Market
Crypto Salary in Dubai and More
BeInCrypto’s Asia Crypto Roundup dives into the region’s most crucial updates and developments. Covering key markets like China, South Korea, Japan, and Singapore, our roundup offers insights into Asia’s regulatory shifts, blockchain innovations, major project launches, and market trends.
Last week’s notable events include Story Protocol’s successful $80 million series B funding round and Dubai’s legal ruling that recognizes cryptocurrency payments for salaries.
Bitpanda and RAKBANK Partner to Boost UAE’s Crypto Access
On August 19, Bitpanda Technology Solutions (BTS) and The National Bank of Ras Al Khaimah (RAKBANK) finalized an agreement to enhance digital asset access in the UAE. This collaboration will enable UAE residents to manage various digital assets securely. The partnership is a strategic move that allows banks to participate in the virtual asset economy without developing in-house capabilities.
In this initiative, Bitpanda Broker MENA DMCC’s operational approval and licensing by the Virtual Assets Regulatory Authority (VARA) are crucial. Similarly, RAKBANK must obtain approval from the Central Bank of the UAE (CBUAE).
Read more: Top 9 Safest Crypto Exchanges in 2024
Korean Founder Secures $80 Million from Andreessen Horowitz
On August 21, venture capitalist Andreessen Horowitz (a16z) announced leading an $80 million series B funding round for PIP Labs, the developer of Story Protocol. The funding also saw participation from Polychain Capital and notable investors like HYBE founder Bang Si-hyuk and Paris Hilton. This investment propels PIP Labs’ valuation at over $2.2 billion.
Story Protocol is a blockchain startup that helps creators protect their intellectual property (IP). It aims to generate sustainable revenue in an era where AI-driven copyright theft is becoming increasingly prevalent.
Furthermore, it provides creators with a platform to register their IP, set usage terms, and receive compensation for their work. These will effectively protect their creations from unauthorized AI usage.
“We believe that all intellectual and creative works can fall under the category of IP, and all of them are going to face dramatic changes in this new age of AI. […] Story is trying to solve a problem of how IP will be monetized when the entire internet is being scraped by these AI models,” Jason Zhao, Chief Protocol Officer and co-founder of the PIP Labs, said.
Zhao, a former product manager at Google’s AI lab DeepMind, co-founded PIP Labs with Lee Seung-Yoon, a South Korean entrepreneur who sold his mobile fiction platform, Radish, for $374 million in 2021. Together, they bring deep expertise in the tech and creative industries to Story Protocol.
The firm has already attracted over 200 entities to register over 20 million intellectual properties on the platform. Story Protocol is gearing up for its mainnet launch to become a cornerstone for future internet content creation and monetization.
Dubai Recognizes Crypto as Legitimate Salary Payment
The Dubai Court of First Instance has recently recognized cryptocurrency payments for salaries under employment contracts. The ruling was based on Article 912 of the UAE Civil Transactions Law and the Federal Decree-Law No. (33) of 2021. It emphasizes the importance of upholding clear contractual agreements, provided they align with public policy and law.
This ruling contrasts with a previous decision in 2023, where a similar claim was denied due to the plaintiff’s failure to provide a precise valuation of the digital currency involved.
The recent case involved a wrongful termination and unpaid wages claim. The plaintiff’s employment contract stipulated a salary in fiat currency and additional payment in EcoWatt tokens, a form of cryptocurrency.
The employer argued that the crypto payments were not legally enforceable. Still, the court ruled in favor of the employee. It validated the payment in EcoWatt tokens rather than converting them into fiat currency.
Malaysia Cracks Down on Illegal Bitcoin Mining
Following a court order, on August 19, Malaysian authorities destroyed 985 Bitcoin mining machines worth approximately $452,500. The machines, seized during enforcement operations from 2022 to April 2023, were crushed with a steamroller in the Perak Tengah district.
This action came after the arrest of seven individuals involved in illegal Bitcoin mining operations that allegedly stole electricity to power their activities. The suspects were detained separately last week, including three local residents and four foreign nationals.
Sepang District Police Chief ACP Wan Kamarul Azran Wan Yusof stated that these individuals had no prior criminal records, but their illegal activities had caused significant losses to the country. The authorities estimate Malaysia lost as much as 3.4 billion Malaysian ringgits ($757 million) between 2018 and 2023 due to electricity theft linked to Bitcoin mining.
Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir highlighted the growing prevalence of this issue. He emphasized the detrimental impact of electricity theft for crypto mining on Tenaga Nasional Berhad (TNB) and the country.
“The theft of electricity by those who mine cryptocurrency occurs because they believe this activity cannot be detected due to the absence of meters on their premises. However, energy supply companies have various methods to detect unusual energy consumption in an area,” Nasir said.
Read more: How Much Electricity Does Bitcoin Mining Use?
Tether Unveils UAE’s First Dirham-Pegged Stablecoin
On August 21, Phoenix Group PLC, a holding company listed on the Abu Dhabi Securities Exchange (ADX), unveiled a strategic partnership with Tether, a leading issuer of stablecoins, to introduce a stablecoin linked to the UAE dirham. Green Acorn Investments Ltd. supports this initiative, which aims to revolutionize the digital asset sector.
By merging the UAE dirham’s reliability with blockchain’s technological advantages, this stablecoin provides a reliable digital currency that mirrors one of the world’s most stable currencies. Moreover, it could potentially play a pivotal role in enhancing business operations and expanding growth opportunities in the digital age.
Backed by Phoenix Group and Tether’s financial strength and technical expertise, this stablecoin will be governed by strict regulatory compliance procedures that align with the UAE’s regulatory framework. The introduction of this stablecoin is expected to be globally accessible, with deep roots in the UAE’s economic strength and stability.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Stellar (XLM) Price Climbs to Three-Year High
Stellar (XLM) price has surged more than 20% in the last 24 hours and is up an impressive 124.86% over the past seven days, reaching $0.30, its highest price since December 2021. This rapid ascent reflects strong bullish momentum, supported by key indicators like RSI, which remains in the overbought zone.
However, the relatively weak CMF suggests that the current trend may not yet have the strength to sustain further gains without renewed capital inflows. Whether XLM can push toward a $10 billion market cap or face a potential correction will depend on how well it holds key support levels in the days ahead.
XLM RSI Is In The Overbought Zone
Stellar RSI is 74.10, rising sharply from below 60 just a day ago. This increase signals strong bullish momentum, pushing XLM into the overbought zone, where RSI values above 70 indicate heightened buying activity.
While an RSI above 70 often suggests that a correction could be on the horizon, it also reflects strong market enthusiasm driving the current uptrend.
The RSI measures the speed and magnitude of price movements, with values above 70 signaling overbought conditions and below 30 indicating oversold levels. Historically, Stellar has experienced periods where its RSI remained above 70 for several days, during which the price continued to climb before eventually correcting.
This suggests that while caution is warranted, the current overbought conditions do not necessarily mean an immediate reversal, as the rally could still have room to grow before cooling off.
Stellar CMF Is Positive But Not That Strong Yet
XLM currently has a CMF of 0.06, recovering from -0.10 just one day ago. This shift into positive territory indicates an inflow of capital back into the asset, suggesting renewed buying pressure after recent selling activity.
However, the relatively low CMF value highlights that the inflow is not yet as strong as it was during earlier periods of significant bullish momentum.
The Chaikin Money Flow (CMF) measures the volume and direction of money flow, with positive values indicating capital inflows (bullish) and negative values reflecting outflows (bearish).
While XLM’s CMF turning positive is a good sign for its short-term trend, it remains far below the levels seen in mid-November when the CMF peaked at 0.40 and stayed above 0.10 for almost a week.
XLM Price Prediction: Can Stellar Reach The $10 Billion Market Cap Threshold?
If Stellar maintains its current uptrend, it could rise further to test a market cap of $10 billion. Achieving this milestone would require a 15.7% increase in XLM price, signaling continued strong bullish momentum and renewed investor interest.
However, as indicated by the relatively weak CMF, the current trend may lack the strength to sustain this upward trajectory.
If the trend reverses, XLM price could first test its strongest nearby support at $0.14. Should this level fail, Stellar price could drop further to $0.0994, representing a steep 67% correction from recent highs.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
3 altcoins that could go ballistic if Bitcoin (BTC) crosses $120,000 mark
Some altcoins are setting themselves up to profit from the positive wave as the crypto market prepares for Bitcoin’s possible breakout above the $120,000 mark. Rexas Finance (RXS), SUI, and Solana (SOL) are being hailed by some industry insiders as particularly outstanding performers and ready to go ballistic during the anticipated Bitcoin rally.
Rexas Finance (RXS): The future of real-world asset tokenization
Rexas Finance provides creative ideas for real-world asset (RWA) tokenization. By letting users tokenize real estate, artwork, and other highly valuable assets, Rexas Finance is changing the crypto scene. The initiative has enormous market potential since the real estate sector alone is valued at around $379.7 trillion.
Rexas Finance attracts retail and institutional investors by lowering transaction costs, improving liquidity, and raising transparency. Rexas Finance, in Stage 6 of its presale, has raised $9.5 million with 166 million tokens sold as of writing, indicating 81.74% completion. In this stage, the token price is $0.080; from its initial $0.03 price two months ago, this shows an impressive 166% increase.
It will list on three tier-1 exchanges at $0.20 post-presale, providing a wider global reach and more potential for gains. Rexas Finance recently received a Certik audit, which is a sign of security and trustworthiness in blockchain initiatives, improving investor confidence. Furthermore, its inclusion on CoinGecko and CoinMarketCap improves visibility and accessibility.
The ongoing $1 million giveaway, which offers 20 winners $50,000 in RXS apiece, has piqued investor interest. Based on projections for RXS, price appreciation seems to be strong as adoption rises. Some analysts believe Rexas Finance, with features such as AI integration, DeFi utilities, and yield optimization, could be poised to go ballistic if Bitcoin rallies above $120,000.
SUI: Consistently Hitting new all-time highs
Rising 105% in the past two weeks, SUI is among the top-performing altcoins in the current bull run. As of writing, SUI trades at $3.72, just below its all-time high of $3.94, which it attained last weekend.
Reflecting increased investor demand and confidence, its Open Interest (OI) has lately topped $826 million. The Chaikin Money Flow (CMF) indicator of the token indicates significant inflows, highlighting its positive trend. With a constant tendency to new all-time highs, SUI’s upward trajectory exactly matches market expectations of a possible surge. Driven by its excellent foundations and growing market visibility, SUI is expected to rise sharply if Bitcoin crosses $120,000.
Solana (SOL): Poised for a new all-time high?
Riding a surge of positive momentum, Solana broke past the $240 barrier twice in the current bull run. SOL trading at $246.89 as of writing has increased 59.9% over the past month. With analysts predicting a surge to $600 or more, its market capitalization of $115 billion ranks it among the top four leading cryptocurrencies, recently flipping Binance Coin.
Technical indicators supporting this optimistic view include a declining triangle breakout and a cup-and-handle pattern. Solana-based decentralized exchanges (DEXs), which account for 33.59% of DEX trade activity as of November, support its bullishness even more. So, Solana might see significant inflows if Bitcoin crosses the $120,000 mark, increasing its price to new highs.
Conclusion
Rexas Finance, SUI, and Solana could be ready to go ballistic if Bitcoin surges past $120,000. Each altcoin has unique qualities and solid foundations that guarantee a place of strength in the next positive market phase. Although SUI and Solana present interesting development chances, Rexas Finance distinguishes itself with its innovative RWA tokenizing, unparalleled presale expansion, and rich possibilities.
For more information about Rexas Finance (RXS) visit the links below:
Website: https://rexas.com
Win $1 Million Giveaway: https://bit.ly/Rexas1M
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance
Market
Cardano Whales Accumulation Hits $55 Million: $1 Target Soon?
On November 20, crypto whales offloaded significant amounts of Cardano (ADA), disrupting its bullish momentum. However, the narrative shifted today as the Cardano whales’ accumulation has taken center stage.
This renewed buying activity suggests that ADA’s price might regain its bullish momentum toward $1. But does the data support this bullish outlook?
Cardano Key Investors Change Their Stance
According to IntoTheBlock, Cardano’s large holders’ netflow has surged to 67.51 million ADA, signaling a significant shift in sentiment among crypto whales. The netflow represents the difference between the amount of ADA purchased and sold by large holders over a specific period.
When netflow increases, it indicates that whales are buying more than they are selling. Typically, this is a bullish signal. Conversely, a drop in netflow suggests more selling by whales, which is generally regarded as bearish.
In this case, the recent netflow increase, valued at approximately $55 million, aligns with ADA’s 11% price surge over the last 24 hours. Thus, this Cardano whales accumulation suggests that ADA may be poised for further gains, with the recent uptick serving as a potential foundation for a higher value.
Furthermore, the In/Out of Money Around Price (IOMAP) indicator provides further support for this bullish outlook. For context, the IOMAP analyzes token clusters based on three groups: holders who purchased below the current price (in the money), above the current price (out of the money), and those at breakeven.
This metric is essential for identifying potential support and resistance zones. Specifically, if there is a higher number of tokens “in the money, ” it signifies solid support, as many holders are at a profit and less likely to sell, potentially driving the price higher.
On the other hand, a higher “out of the money,” volume points to resistance, as holders might sell to recover losses, putting downward pressure on the price.
Currently, ADA’s IOMAP shows strong support levels outweighing resistance zones, reinforcing the potential for its price to climb further.
ADA Price Prediction: Move Toward $1 Almost Valid
On the daily chart, ADA’s price has risen above the key Exponential Moving Averages (EMAs). Specifically, the 20-day EMA (blue) and 50 EMA (yellow) are below Cardano’s price. When the price is above the indicator, the trend is bullish.
On the other hand, if the price is below the indicator, the trend is bearish. Therefore, it appears that, with the current trend, ADA could rise higher than $0.87. If this happens, the altcoin might rally toward the $1 mark.
However, if Cardano whales decide to sell and book profits, this prediction might not come to pass. Instead, the price could drop to $0.68.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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