Al-Khwarizmi Weekly #13: Crypto & Blockchain Weekly News Summary

Welcome to the 13th edition of Kurdcoin’s crypto and blockchain newsletter, the Al-Khwarizmi Weekly, where we bring you the latest news, insights and in-depth articles summarized for you to read in under 5 minutes.

Market recap

This week, the crypto market remained relatively flat, hovering around the $1 trillion mark. However, there was a slight uptick in volume on Friday, with total daily trading volume for friday reaching over $38.19 billion a 32% increase over the day before. Bitcoin (BTC), saw a sharp recovery at the end of the week that counterbalanced early losses. Ethereum (ETH), showed its best performance this week with a 4.75% price increase causing the biggest pains in the crypto market this week was the news that Ether Bears lost $11 million as ETF hopes lifted ETH prices. Other notable movements include DeFi lending protocol Compound (COMP), which scored nearly 20% gains, and blockchain gaming coin Immutable (IMX), which saw a price fall of nearly 12%.

Top Headlines

Digital Yuan Is Now Available for Foreign Tourists

Foreign travellers to China can now buy digital yuan tokens with overseas cards via the central bank’s official CBDC mobile app. This is the first time that foreign visitors have been allowed to use mobile CBDC wallets in China. Visitors will be able to use the digital yuan to pay for ride-sharing apps, and private and public transport, as well as buying food and other goods online.

Binance to Exit Russia Market Completely, Sells Business to CommEX

Crypto exchange Binance has agreed to sell the entirety of its Russia business to  CommEX as it looks to fully exit the market over compliance concerns. CommEX is a new crypto exchange that was officially launched on Tuesday. The deal is for Binance to sell the entirety of its business to CommEX, with CommEX taking over all operations and responsibilities.

Iraqi News

Iraq to Mandate Dinar-Only Transactions in 2024

The Central Bank of Iraq has announced that all internal commercial transactions will be limited to the Iraqi dinar starting in 2024. This move is aimed at stabilizing the local economy and addressing the growing discrepancy between the official and black market exchange rates.

Middle East Headlines

Bahrain Bank ABC Launches Cross-Border Payments on JPMorgan’s Onyx Blockchain

Bahrain-based Bank ABC has launched a blockchain-based payment service with JPMorgan Onyx Coin Systems. The new service is cheaper and quicker than traditional solutions. The service has been launched after two years of experiments. Global head of Onyx Coin Systems.

Other News

Stablecoin Risk Disrupting Short-Term Funding Market, JPMorgan Says

JPMorgan Chase, is worried that stablecoin issuers could disrupt the market for short-term debt.If stablecoin issuers start buying up a lot of short-term debt to backup their values. This move could make it harder for money market funds to find enough debt to invest in and disrupt the Short-Term Funding Market.

Epic Games Layoffs Highlight Metaverse Challenges

Epic Games, the developer of Fortnite and Unreal Engine, has laid off 16% of its workforce, citing unrealistic revenue projections from the metaverse. This is the latest sign that the metaverse is still in its early stages and has yet to generate the hype and revenue that some companies had anticipated.

From Our Blog

5 Ways You Can Buy and Sell USDT in Iraq

If you want to buy or sell USDT or other crypto assets in Iraq, you have some options that range from using peer-to-peer platforms to using trusted and reliable companies such as Kurdcoin. In this article, we list the top methods for buying and selling USDT, bitcoin and other cryptocurrencies.

Top Crypto Wallets to Consider for Self-Custody

Self-custody means that the private keys of your coins are stored with you and you’re the only person who has access to them. This ensures that you are the only one who has access to your funds which is a much more secure alternative to custodial wallets. Custodial wallets are those where your private keys are held by a third party such as a centralized exchange.

Give Us a Call

Buy and sell USDT and other crypto assets safely and easily with Kurdcoin, Iraq’s first and most trusted crypto exchange. To get started, call us on 07509903000 and our team will guide you through the process step by step.