BlockByBlock | Minor Coins Makin' Major Moves
Local Developments
Movements In The GCC 👇
Abu Dhabi Natural Oil Company (ADNOC) and Siemens Energy AG announce plan to pilot the use of blockchain technology as a tracker of carbon dioxide emissions.
The Dubai Multi Commodities Centre partners with South Korea's blockchain industry to support the global development and adoption of blockchain and Web3 technologies.
The Saudi British Bank launches a new digital trade solutions package in collaboration with blockchain-based digital platform Contour and local Fintech BwaTech.
The Dubai Financial Services Authority launches the Crypto Regime, an initiative aimed to foster local crypto and blockchain adoption.
"Our work to develop a comprehensive crypto token regime has taken into account feedback from a broad range of stakeholders. It aims to strike a balance between encouraging innovation in the DIFC and protecting the consumers of these financial products,” says DFSA chief executive Ian Johnston.
Key Industry Development
Minor Coins Make Major Moves ✨
Last week, market giants Bitcoin (BTC) and Ethereum (ETH) appeared to be 'asleep' as their minor counterparts underwent significant price changes.
Polygon (MATIC), for example, has jumped 28.23% over the last 7 days following news of its integration with Instagram and its use by JPMorgan for a live trade. Other small coins have experienced similar price surges.
Litecoin, for example, has risen 28% over the last 7 days, after the asset recorded $1.8 billion in trading volume. Other coins like Algorand (ALGO) and Chiliz (CHZ) also set double-digit moves last week, rising 22% and 27% respectively.
It appears that investor sentiment in the crypto market has shifted to 'small cap' cryptocurrencies. This seems to be a theme in the stock market, as well. The iShares Russel 2000 ETF, an ETF tracking small cap stocks, has shown greater resilience in this corrective phase compared to the broader S&P500, a clear indication of small-cap favoritism.
Other notable small-cap cryptocurrency movers include:
OKB ($OKB, up 37%)
Fantom ($FTM, up 15%)
The Graph ($GRT, up 12%)
Arweave ($AR, up 42%)
Loopring ($LRC, up 29%)
The fact that small caps are moving while BTC and ETH are still 'asleep' could be a favorable sign for investors. Coins showing strength before the general market tend to show explosive growth when the general market eventually turns. In the stock market, stocks showing uncharacteristic strength in a weak market typically go on to be the 'winners' of the next bull run.
Could the same spell for cryptocurrencies?
Quite possibly. But investors should not lose sight of macroeconomic conditions, which remain sour. The Fed has raised rates by 75 basis points for the third time this year, indicating that the fight against inflation is not yet over.
Still, keeping an eye on coins showing uncharacteristic strength is good practice. No one knows when the tide will turn.
Startup Action
Updates From The Startup Ecosystem 💸
Capex.com, an Abu-Dhabi-based crypto trading broker, receives a provisional license to operate in the UAE.
Ramziq Group, a Dubai-based project building the ZENIQ blockchain, announces the expansion of its dApp in the UAE.
Startup Spotlight 💡
As a blockchain and crypto-payment innovator, Zeniq is on a mission to radically shift the way GCC customers interact with crypto.
Zeniq provides its customers with comprehensive blockchain solutions, built with robust safety standards and a unique digital system for transactions that flows seamlessly with the current financial system.
Noting the utility gap between crypto and fiat currencies, Zeniq's products help narrow this gap by giving users a direct gateway into crypto payment systems. For example, the Zeniq Pay helps businesses integrate crypto payments into point-of-sale (POS) machinery.
The Zeniq ecosystem contains additional features like the Zeniq Hub, a unique, secure hardware wallet, and fractional property ownership solutions.
"At ZENIQ, we are democratizing access to blockchain technology by building revolutionary products and providing developers with the freedom to innovate and build projects on our decentralized blockchain," says the Zeniq website.
The Zeniq Coin lies at the center of the Zeniq financial ecosystem. In 2021, it rose to a high of $0.55. It currently resides at $0.07, but could this upcoming catalyst spur the coin into an upward move?
Click here for more on Zeniq Coin.
Blockchain Trends
Global Trends 📉
JP Morgan executes its first DeFi trade on a public blockchain.
Instagram announces a partnership with Polygon for an upcoming NFT collection.
Crypto payments company Circle plans the launch of a Euro stablecoin on the Solana blockchain in 2023.
Google Cloud becomes a Solana validator and pledges $100,000 to certain startups in the Solana ecosystem.
Local Trends 📈
UAE-based metaverse project Everdome, which boasts 500,000 community members, plans to launch its first virtual rocket to Mars in December 2022.
UAE-based metaverse project Eikonikos, who raised $2M in 2022, partners with Lebanese designer Aiisha Ramadan to launch a digital fashion NFT collection.
Upcoming Events
AgoraGroup 🔴
The Global Blockchain Congress is undergoing its 10th iteration in Dubai on November 23rd and 24th of 2022.
Events Across The UAE 🔵
The World Blockchain Summit will be hosted on Oct. 17th and 19th of 2022 in Dubai, UAE.
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.