its 10th iteration in Dubai on November 23rd and 24th of 2022.
Events Across The UAEΒ π΅
The Blockchain Life Event will be hosted on November 28th and 29th of 2022, in Dubai, UAE.
The International Crypto Summit will be hosted from November 14th till November 16th, 2022, in Dubai, UAE.