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UAE's cryptocurrency sector projected to expand by 7.89 percent annually, reaching $395.80 million by 2028

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UAE's cryptocurrency sector projected to expand by 7.89 percent annually, reaching $395.80 million by 2028

Data showed that the average daily number of crypto traders in the region exceeded 500,000 in February

The revenue in the UAE’s crypto sector is expected to grow by 7.89 percent year-on-year (YoY) to $395.80 million by 2028, up from $292.10 million in 2024, according to fintech company Bitpanda.

Bitpanda, a Europe-based prominent crypto platform and infrastructure provider, recently entered the UAE to boost regional expansion, according to a statement. Walid BenOthman, managing director of Bitpanda, oversees the company’s operations in the UAE and the wider region, highlighting the factors contributing to the country’s surge in cryptocurrency adoption.

UAE’s diversification efforts and crypto integration

BenOthman indicated that the UAE’s long-standing goal to diversify away from oil has been reinforced by various mandates across several industries to ensure Sheikh Mohammed’s vision of future-proofing the nation is realized. He added that crypto has increasingly become a part of this journey, with the UAE recognizing the enormous potential it holds not only regionally but also globally.

The Managing Director highlighted that by initiating strategies to integrate crypto as a mainstay within its borders, the country is ushering in a new era to become a leading crypto hub worldwide.

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Read more: Crypto firm Ripple to launch U.S. dollar stablecoin, targeting $150 billion market

UAE crypto

Crypto adoption in the Middle East

While crypto adoption in the Middle East currently represents a 10 percent rate, recent data indicates this trend will not persist.

Bitget Research underlined that the average daily number of crypto traders in the region exceeded 500,000 in February, reflecting a 51 percent YoY growth from 2023. During this period, the UAE boosted regional growth by leading crypto adoption per capita with a 68 percent YoY leap in daily traders.

After achieving a record-setting revenue of AED400 million in the first quarter (Q1) of 2024, Bitpanda has since reached a new milestone of 5 million total users as of Q2. Moreover, the company, Bitpanda MENA, is now set to anchor the UAE’s diversification efforts by unlocking digital assets for millions of investors.

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Bitcoin slides to $54k after Mt Gox begins distributions By Investing.com

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Bitcoin slides to $54k after Mt Gox begins distributions By Investing.com

Investing.com– fell sharply in early Asian trade on Monday, reversing a modest rebound seen over the weekend and hitting an over four-month low on concerns over a flood of token supply from defunct crypto exchange Mt Gox.

The fell 5.8% in the past 24 hours to $54,601.7 by 21:28 ET (01:28 GMT), coming close to its weakest level since late-February. The token also broke below a key $55,000 support.

Bitcoin was nursing steep losses in the past two weeks amid concerns over token distributions by Mt Gox. The trustees of the exchange said last week that they had begun distributing tokens stolen during a 2014 hack back to creditors through a slew of exchanges, although they did not specify just how many tokens were being returned. 

Wallets associated with the exchange were seen mobilizing about $9 billion worth of Bitcoin earlier this year. 

Mt Gox has been a major point of contention for crypto markets, as traders speculated that given the massive increase in Bitcoin’s price over the past decade, receivers of the token would be likely to sell it on the open market, increasing the token’s supply.

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Fears of such a scenario spurred widespread dumping of the token, with several Bitcoin “whale” wallets also coming online and mobilizing their holdings for sales.

Selling in Bitcoin spilled over into the broader crypto market, with world no.2 token sinking 7.3% to a two-month low.

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Investigating Cryptocurrency Investment Trends: Analyzing BlockDAG, ARB, and Litecoin

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Investigating Cryptocurrency Investment Trends: Analyzing BlockDAG, ARB, and Litecoin

BlockDAG, ARB, and Litecoin are all making significant strides in the cryptocurrency arena, presenting varied investment opportunities. BlockDAG has quickly distinguished itself with its presale success, securing over $56.6 million from 19 separate batches. In comparison, the ARB token from Arbitrum provides an appealing purchase prospect as it approaches an all-time low of $0.74, yet the optimistic sentiment among the community points to a promising price revival. Litecoin is also showing signs of increased network engagement, with its unique addresses climbing to over 700,000, possibly signaling a demand spike and favorable price trends, particularly as its Relative Strength Index (RSI) reaches its most advantageous point since the previous September.

BlockDAG Hailed as Top Crypto of July 2024 by Analysts

In a pivotal moment, cryptocurrency experts have declared BlockDAG the leading cryptocurrency of July 2024, thanks to its exceptional presale coin performance. Surpassing $54.5 million and earning $500,000 each day, BlockDAG is on a trajectory to reach $100 million before its mainnet debut. This explosive demand and investor enthusiasm underscore the vast potential of BlockDAG’s innovative blockchain technology.

The imminent mainnet debut marks a crucial juncture in the cryptocurrency sector. With the completion of its Peer-to-Peer Engine and the Block & DAG Algorithm, along with ongoing progress on EVM Compatibility and Metamask Integration, BlockDAG is well-prepared for success. The Testnet is expected in mid-August, with the Mainnet launching in four months, demonstrating BlockDAG’s commitment to providing a premier platform.

Through relentless development and strategic marketing, BlockDAG has risen to prominence, suggesting a staggering 30,000x return potential. Currently priced at $0.014 in Batch 19, BlockDAG embarks on a thrilling journey in the crypto space. Analysts foresee a bright future with coin values expected at $10 by 2025, $20 by 2027, and $30 by 2030.

Even during the presale phase, early BlockDAG investors have seen significant returns, establishing its status as a formidable investment. From $0.001 in Batch 1 to $0.014 in Batch 19, the price has soared by 1300%. With over $56.6 million raised, projections suggest a possible $30 coin value by 2030. By then, a $500 initial investment could swell to $15 million, highlighting BlockDAG’s exceptional investment potential.

Arbitrum’s Market Outlook: Why It’s an Ideal Time for Investors

Arbitrum’s ARB token is nearing a historical low of $0.74, creating a prime investment window. Unlike other altcoins at peak prices, ARB’s low entry cost makes it accessible. Despite nearing a low price point, community morale remains surprisingly upbeat, with a surge in purchases indicated by the Price Daily Active Addresses (DAA) divergence metric. This measure shows an increase in user interactions with ARB, suggesting a potential price recovery. For investors, this may be a golden opportunity to invest before anticipated price increases, driven by hopeful stakeholders.

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Litecoin’s Network Activity Skyrockets: Is Now the Investment Time?

This month, Litecoin’s blockchain has experienced a notable rise in activity. Santiment, a blockchain data analysis firm, reports that the count of unique addresses engaging with Litecoin has more than doubled, skyrocketing from 345,000 in May to over 700,000 currently.

This spike in unique addresses suggests a growing user base involved in transactions and other activities on the Litecoin network. This heightened activity might boost network demand and positively influence price trends. Additionally, Litecoin’s Relative Strength Index (RSI) is currently in its “Opportunity Zone,” a positive signal not observed since last September.

For investors, these developments indicate a dynamic and potentially rewarding environment. Increased network usage generally correlates with rising investor interest and could be a precursor to future price appreciation. Keeping an eye on Litecoin’s network growth and RSI trends could provide critical insights for those exploring investment options in the cryptocurrency sphere.

Massive Buying Opportunity

As the cryptocurrency landscape evolves, BlockDAG, ARB, and Litecoin each offer unique opportunities for discerning investors. BlockDAG leads with its groundbreaking technology, potentially offering returns up to 30,000 times the initial investment due to its innovative DAG architecture and strategic market positioning. Meanwhile, ARB’s current low price presents a timely investment chance, with community confidence suggesting an impending rebound. On the other hand, the surge in Litecoin’s network activity indicates robust user engagement that could propel future price increases.

Invest in the BlockDAG Presale Now:

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Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetwork

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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Crypto Weekend Round-Up: Kiyosaki Forecasts Crash, Crypto Bettors Back Harris, Trump's Potential Impact On Crypto And More

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Crypto Weekend Round-Up: Kiyosaki Forecasts Crash, Crypto Bettors Back Harris, Trump's Potential Impact On Crypto And More

This past week was a whirlwind of activity in the world of cryptocurrencies, finance, and politics. From Robert Kiyosaki’s dire market predictions to the shifting odds in the 2024 presidential race, it was a week to remember. Let’s dive into the top stories.

Robert Kiyosaki Predicts ‘Biggest Crash in History’

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Best-selling author Robert Kiyosaki sent shockwaves through the financial world this weekend with his prediction of an imminent market crash. Kiyosaki, renowned for his book “Rich Dad Poor Dad,” anticipates a historic plunge in the prices of real estate, stocks, bonds, gold, silver, and Bitcoin. However, he also sees a silver lining, forecasting a bull market cycle beginning in late 2025 that could benefit gold, silver, and Bitcoin investors.

Read the full article here.

Crypto Bettors See Harris as Possible Presidential Candidate

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The odds of Vice President Kamala Harris replacing President Joe Biden as the Democratic nominee for the 2024 presidential elections saw a significant increase on Polymarket, a cryptocurrency-based prediction market. While Biden remains the top pick, the substantial surge in Harris’ chances indicates a notable shift in sentiment.

Read the full article here.

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See Also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Says Charts Indicate ‘Biggest Crash In History Coming’

Cryptocurrency Market in Meltdown

The cryptocurrency market experienced a significant downturn this week, with Bitcoin BTC/USD and Ethereum ETH/USD hitting their lowest points in weeks. The market’s decline was largely attributed to the movement of billions of Bitcoins ahead of a probable sell-off.

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Read the full article here.

Trump’s Potential Election Win Could Impact Crypto

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Pratik Kala, Head of Research at DigitalX Limited, predicts a Trump victory in the upcoming election but warns that immediate crypto-friendly regulations may not be a priority. Kala’s prediction is based on his belief that President Biden failed to appear “lively and energetic” during the debate.

Read the full article here.

Shiba Inu’s Burn Rate Skyrockets

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The ‘Dogecoin Killer,’ Shiba Inu, reported a surging burn rate over the week, with community news hinting at a significant upcoming development. The burn rate increased by 8,596.6% over 24 hours as of Wednesday, with more than 17 million SHIB burned across three transactions.

Read the full article here.

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Read Next: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Skyrockets 8,596%: ‘Something Special’ Is Cooking

Image created via photos on Shutterstock

This story was generated using Benzinga Neuro and edited by Anan Ashraf.

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