Tag: Crypto

Crypto.com Names Al Hakim President for UAE Operations

Summary: Crypto.com has leveled up its game in the UAE by appointing Mohammed Al Hakim as the president of its regional operations. With his impressive track record and passion for innovation, Al Hakim is set to steer Crypto.com’s growth in one of the world’s hottest crypto hubs.

A Big Win for UAE’s Crypto Scene

Crypto.com isn’t just making waves; it’s making history. Mohammed Al Hakim is not only the first Emirati to snag such a prestigious role at the company but also a trailblazer in the entire crypto industry. His job? To lead Crypto.com’s expansion in the UAE and across the GCC. From working with government agencies to amping up blockchain initiatives, Al Hakim’s got his hands full—and he’s ready to deliver.

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Crypto Meets Innovation

Al Hakim brings over 10 years of experience in partnerships and business development. This dude helped rake in $800 million in foreign investments for Dubai and bagged sponsorship deals worth millions for government projects. He’s also part of the Mohammed Bin Rashid Center for Leadership Development, which basically means he’s been groomed to lead and innovate on the big stage.

Crypto.com’s Power Moves in the UAE

This appointment is just one of Crypto.com’s many flexes in the region. Recently, they launched an AED Wallet for local deposits and partnered with Mastercard for a prepaid crypto card. Add to that the UAE ranking third in the MENA region for crypto transactions ($30 billion in a year), and it’s clear: Crypto.com is going all-in on the UAE.

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Al Hakim summed it up best: “The UAE’s forward-thinking approach to crypto is unmatched. I’m hyped to drive innovation and bring more value to our users in the UAE and GCC.”

Bitcoin Rally Mirrors 2020 Bull Market

Summary: Ki Young Ju who’s the CEO of infamous CryptoQuant said that the recent Bitcoin rally which is driven and supported by huge whale accumulation and mining economics. He believes that this surge is very similar to the 2020 bull phase. Bitcoin currently is being traded at $97,444 as it comes closer and closer to $100,000.

Whale Accumulation Drives Rally

Ju was previously criticized for sharing how he believes whale accumulation is surging the BTC valuation but now Ju’s truth is highlighted by the insane surge as whale accumulation have been a major factor in Bitcoin’s valuation increase.

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Halving Impact on Mining Economics

Ju explained how higher Bitcoin prices are very necessary to maintain profitability for miner, and after the April halving, the mining rewards was reduced to mere 3.125 BTC while also doubling mining costs. This has added upward pressure on the market.

Short Squeeze Potential

As many more traders and investors are shorting Bitcoin, Ju highly believes that a short squeeze could potentially fuel the flame and further the bullish momentum. Which seems just parallel to what happened during 2020’s sixfold surge. He stressed his tone and emphasized that the recent conditions including political aspect greatly supports sustainable growth, however, he’s also cautious as the timing remains uncertain.

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Italy Weighs Lowering Crypto Tax from 42% to 28%

Italy is planning to implement 42% price hike on crypto trades according to a statement made by the Vice Economy Minister last month. It has taken major backlash though, so there’s a chance they might drop it to 28%. Some want to scrap the hike entirely, while others push for better crypto education. Whatever the outcome is, this could reshape Italy’s place in the crypto game.

The government of Italy is more tilted towards approving a proposal  to reduce the planned tax hike on cryptocurrency trading. A junior partner in Prime Minister Giorgia Meloni’s coalition suggests crypto tax limit to be 28% instead of the originally planned 42% according to last month’s budget.

Crypto Industry leaders argue that this absurd proposed tax would certainly make Italy less competitive in the field of crypto, compared to other European Union countries. It is sure to get a major pushback, they quoted. The law currently beholds  26% tax rate for crypto.

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The EU is also reportedly rolling out some major crypto rules soon, so Italy’s case becomes even more heated debate than anticipated. Forza Italia, a center-right political party in Italy, wants to cancel the hike entirely and ditch the tax break for gains under €2,000. The League also suggests teaming up with crypto firms to educate investors. The decision is in hands of Italy’s government and this decision is crucial as it would reshape its crypto future forever.

Injective (INJ) Eyes Bold $100 Rally Following Bullish Flag Breakout

Injective (INJ) just blasted out a bullish flag pattern. Its reportedly setting sights on a midterm target of $66 and very soon looks towards going on a solid uptrend. It has already broken above its 200 day moving average. Right now its at a critical $22.5 resistance level and looks to break through it pretty soon which would result in even more gains.

Injective is attracting major attention towards itself with analysts supporting it by highlighting its potential bullish run coming soon. Currently trading at $ 22.7 this cryptocurrency is poised to break above to more high targets, with a midterm price forecast of $66.

One of the crypto analysts , Captain Faibik specially highlighted a bullish flag pattern breakout for injective. Injective had been suffering a constant decline as of recent and usually there is a reversal from a downtrend to an uptrend and recent momentum of it hints on a major breakout. Analysts believe if this continues on we could expect a very nice rally.

Analysts are absolutely hyped up about INJ hitting $66 midterm after breaking out of a bullish flag pattern which is usually a sign of strong accumulation before a big price move. Its getting full support from buyers as well as they are all stepping in which further pushes INJ closer to this target. Analyst Aqua notes that INJ just broke above the 200-day moving average , this is first time since April, which often hints at a trend reversal. Aqua also makes another positive remarks by stating he believes INJ could surge past $100 in the coming months.

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Polkadot Teams Up with SP Negócios to Boost Crypto Economy Growth

SP Negócios, São Paulo’s agency for boosting investment and exports has teamed up with Polkadot to spark innovation in São Paulo’s crypto scene. Polkadot is really stepping up as a key player with its secure and transparent platform. Experts have even predicted a potential 300% surge of this token in near future.

After this team up, people and companies on São Paulo will have full access, starting this December, to free blockchain programming training from Código Brazuca. Its reportedly open to absolutely everyone, even people with zero prior experiences.

A decentralized business developer at Polkadot, Gustavo J. Massena believes this partnership will train blockchain programmers and bring techs closer to all kinds of businesses in São Paulo, and this will be for everyone from startups to well established businesses. SP Negócios also believes this will make the city a go to hub for blockchain and crypto innovation.

This collab is benefitting both sides, for Polkadot, it increases adoption of its technology and is also very beneficial for its brand reputation and trust. As for São Paulo, this collab is a major boost for its tech scene. The city will now attract new investments, help in upbringing of startups and most importantly solidify São Paulo’s status in the blockchain world.

Blockchain is already shaking things up in areas like DeFi, NFTs, and asset tokenization, and this partnership aims to fuel even more growth.

Austria Sentences Five in Landmark $21.6M Crypto Scam Trial

Summary

Five individuals were sentenced to prison for their roles in a Ponzi-like scheme. This incident occured in Austria, where the sentenced individuals involved themselves in the EXW-Token scam that defrauded over 40,000 investors out of €20 million ($21.6 million).

Landmark Crypto Fraud Trial Ends in Sentencing

Austria’s largest crypto fraud case to date, took a year-long trial and 60 days of hearings. The Klagenfurt Regional Court sentenced five individuals involved in the EXW-token scam. The individuals were found guilty of running a Ponzi-like scheme, persuading investors with promises of daily returns through fraudulent ventures,including the EXW Wallet and fictitious investments in real estate and rental cars.This fraudulent scheme had already collapsed in 2020 but briefly managed to resurface under the name Exchange World.

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Lavish Spending Funded by Fraud

Court recordings reveal that the defendants were using the stolen funds to facilitate their lavish lifestyles; luxury cars, private jets and mansions. Out of all the stolen goods some of the stolen goods was allegedly transfered from Dubai to Austria.Two of the defendants received five-year sentences, with others handed 30-month and 18-month suspended sentences. EXW Wallet co-founders Benjamin Herzog and Pirmin Troger had already pleaded guilty and received five-year sentences.

A Rising Global Threat

The EXW-Token case highlights a troubling increase in crypto scams globally. France recently began its own $30 million crypto fraud trial, while the U.S. sentenced a Ponzi promoter to prison. With crypto-related frauds surging, authorities worldwide are cracking down to protect investors and maintain trust in the cryptocurrency market.

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