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
Solana Hits New All-Time High After 3 Years
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
Market
WisdomTree Europe Launches XRP ETP
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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.
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