Qatar just dropped its 2024 Digital Assets Framework, aiming to build a secure and transparent crypto ecosystem. The Qatar Financial Centre (QFC) wants this move to attract both local and global players, setting the stage for a booming financial services sector.
Governor Sheikh Bandar Al Thani called it a big step toward their Third Financial Sector Strategic Plan. Yousuf Mohamed Al-Jaida, QFC’s CEO, hopes this clear, new framework will bring in more fintech and startups. Already, 20+ companies have joined since launching their Digital Assets Lab last year.
Now, companies can apply for licenses to provide token services. Qatar is ready to make waves in the digital finance world!
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Metaplanet, aka Japan’s MicroStrategy, linked up with Ripple’s partner SBI VC Trade to supercharge Bitcoin trading, custody and management. This collab is giving metaplanet some huge advantage. It has access to SBI’s next level custody services and the option to use Bitcoin for financing.
This partnership could easily hype up Bitcoin in Japan more than ever. It shows hints of crazier collabs along the line. This link up could indicate big things ahead for both companies.
At the given time, BTC’c at $57,807 down by 0.60%. but the trading volume is up 77%. That’s a clear indication of it being talk of the town.
Solana (SOL) faces a bearish market as the cryptocurrency strives to recover from the impacts of the Sunpump event. Initially, Sunpump was expected to be a bullish catalyst. In the recent times, it has appeared to drive investors to sell SOL, creating another dip. The event denoted high volatility. It fails to keep the SOL price above the critical resistance level.
Market experts observe that after the post-Sunpump event, several traders have become cautious. This has created a gap that SOL prices continue to indicate that they are heading low. Investors are becoming anxious due to the instability in attaining the previous prices. This can cause uncertainty about its short-term prospects.
This has also shifted the overall market sentiment towards the asset. The investors are voicing their fears that the latest movement could dent confidence in Solana. However, it is important to recognize that from a long-term perspective, Solana has attractive fundamentals.
However, there are some analyst in the market regarding the Solana coin’s future. They believe that the coin has a chance of bouncing back as soon as the market comes out of its current grim phase.
For those who want to remain abreast of Solana’s market movement, the key is to watch out for future announcements. Additionally, they need to evaluate the risks and rewards of holding SOL during this volatile period.
Elon Musk just steered clear of a huge legal battle. A U.S. judge tossed away a $258 billion lawsuit accusing Musk and Tesla of influencing Dogecoin.
The lawsuit, filed by investors in June 2022, just cleared up in 2024. The lawsuit claimed Musk was manipulating his twitter following to pump up Dogecoin prices (it spiked over 36,000%) and then let it crash. This manipulation was named “Dogecoin Pyramid Scheme,” pointing to tweets where Musk joked about being Dogecoin’s CEO and even sending it Mars via SpaceX.
On august 29, Chief Judge Alvin Hellerstein stated that Musk’s tweets to be jokes and not financial advice. He cleared it out saying no reasonable investor would take them seriously.
Musk’s lawyers called the claims pure fantasy and the judged agreed and dismissed the case.
Recently one of the most popular footballers Kylian Mbappé’s official social accounts were involved in the scam. The scam was for a fake cryptocurrency which has led to huge losses for many people. They were able to use his X (formerly twitter) to launch a scam coin known as $MBAPPE. It launched with an intention of pumping and dumping it which caught many people in the scam.
An investor lost more than one million dollars in one hour. Blockchain tracker Lookonchain said the now-infamous investor registered a new address. They performed a operation involving 7,156 SOL, which at the time was approximately $1.03 million. However, the token’s value plummeted shortly and their investment went down to $9,200 only, a loss that amounted to 99%.
The $MBAPPE token initiated by using the Solana-based meme coin platform named Pump.fun. Even though the platform makes it quite easy for users to create tokens. It received a lot of backlash for making it easy to conduct such scams as this one. Subsequently to the posts made by the hacker on Mbappé’s X account, the price of $MBAPPE rose within minutes. However, when it reached the top, the value dropped to severely low levels. This proved devastating to most of the investors.
While most lost a great deal of money, one or two traders benefitted greatly out of the confusion that ensued. One investor, who invested only 2 SOL (about $286), sold at the correct moment and realized an incredible profit of 1,398 SOL. Another seasoned trader made a 4,330x return in just three minutes by cashing out with a massive 866.14 SOL, after just spending 0.2 SOL.
This is one of the latest in what is becoming a common occurrence of attackers using the name of famous personalities to benefit financially from those they con. In January this year, hackers also appropriated McDonald’s Instagram account to advertise a fake currency known as Grimace; this had a real ripple effect costing millions of dollars.
Fortunately for now, Mbappé deleted the posts but the damage was already done.
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Xena challenges the idea that Trump’s re-election is crucial for XRP.
Ripple’s legal victories are more important than U.S. political leadership.
Trump’s pro-crypto stance has boosted market confidence, but Xena sees it as unnecessary.
Xena, an influential member of the XRP community debunked the idea that Trump must get re-elected for XRP to succeed. She went on social media to share her views. She points out that trials in the Ripple’s court are more important for the future of XRP. Rather than, the holder of the presidency in the United States.
The large number of supporters for Trump in the community has raised increased hope. A hope in the possibility of the XRP benefiting from Trump’s strong pro crypto moves. They mention that his speech on June 2024 that triggered the Bitcoin and the altcoins such as XRP to rise. The incumbent president also voiced more friendly policies. Policies towards crypto if he is to again be elected for a second term.
However, Xena was quick to note that both Trump’s and Biden’s tenures had not been disruptive in Ripple’s context. She quoted Ripple chairman Chris Larsen, who said that neither administration has aided the crypto market. Before the recent win in the lawsuit, Xena noted Ripple is well positioned to move forward no matter which of the two next presidents.
Another community member, Chad Steingraber also shares the opinion stating that Trump’s comeback may take XRP to $40. However, Xena cleared this as a myth, as she believes that XRP has already set off to become the coin of the future.
The RBI which is the central bank of India has recently introduced a new concept known as the “plug-and-play” that is going to make cross border payments better. This system will also assist in enabling proper connection between numerous CBDCs of different central banks.
RBI Governor Shaktikanta Das emphasized that ensuring compatibility of these systems with each other would result in optimum benefit. This could help in accelerating the payment between nations and as well help to bring down the cost.
However, a challenge remains: Other countries may want to create their own system based on domestic circumstances for that nation. In this regard, Das was offering a structure that is highly scalable and will also pay respect to each country’s sovereignty.
India has already started implementing this idea and they expect it will be of great help to many countries. Adding to that, Das mentioned that for real improvement, CBDC systems should be interconnected. Also, conventional payment systems from various nations must also be able to interface with CBDCs.
India assumed the G20 presidency in December 2022.It has also intended to introduce new rules on digital assets which are expected to be released later in the year.
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Solana (SOL) has perceived a 40% boost in trading volume and that might be on the path of recovery. This surge occurred after a period of inactivity of SOL, dealing with issues concerning network outages and market competition.
The recent rise in trading volume shows a fresh demand for Solana indicating the platform is a high throughput and low transaction costs. Market analysts suggest that the spike was led by different factors like:
Recovery in the cryptocurrency market
Increased activities of developers in the Solana Network
Growing interest in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) build on Solana’s infrastructure
Solana has maintained a strong developer community and a robust ecosystem. The network can handle thousands of transactions per second at very low fees. This makes Solana a viable alternative to Ethereum for their operations. This surge depicts the recovery of Solana as the trading volume increases. However, while the volume has gone up it is yet to be seen if this will bring about steady rises in the prices of the various products.
As Solana will be experiencing such important weeks, people in the market will closely watch the activities. The increased traffic means the comeback of SOL revival or new troubles while there could arise further challenges.
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The Base Network crossed 1 million daily active addresses, creating a significant milestone in the decentralized finance (DeFi) landscape. This is the first time that Base Network has reached this milestone. The milestone signifies the beginning of the next phase in the rapid evolution of Base Network.
Base Network is an Ethereum Layer 2 scaling solution developed by Coinbase. The Base Network is a cost-effective and scalable alternative to the Ethereum mainnet. This has led to the increasing number of daily activities of the Base Network. It shows that interest of users are growing in the Layer 2 solutions. Diverse users are attracted to it due to the high transactions at low fees. From retail traders to investors, are seeking possibilities to capitalize on benefits from Layer 2 technology.
The rise in the activities also depicts the vast uptrend in DeFi. The users are inclined toward decentralized solutions for trading, lending and more. Thus, with the advanced technological platform and support of Coinbase, Base Network has become prominent for the further development of decentralized Finance.
As the Base Network gains more popularity, there are chances of innovations in the DeFi environment. Therefore, the achievement made in the daily active addresses by reaching 1M points to the bright future of Layer 2 solutions in the blockchain market.
Binance CEO Richard Teng wants the U. S. to intervene. As, Binance executive Tigran Gambaryan, a former U. S. federal agent, has been in detention in Nigeria for six months. Gambaryan was detained in February 2024 with another employee, the British-Kenyan Nadeem Anjarwalla, at an airport in Abuja. While Anjarwalla was able to escape Nigeria in March this year, Gambaryan is still incarcerated with his situation becoming worse.
Teng states that Gambaryan has many health problems such as a slipped disc and is bedridden most of the time. Despite the state of his health, Nigerian authorities have refused to provide him the medical attention. Legal warrants for his medical records, as well as humane treatment, have also been violated by the court.
Teng is appealing to the U. S. government quoting humanitarian reasons to consider Gambaryan in the list of unlawfully detained citizens. He continued to argue that the detention is not warranted.As, Binance has resolved legal matters in other jurisdictions without force.
As stated at the office of Gambaryan’s family, his attorneys have been prevented from seeing him since July 25, 2015. Although they were only allowed to visit him on August 15, 2015 briefly. This has made it difficult for the team to prepare for his trial, a situation that is unfavorable according to the Nigerian law.
While Gambaryan remains detained, Binance is urging the U. S. authorities and the international organizations to act and free the man.
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