Blockchain DXB

22nd Oct: Blockchain DXB Podcast
🟠Bitcoin open interest exceeds $40B 🚀 Bitcoin hashrate ATH 👮🏻‍♂️Japanese authorities trace Monero ❌South African bank, blocks crypto
🟠 hashtag#Bitcoin open interest exceeds $40 billion for the first time. Info here https://shorturl.at/neyi3 The CME leads with 30.7% of this open interest, followed by Binance (20.4%) and Bybit (15%). High open interest can trigger sharp price movements and liquidations, leading to sell-offs in the spot market; a notable example was in August when Bitcoin dropped nearly 20%. As of October 21, Bitcoin reached a high of $69,380 but pulled back to around $69,033 after facing resistance. Check out today's Blockchain DXB we discuss the implications of this. We cover the following:
- Increased Volatility
- Market Sentiment and Speculation
- Potential for Liquidation Events
- Impact on Spot Prices
- Market Structure Changes
- Regulatory Attention
- Long-Term Trends
- Investor Strategy Adjustments
🚀 The Bitcoin hashrate hit a record 769.8 EH/s on October 21, showing increased network security. This growth, driven by advancements in mining hardware, has been steady since 2021. As mining costs rise, smaller firms may struggle to remain profitable, leading to potential industry consolidation. Energy-efficient rigs are crucial post-fourth Bitcoin halving for profitability. TeraWulf, valued at over $670 million and the sixth-largest Bitcoin miner, plans to expand its operations despite reduced block rewards. Via Cointelegraph https://shorturl.at/Byi83
🔥According to CryptoQuant On Oct. 20 here https://shorturl.at/4WYN0, Bitcoin mining firms sent a cumulative 2,916 BTC to (CEXs), marking the fourth-lowest day of selling in 30 days.
👀 Japanese police arrested Yuta Kobayashi, 26, suspected of leading a group involved in credit card fraud and laundering over 100 million yen through cryptocurrency, specifically Monero. The group conducted around 900 fraudulent transactions using stolen credit card details obtained via phishing between June 2021 and January 2022. Kobayashi's group also defrauded the flea market site Mercari. This is the first time Monero transactions have been analyzed to identify a suspect in Japan. Nikkei https://shorturl.at/K0hfj
🏦 Capitec Bank has blocked EFT and immediate payments to cryptocurrency exchanges via its app and business web interface, citing anti-fraud measures. Customers are encouraged to use Capitec Pay, with plans to integrate it with more exchanges. The bank’s app now communicates with its Fraud Center in real time to block payments flagged for fraud. This move aligns with earlier measures preventing South Africans from buying crypto on international platforms. Source https://shorturl.at/vYuff
🟠 Two UAE news (See slides)
⚡Dubai Police HQ taps Avaya for its AI-based virtual assistant
⚡InfraX - Digital DEWA Company and Aurum Equity Partners to Develop ESG-Focused AI Edge Computing Infrastructure in UAE

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21st Oct: Blockchain DXB Podcast

🟠 SEC OKs 11 Bitcoin ETFs for NYSE 🔻Stable coin Vol down $3.6T to $1.2T 😱 Faketoshi legal battle against BTC developers 👀 (Olympic + Cocane + Tether.io + Fed)

🔥 The U.S. Securities and Exchange Commission has approved 11 spot Bitcoin ETFs, including those from Fidelity Investments, ARK, Invesco US, Grayscale Investments, and iShares, to trade options on the NYSE. This allows institutional investors to use options as a tool to hedge their Bitcoin positions. Options are derivatives enabling the buying or selling of assets at a fixed price within a set timeframe. BlackRock's BTC ETF recently received similar approval for options trading. Info here https://shorturl.at/Vpbux 

⚡ Options are derivatives that allow the holder to buy or sell an asset, such as stocks or ETFs, at a predetermined price by a specific date. Check out the Blockchain DXB episode on this as we share our commentary on it 

- We discuss what this means for BTC in the short term and long term. 

- What role can BTC play in the rising USA's debt?

🚨The stablecoin market, currently valued at $172.7 billion, has seen a significant drop in transfer volumes since May 2024, declining from a peak of $3.6 trillion to $1.2 trillion in October. Despite some growth in the market's value, with stablecoins primarily issued on Ethereum (48.9%) and Tron (34.92%), transfer activity has slowed due to a shift in sentiment, reduced speculative trading, and regulatory pressures. Yield-bearing stablecoins like USDE are also being held longer as investment assets, contributing to the decline in active transfers. Info via Bitcoin.com here https://shorturl.at/c2MGX

😱Craig Wright has initiated a new legal battle, asserting that Bitcoin developers have strayed from the original vision of the cryptocurrency. He maintains that Bitcoin SV (Satoshi Vision) is the true version of Bitcoin. Wright's claim demands compensation from the defendants for the market valuation difference between Bitcoin and Bitcoin SV, totaling over $1.18 billion. Named in the lawsuit is Bitcoin Core, the developers of Bitcoin node software, and Jack Dorsey’s Square Up Europe Limited, a payment service that funded a Bitcoin Lightning Network company. Info here https://tinyurl.com/2nhknb3f  

👀 Canadian Olympic snowboarder Ryan James Wedding has been charged in a cocaine trafficking scheme that allegedly used Tether (USDT) for transactions. The DOJ claims he and 15 others shipped cocaine from Colombia to the U.S. and Canada while committing multiple murders. Over $3.2 million in cryptocurrency and more than a ton of cocaine were seized. Wedding is on the run, with the Federal Bureau of Investigation (FBI) offering a $50,000 reward for his capture. via Decrypt here https://tinyurl.com/42r9rb8z 

🟠 Two UAE news (See slides)

⚡ Cybirb to launch blockchain security services in ADGM

⚡ Dubai Police HQ,du partner to deploy cutting-edge AI solutions for enhanced security operations

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17th Oct: Blockchain DXB Podcast

🔥Italy to hike Bitcoin tax to 42% 👀Tesla's Bitcoin moved 🚨Litecoin ETF in US 📜A16z "State of Crypto 2024”😱Chainalysis $650M defamation suit

🔥 Italy to Raise Capital Gains Tax on Bitcoin to 42% From 26%

- Bloomberg is reporting that Italy is planning to increase the capital gains tax on Bitcoin from 26% to 42%, aiming to fund election promises and reduce the fiscal deficit. Prime Minister Giorgia Meloni's government made the decision due to the growing popularity of Bitcoin, according to Deputy Finance Minister Maurizio Leo. However, past attempts by other nations, such as India's heavy taxation on digital assets, resulted in a significant drop in trading volumes, as investors moved to offshore platforms to avoid the taxes. Italy may face similar challenges with its new policy. Article here https://shorturl.at/0oR6a

👀Tesla moved nearly all of its Bitcoin, worth about $765 million, after two years of inactivity. The transfers, labelled by Arkham Intelligence, went to unknown wallets that were not linked to crypto exchanges, with no indication that Tesla plans to sell. The wallets appear to be new and are not known to be associated with crypto exchanges. You can check the move of transactions here https://shorturl.at/3RI2c 

🚨 Canary Capital Group, founded by former Valkyrie Funds co-founder Steven McClurg, has filed to launch an exchange-traded fund (ETF) that tracks the price of Litecoin. This marks the first application for such a fund. The initial submission is an S-1 filing, but it will only be meaningful if followed by a 19b-4 filing. Official filing with the U.S. Securities and Exchange Commission here https://shorturl.at/fiLVR What are the chances for a Litecoin ETF approval? 

📜 A16z "State of Crypto 2024” here https://shorturl.at/xQN1O has some interesting information on the following

- Record Levels of Crypto Activity

- Crypto as a Political Issue

- Stablecoins' Product-Market Fit:

- Infrastructure Advancements:

- DeFi's Continued Growth

- AI and Crypto Intersection:

- New Onchain Applications: 

🎙️Check out the Blockchain DXB podcast we share our commentary on this

😱 Chainalysis is facing a $650 million defamation lawsuit from Exceptional Media Ltd., the company behind YieldNodes, alleging that Chainalysis falsely labelled the project as a scam. The case, filed in January 2024, will be heard on October 16 at the New York Supreme Court. Exceptional Media claims the labelling harmed its reputation and client base. Chainalysis has filed motions to dismiss, arguing that YieldNodes failed to prove it's not a scam and that the court lacks jurisdiction. Chainalysis declined to comment on the ongoing case. Official fillings here https://shorturl.at/0sZnE

🟠 Two UAE news

⚡Saudi’s Tawaref acquires AI solutions provider amaana

⚡ The Digital Assets Will - DIFC Courts launches new suite of digital services at GITEX GLOBAL Largest Tech & Startup Show in the World 2024

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Blockchain DXB & Society X: Unfiltered Chat - Weekly Crypto, Blockchain & AI

Date: 17th October Unfiltered Chat

Topic of Discussion: Macro-Level Insights on Crypto, Blockchain, & AI

16th Oct: Blockchain DXB Podcast
🟠 Blockstream Raises $210M 🟣 Ripple Stablecoin RLUSD update 🌍 Google Isn't Showing BTC Price Chart 👀 UAE Calls SEC to Probe (Cardi B)
🟠 Blockstream, a bitcoin infrastructure firm, has raised $210 million in a convertible note financing round led by Fulgur Ventures. The funds will be used to advance the adoption and development of its layer-2 technologies, grow mining operations, and expand its Bitcoin treasury. Blockstream's layer-2 solutions include the Liquid and Lightning networks, designed to improve scalability. The company also appointed Michael Minkevich as COO, who previously led product engineering at Luxoft. Co-founder and CEO Dr Adam Back highlighted fundraising as a key step in bridging Bitcoin with traditional finance. Source via CoinDesk https://shorturl.at/gLrEf
Check out today's Blockchain DXB episode we share our commentary on this
👁️ Ripple has named exchange and market maker partners for its upcoming RLUSD stablecoin, which is awaiting approval from the New York State Department of Financial Services Services (NYDFS). The stablecoin, backed by U.S. Treasuries and cash equivalents, is operationally ready and aims to bridge real-world asset tokenization. Ripple has partnered with exchanges like Bitstamp and Uphold, with market makers Keyrock and B2C2. Former FDIC Chair Sheila Bair and ex-Centre CEO David Puth joined Ripple's advisory board. The company plans to leverage RLUSD for payments and tokenizing assets like real estate and securities. RLUSD is being tested on the XRP Ledger and Ethereum. via CoinDesk https://shorturl.at/iqEZP
🟣 Decrypt is reporting that Google has stopped displaying price charts for Bitcoin and other cryptocurrencies in its search results, although Dogecoin's chart and Ethereum Name Service (ENS) address balances are still visible. Users can still view crypto price charts through Google Finance. The decision comes as search interest in Bitcoin has reached a one-year low, with global search volume dropping to just 27% of its peak in March 2024. https://shorturl.at/Y45sr
🚨 The UAE's Securities and Commodities Authority (SCA) has launched an investigation into Cardi B’s WAP token, alleging it to be a pump-and-dump scheme. Following concerns from a Dubai-based VC firm and investors, the SCA is working with the U.S. Securities and Exchange Commission to identify influencers who promoted the token. X Corp has been asked to provide relevant data, and the WAP token has crashed over 63% in two days, leading to a $21 million liquidity drop. news via DailyCoin https://shorturl.at/5We2h
🟠 Two UAE news (See slides)
⚡ Digital Dubai signs MoU with Microsoft UAE in AI domain
⚡ Abu Dhabi-listed AI firm Presight expands agreement with US video surveillance firm

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15th Oct: Blockchain DXB Podcast
🚨 World Liberty Token launch 👀 MrBeast accused of Pump/Dump 🏦 Brazilian CBDC focus on privacy ❌Kamala worst candidate for Bitcoin
🚨 Trump family-backed World Liberty Token is set to launch today and based on Twitter/X they claim they have seen over 100,000 signups before its public token launch on Tuesday, Oct. 15 Zak Folkman, the head of operations for the platform, confirmed that the WLFI token will be an Ethereum-based ERC-20 token. He also emphasized that it will serve as the governance asset for the decentralized finance (DeFi) platform. World Liberty Financial seeks to revolutionize finance with a DeFi protocol that will be built for mass adoption. More info here via Medium https://shorturl.at/V42mW
👀 MrBeast allegedly made $10 million from crypto pump-and-dump. Blockchain investigator SomaXBT claims he promoted tokens like SuperFarmDAO and others, inflated their value, and then sold his holdings for a profit. It's unclear if he knowingly engaged in these schemes. The allegations highlight ongoing concerns in the crypto community about influencers manipulating token prices for personal gain. His series of tweets here https://lnkd.in/d9QBdWij
🏦 The Central Bank of Brazil has opened Phase 2 of its Drex CBDC pilot, focusing on privacy and DeFi. Official info Banco Central do Brasil here https://shorturl.at/lMxYj
🏦 Applications are open from October 14 to November 29, 2024. The bank is seeking business cases, especially those using smart contracts, with an emphasis on privacy solutions to ensure compliance with Brazil's data protection laws (LGPD). Participants must demonstrate how their proposals enhance privacy, with no limit on the number of participants. Selected entities will sign a Participation Agreement, and this phase could lead to live tests of the Drex CBDC.
❌ Kamala Harris announced her racist crypto policy. Her policies also do not provide any concrete steps or clear policies https://shorturl.at/uj0C4 It enables only a specific race on crypto. Two areas of focus are
- Enabling Black men who hold digital assets to benefit from financial innovation
- Supporting a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.
🟠 Nikolaus Hoffman, Head of News at Bitcoin Magazine, shared a similar opinion. His article here https://shorturl.at/BHJTP states that, unlike Harris, Trump does not favour one race of people over everyone else. He is making pro-Bitcoin policies that are for ALL Americans.
🟠 Two UAE news (See slides)
⚡ Saudi Arabia’s newest flagship airline will deploy Sabre’s AI-powered solutions
⚡UAE approves national stance on AI policy

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14th Oct: Blockchain DXB Podcast

🟠MT.GOX Exchange delays repayment 🔻US Share of World Economy 🟢"BRICS Cuts Dollar/Euro Use Below 30%" 🔥Binance BNB DApp volumes 🚀Dogecoin Active addresses  

🟠Originally scheduled to kick off from 31st Oct Mt. Gox, a defunct cryptocurrency exchange, has postponed its repayment deadline to creditors by one year, moving it to October 31, 2025. This delay may help ease concerns about potential selling pressure on Bitcoin, as a large influx of BTC from creditor repayments won't happen in the near term. Analysts at Coinbase believe this extension could reduce fears of a significant Bitcoin supply increase, which might have otherwise impacted the market negatively. Info here https://shorturl.at/9MW59

👀Crypto wallets linked to the defunct exchanges still hold $2.8 billion of bitcoin after having distributed about $6 billion worth of assets to creditors earlier this year. This should indicate bullish sentiment. Check out the Blockchain DXB episode for today we share our commentary on this

🚨 US Share of World Economy Projected to Reach Historic Low: The U.S. share of the global economy has fallen below 15% under President Joe Biden’s administration, according to analysis from Sputnik, based on World Bank and IMF data. The U.S. once held over 21% of the global economy in 1999, but this share has steadily declined over recent decades, with China now commanding a larger portion at 18.76%. By the end of Biden’s term, the U.S. share is projected to hit a historic low of 14.76%. Article here https://tinyurl.com/3a4w69e9 

🟢 With BRICS Slashin US Dollar and Euro Transactions to Below 30%! https://shorturl.at/zDjd9  What role will Bitcoin play? 

🔥 BNB Chain's activity dropped 37% in the past week, raising concerns about BNB’s price sustainability. DApp volumes fell 25%, including significant declines in PancakeSwap and Uniswap. While BNB saw a 4.1% price increase, the drop in network activity and fees contrasts with stronger performance from Ethereum and Solana. Binance Launchpad's recent token launches have also faced criticism, adding pressure to BNB's outlook. Info here https://shorturl.at/nO3YG

- Binance Launchpad?

According to Arthur Hayes, co-founder and former CEO of BitMEX, token issuers are reportedly required to buy and hold ~$5 million worth of BNB and give away up to 16% of the token supply.

🚀New data from Santiment AG here https://tinyurl.com/4yvzcmdcshows a spike in active addresses on the Dogecoin network, reaching their highest level in eight months. This surge in network activity is seen as a positive sign, potentially driving price action upward and signalling a renewed interest in DOGE. Traders are watching closely to see if this increase in active addresses will spark a significant rally. 

🟠Two UAE news (See slides)

⚡OKX Launches Licensed Crypto Exchange in UAE Amid VARA’s Regulatory Crackdown

⚡Global Trade and Supply Chain Summit concludes with discussions at the trade-AI intersection

#blockchaindxb

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Blockchain DXB & Society X - Unfiltered Chat: Weekly Crypto, Blockchain & AI

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09th Oct: Blockchain DXB Podcast
🟠 Bitcoin Amsterdam 2024 Live! 🔥Crypto.com sues SEC 🔻Ether ETFs - Zero Flows🔻 UN Report - Crypto for Fraud and Money Laundering 👀Canary Capital - XRP ETF
🟠 Bitcoin Amsterdam by Bitcoin Magazine is live from 09th - 10th October you can watch the live stream via YouTube here https://shorturl.at/cm1Qz Core areas of focus are
- The Future of Bitcoin in the year 2050
- Fighting for a fair regulatory environment
- Challenging Bitcoin's narrative
🔥Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), its Chair Gary Gensler, and four commissioners after receiving a Wells Notice (a warning of potential enforcement action). Filing here https://shorturl.at/t2OTz
🟣 CEO Kris Marszalek stated that the lawsuit aims to "protect the future of crypto in the U.S." and is a response to the SEC's "regulation by enforcement" approach, which he claims has negatively impacted over 50 million American crypto holders. The Wells Notice, issued on August 22, typically signals impending enforcement actions.
🔥 On 7th Oct, U.S. Ether (ETH) exchange-traded funds (ETFs) recorded zero inflows or outflows for only the second time since their launch in July, with the previous instance being on August 30, according to SoSoValue data. Meanwhile, Bitcoin (BTC) ETFs saw significant inflows, totalling $235.2 million - the highest since September 27. Fidelity's Bitcoin ETF (FBTC) led with $103.7 million, followed by BlackRock's ETF (IBIT) with $97.9 million. In contrast, the nine ether ETFs had no movement in either direction. Data here https://shorturl.at/2Fwod
❗ The United Nations report highlights the increasing use of cryptocurrencies for fraud and money laundering in Southeast Asia. Key points include:
- Rising Use of Cryptocurrencies:
- Money Laundering via Cryptocurrencies:
- Criminal Hubs:
- Challenges in Regulation
Report here https://shorturl.at/GTA5j
👀 UNODC estimates that financial losses from scams targeting victims in East and Southeast Asia range between $18 billion and $37 billion in 2023, with a significant portion attributed to organized crime groups in the region.
High-risk Virtual Asset Service Providers (VASPs) have facilitated between $49 billion and $64 billion in cryptocurrency transactions from 2021 to 2024,
🟣 Canary Capital Group LLC has submitted a registration with the U.S. SEC for its proposed Canary XRP ETF, which aims to offer investors exposure to XRP without directly holding the asset. The ETF will track XRP’s value using the CME CF Ripple-Dollar Reference Rate – New York Variant, providing easier access via traditional brokerage platforms while managing costs and liabilities. Official filing here https://shorturl.at/gsws0
🟠 Two UAE news
⚡ Dubai Chamber of Commerce to showcase the role of digitisation, and AI in sustainable business practices
⚡ Saudi Arabia Attracts 40 French AI Startups

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08th Oct: Blockchain DXB Podcast
🔻 Bitcoin Miners Profit - Record Low 🔥Ethereum EIP-7781 🟣Revolut blocked up to $13.5m Fraud Trx 🚨Bitget BGB flash crash
⛏️ Bitcoin miner profitability hit a recent low in September 2024, with daily block reward profits down 6% month-over-month, according to J.P. Morgan. This marks the third straight month of declining revenue, despite a moderate rise in Bitcoin prices. The drop is linked to April's Bitcoin halving, which cut miner rewards by 50%, potentially causing a $10 billion annual revenue loss. While the mining industry has grown significantly, competition and reduced rewards are making it harder for miners to stay profitable.
🟣 NFTevening has an interesting report on how much it costs to mine 1BTC and Top 10 Least Profitable Countries for Bitcoin Mining https://shorturl.at/8XsTj
🟢Ethereum EIP-7781 Reduce Ethereum's slot time from 12 seconds to 8 seconds. The proposal by Ben Adams will aim for the following
1) reduce based rollup latency
2) increase transaction throughput by approximately 33% without increasing individual block or blob counts
3) distributing bandwidth usage over time to lower peak bandwidth requirements and maintain network efficiency.
Info via GitHub here https://lnkd.in/d-_6w57B
❗ What is the benefit?
- Ethereum Foundation researcher Justin Drake noted on Github that reducing block times to eight seconds would make decentralized exchange (DEX) platforms like Uniswap 1.22 times more efficient. The change could help close pricing gaps between on-chain and off-chain trading venues, saving users up to $100 million per year, according to Drake.
👀 Revolut’s crypto anti-fraud tool
Revolut blocked $13.5 million in potential crypto fraud from June to September 2024, despite facing rising fraud complaints. The company claims it saved customers over $590 million in 2023 through real-time monitoring, two-factor authentication, and 24/7 support. Revolut also criticized Meta, saying 62% of scams reported in 2024 came from its platforms, while facing backlash for rejecting some fraud refunds.
🚨 Bitget's BGB experienced unexpected volatility today due to market conditions,. But the team has ensured Bitget will fully compensate for any asset losses and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours. Info here https://shorturl.at/QiXCu While this news sounds great it also clearly implies the Exchange token has a centralized team making the decision
🟠Two UAE news
⚡United Arab Emirates Exempts Crypto Transactions From Value-Added Tax
⚡ UAE: 80% of recruiters believe GCC jobs will be affected by AI
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