Al-Khwarizmi Weekly #14: Crypto & Blockchain Weekly News Summary
The Al-Khwarizmi Weekly, Kurdcoin’s crypto and blockchain newsletter, has reached its 14th issue. In it, we bring you the most recent information, analysis, and in-depth articles so you can read them in under 5 minutes.
The crypto market saw a price hike this week, some attributed this movement to a phenomenon called Uptober, which is the observation of crypto prices rising every year in the month of October. The global crypto market cap is now $1.09T, up 0.2% from the previous week. Bitcoin (BTC), the largest cryptocurrency by market capitalization, rose by 5% this week. Ethereum (ETH), the second-largest cryptocurrency, rose by 1.26%. Other notable gainers include Solana (SOL), which rose by 20.42%, and XRP, which rose by 4.91%.
The Fear & Greed Index, which measures investor sentiment, is currently at 45, which is in the “neutral” zone.
Ripple has won another victory in its ongoing legal battle with the SEC, with a judge denying the SEC’s request to appeal part of a recent ruling. The ruling found that some of Ripple’s XRP sales were not securities offerings, which is a significant victory for the cryptocurrency industry.
Tesla CEO Elon Musk has called fiat currency a “scam” on Twitter. The comments by Musk come at a time when central banks around the world are printing money at an unprecedented rate. This has led to concerns about inflation and the value of fiat currencies.
In a statement, the CBI said that it guarantees dollar deposits and that citizens who have deposited their money in dollars with an Iraqi bank have an inherent right to receive these amounts in cash and in US dollars. The CBI also said that there was no mention in the press interview of expectations that the exchange rate would reach 1,700, and that the Central Bank has its own tools that it uses to reduce the difference between the two prices.
Middle East Headlines
A new dirham-backed stablecoin, DRAM, has been launched in the UAE by Distributed Technologies Research (DTR). DRAM is an Ethereum ERC-20 token issued by Hong Kong-based Dram Trust, and is backed by dirham fiat reserves held by regulated financial institutions.
Binance, the world’s largest cryptocurrency exchange, has helped Thai authorities dismantle a massive crypto scam that drained over $277 million from victims across Thailand. The scam, known as a “pig butchering scam,” involved scammers carefully gaining the trust of their victims before conning them out of their money.
Banks with cryptocurrency exposure will have to disclose their crypto holdings under a new plan proposed by the Basel Committee on Banking Supervision. The move is aimed at increasing transparency and reducing industry contamination in the wake of the recent banking turmoil, which regulators believe was partly caused by the sudden hype around crypto.
From Our Blog
State attitudes towards crypto have not been uniform globally nor over time. Whereas certain jurisdictions have welcomed crypto others have remained hostile or confused. Regulations in some countries have gone from hostile to friendly then to hostile again in the span of a few years. While these cycles continue, some countries have proven to be more crypto friendly than others. In this article, we will cover 5 most crypto-friendly countries and how they have embraced crypto.
Stablecoins have provided a much-needed solution in the digital assets ecosystem. Two of the most popular stablecoins are USDC and USDT, both of which offer various advantages over traditional fiat currencies. This article, compares and contrasts the two leading stablecoins so you can make an informed decision when it comes to selecting a stablecoin for your needs.
Buy/Sell Crypto Today
Kurdcoin, Iraq’s first and most reliable cryptocurrency exchange, makes it simple and safe to buy and trade USDT and other digital assets. Call us at 07509903000 to get started, and a member of our staff will walk you through each stage of the process.