Coin Week

  • bitcoinBitcoin$28,340.005.75%
  • ethereumEthereum$1,809.545.23%
  • binancecoinBNB$317.222.73%
  • rippleXRP$0.5717.10%
  • dogecoinDogecoin$0.0759735.08%
  • solanaSolana$21.157.08%

Blockchain association launches in Abu Dhabi

Image source: IDB

Blockchain technology has been the hottest topic in the tech industry in recent years, and now it is looking to take a massive leap.

Recently, a new blockchain and crypto-focused association launched in Abu Dhabi’s free economic zone.

It aims to improve the development of blockchain and crypto ecosystems across the Middle East, North Africa, and Asia.

The association

The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) launched days earlier in the Abu Dhabi Global Market (ADGM).

The ADGM is a free economic zone in the city’s center.

It is subject to its own set of civil and commercial laws.

Additionally, the zone is designed to improve the growth of fintech companies in the United Arab Emirates (UAE).

The non-profit organization aims to facilitate regulatory solutions, create commercial opportunities, and invest in education for industry growth support.


The MEAACBA is going to be spearheaded by board chairman Jehanzeb Awan, the founder of an international risk and compliance consulting firm based in Dubai.

Other supporters of the association include:

  • Richard Teng, Binance’s regional head of the Middle East and North Africa (MENA)
  • Stuart Isted,’s general manager of Middle East and Africa
  • Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region

Awan said he hopes the organization will bring a collaborative and community-based approach to further industry growth in the MENA region.

He also hopes to create wide-reaching benefits for the “highly dynamic and exciting” space.

“The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal tax, and advisory firms to address the most pressing challenges,” said Awan.

In addition, Ahmad Jasim Al Zaabi, ADGM’s chairman, said that the MEAACBA’s addition would help create a more “progressive financial sector” in the region.

The launch

The MEAACBA launch comes as the FSRA published a set of “Guiding Principles” in its approach to navigating the regulatory complexities brought by the digital asset industry in November.

The Financial Services Regulatory Authority is the financial regulator of ADGM’s free economic zone.

In addition, the principles are considered “crypto-friendly.”

It still complies  with the strict international standards on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) by the United Nations.

Additionally, recent studies show that the MENA region is the fastest-growing cryptocurrency market.

Furthermore, between July 2021 and June 2022, the transaction volume in MENA has a 48% increase from the past twelve months, reaching $566 billion.

The use case for cryptocurrencies in emerging markets comes from savings preservation and remittance payments.

Finally, it counters inflation in unstable economies.


Middle East, Asia, and Africa blockchain association launches in Abu Dhabi

Cryptocurrency rally raises caution in the crypto space

Image source: Business Today

Cryptocurrency: Cryptocurrencies have recently made positive progress with an upswing price, especially Bitcoin and Ethereum.

However, the good news also revives a common debate in such situations: is the market set for a rebound, or are the trends just going to lead to another heavy crash?

In November 2021, Bitcoin hit an all-time high selling price of $69,000.

Since then, the digital coin has been struck with higher interest rates and the collapse of high-profile firms, including FTX and Three Arrows Capital (3AC), among others.

Cryptocurrency movement

The leading cryptocurrency is down almost 67% from the November 2021 prices, but digital assets, including stocks, are off to a good start for 2023.

This month, Bitcoin rose by 38%, selling for $22,893.39 – its highest price since August 2022.

Ethereum’s cryptocurrency (ETH) also rose by 38%, selling for $1,635.68.

So far, cryptocurrency prices have risen in January in anticipation of the economic report that indicated inflation cooling in December.

The reading has also been positive, raising the possibility of the Federal Reserve increasing rates at a slower pace than last year in an attempt to slow down soaring prices.


Although it has mainly been good news, many are giving warnings of caution.

Crypto commentators believe the recent surge is too good to be true, labeling the current rally a trap.

Commentators also anticipate the increase will abruptly come crashing down, burning naive traders who believed it was the start of a new uptrend.

Others are also skeptical of the crypto rally.

On Twitter, a popular Bitcoin page held a poll with 18,000 participants calling the rally a bull trap.

Meanwhile, a prominent crypto enthusiast and self-titled crypto analyst, il Capo Of Crypto, agreed with his sentiments.

Read also: CBDC report shows how it could impact global financial systems

“I’ve been checking charts all this time, avoiding noise from Twitter,” he wrote.

“The way the upward movement is happening, the way htf resistances are being tested…it clearly looks manipulated, no real demand.”

“Once again, the biggest bull trap I’ve ever seen. But they won’t trap me.”

The self-proclaimed crypto analysts’ suspicions were shared across the space.

It also reached Reddit, with one user pushing against observations with a market bottom in a news article.

“Hard to believe that it was only a week or so ago that everyone and their analyst was solemnly and confidently proclaiming that [Bitcoin at] 12k was inevitable and unavoidable,” said the user.

Jim Cramer

CNBC’s Mad Money host Jim Cramer chimed in last Wednesday, calling the crypto bounce a manipulation.

“The manipulation higher of crypto shows you this is truly a sham market,” Cramer tweeted.

Cramer’s commentary was received with mixed accuracy.

It became the subject of mockery, with memes emerging and a series of parody accounts.

For example, one account goes by the name “Inverse Cramer ETF,” a false Exchange-Traded Fund that offers the opposite of Cramer’s advice.

Several accounts also took a swipe at the Mad Money host’s sentiments, taking his pessimism as a positive sign.

Dan Held, the head of growth marketing at crypto exchange Kraken, mockingly raised a toast, replying, “Bottom is in!”

A positive outlook

While others were wary, other influential accounts were bullish.

PlanB declared that a new bull market in digital assets had started as the Bitcoin pump occurred.

Meanwhile, other community members decided to take it as an opportunity to mock people who are cautious of digital assets dealing with more losses.

Wall Street

The surging cryptocurrency prices have also confused Wall Street.

Last Friday, JP Morgan analysts released a research report that couldn’t fully explain the rally confidently.

However, they acknowledged that market conditions had improved for riskier assets, citing the recent inflation report.

“We don’t have a great answer on the January-to-date rally of crypto, we do think it is emblematic of the underlying conviction many still have in cryptocurrencies,” they wrote.

“The crypto-bulls and whales seem to have been reinvigorated.”

Bitcoin, Litecoin, Ethereum: Meet the top 5 cryptocurrencies in 2022

Bitcoin, Litecoin, and Ethereum are just a few of the top cryptocurrencies in the world. Over the past few years, there has been an incredible amount of growth in the cryptocurrency market. Although you may not hear about Litecoin (LTC) as much as Bitcoin (BTC), it is still one of the most popular cryptocurrencies and second only to Bitcoin in terms of age. As such, this digital asset has been around for a long time and continues to be highly sought after by many crypto investors. Litecoin trading has become increasingly popular in recent years as more and more people are looking to invest in this growing digital asset. This blog post will look at some of the top currencies expected to be around in 2022.

The concept of Cryptocurrencies?

Cryptocurrency is a decentralized digital asset, meaning it operates without the authorization of a bank or government. There are currently 21,954 cryptocurrency projects in the industry, collectively worth more than $854 billion.

Here are the top 5 cryptocurrencies in 2022:

      1. Bitcoin (BTC)

  • The market capitalization of this cryptocurrency stands at an impressive $327.2 billion.

As the world’s first cryptocurrency, Bitcoin (BTC) was brought to life in 2009 by Satoshi Nakamoto. Using a blockchain-based ledger, Bitcoin (BTC) is supported by thousands of computers that record and store its transactions. This technology makes it one of the most reliable cryptocurrencies on the market today. To ensure its security and resistance to fraudulence, Bitcoin utilizes a verification system called proof of work that requires solving a cryptographic puzzle. This process guarantees the accuracy of additions made to the distributed ledgers.

Bitcoin has become a phenomenon in six years, and its worth has skyrocketed exponentially. In May 2016, one Bitcoin was valued at around $500, while in December 2022, it had increased to an astonishing $17,020, a growth of over 3304%. It is no surprise that more people are investing in cryptocurrency as this trend continues.

      2. Litecoin (LTC)

  • With its impressive $5.5 billion market capitalization, Litecoin is a dominant player in the cryptocurrency sphere.

Developed by ex-Google engineer Charlie Lee, Litecoin emerged as one of the first alternative cryptocurrencies to Bitcoin and Ethereum. Its creation was to refine certain aspects of the Bitcoin blockchain technology. With lightning-fast transactions of up to 54 per second, Litecoin offers an advantage over other cryptocurrencies. Even though Litecoin needs six confirmations from exchanges to be considered irreversible, many peer-to-peer crypto payment networks can often settle Litecoin transactions immediately.

Litecoin and Bitcoin have many commonalities. They are both open-source projects that employ the proof of work model to validate transactions.

Litecoin is similar to Bitcoin, but it has some notable differences too. For example, the processing speed for Litecoin is different from Bitcoin. In addition, the maximum supply for Litecoin is capped at 84 million coins, while Bitcoin is capped at 21 million coins.

Litecoin is an incredibly liquid crypto, making it the perfect currency for swift trades. You’ll be delighted to learn that numerous merchants and nonprofits will gladly accept Litecoin as payment – from Newegg to SlingTV and even the American Red Cross.

Unlock the power of digital currency apps like BitPay and CryptoPay, enabling you to make payments via Litecoin (LTC). Furthermore, if peer-to-peer payments are your thing, Binance has a nifty app that allows you to pay someone with LTC.

      3. Ethereum (ETH)

  • With a market capitalization of $153.9 billion, this cryptocurrency is well-positioned to take advantage of future opportunities.

Ethereum is a blockchain platform and cryptocurrency that has captured the attention of software developers due to its potential applications, such as smart contracts with automated functionality when predetermined conditions are met or non-fungible tokens (NFTs).

Ethereum has made remarkable gains since April 2016, from roughly $11 to its current price of around $1,258. This is equivalent to a stunning 11,336% market appreciation in under six years.

      4. Tether (USDT)

  • Revered for its impressive market cap of $65.6 billion, this cryptocurrency has demonstrated that it is a formidable force in the industry.

Unlike other cryptocurrencies, Tether (USDT) is a stablecoin; it’s backed by fiat currencies such as the U.S. dollar and Euro, ensuring its value is nearly equivalent to that of one of these denominations. Thanks to its stable nature, Tether has become the go-to choice for investors who are wary of other cryptocurrencies’ extreme volatility. In theory, this digital currency should be more predictable than other coins.

      5. Binance Coin (BNB)

  • The total market capitalization for this cryptocurrency is estimated at a staggering $46.2 billion.

Binance Coin (BNB) is a digital currency that can be used to trade, execute transactions, and pay fees on Binance – one of the largest cryptocurrency exchanges in the global market. Since its inception in 2017, Binance Coin has gone beyond just facilitating trades on the Binance platform by offering various services and benefits. Not only can you use Binance coin for trading, payment processing or booking travel arrangements, but it can also be converted into other forms of cryptocurrency such as Ethereum and Bitcoin.

In 2017, BNB’s cost was a mere 10 cents per coin. However, as of December 2022, it had skyrocketed to an impressive $289 – representing a 288,900% increase in value.


With its lightning-fast transactions, low transaction fees, and high liquidity, Litecoin is one of the top cryptocurrencies to watch in 2022. Other promising coins include Ethereum, Tether, and Binance Coin – all of which have shown considerable growth since their launch and are well-positioned to continue dominating the cryptocurrency landscape in the future.

In Preparation for the Merge, Should You Stake Ethereum?

Throughout the years, mining cryptocurrencies was appealing to many people because you could earn revenue by employing graphics cards or unique mining hardware to solve complex computation tasks leaving you with the digital token reward from the blockchain network. Simultaneously, mining negatively impacted the environment because of the amount of electricity it consumed.

Cryptocurrencies like Ethereum or Bitcoin attracted other enthusiasts besides miners, especially after mining became linked to several mining farms and out of reach for most users. So, how to buy Ethereum was asked on Google much more than how to mine. To tackle environmental issues’ scrutiny and create a better version of the original network, Ethereum creators have been preparing the Merge for a long time.

The ins and outs of the Merge

The Merge is the most talked about topic in crypto circles and one of the monumental events in the short and dynamic history of cryptocurrencies and blockchain. So far, Ethereum was operating on the Mainnet as an execution layer and transactions were confirmed with the proof-of-work consuming enormous amounts of energy with mining. 

The Merge is transitioning from proof-of-work to a new proof-of-stake consensus layer and joining with the Beacon Chain, where this concept was tested thoroughly. Currently, the Mainnet, where all the user accounts, contracts and balances exist and are secured by proof-of-work, exists simultaneously with the Beacon Chain that uses proof-of-stake.

When will it happen

The Merge was in the talks for years and kept getting postponed. However, now there are some more precise insights on when the groundbreaking event. After Ethereum finished the Goerli public test net merge, it’s supposedly the final experiment. According to available information, Ethereum’s final Merge will happen on September 19.

What will change for Ethereum owners

The most impactful change will happen on the validation level. Instead of miners, the network transactions will be replaced by validators. You will have an execution, consensus client, and validator software. To create a new block, a validator with at least 32 ETH must submit votes and be careful about slashable penalties.

That doesn’t mean you can’t stake Ethereum unless you have 32. A role in a network will still exist for empty blocks, and you can also join pools. 

An important note for users is no history will be lost. Your funds are safe with the Ethereum network. So if you have Ethereum, you won’t have to do anything because the funds in a wallet will still be accessible.

However, if you are running a staking node, you will have to run a consensus layer client and execution layer. Authentication on those layers and setting a fee recipient address will allow you to get transaction fees.

Impact of the Merge

Ethereum mining has a high energy cost. And while those are lower than its most famous competitor Bitcoin, it was more than enough to raise eyebrows. After the Merge, Ethereum will lower energy output by more than 95%. 

Another benefit is further increased security. The Merge will deal with malicious users that try to exploit the network with slashing, a penalty system punishing malicious validators.

The Merge is the first in a line of Ethereum network changes. The next line is Sharding, a process that will divide the network into shards or smaller networks to allow the faster transaction, clear up congestion and lower the gas fees.

For now, the Merge won’t bring lower gas fees or faster transactions, but ultimately these changes will get an incredible speed increase. Estimates say that after Sharding, the Ethereum network could handle up to 100,000 transactions per second, a considerable uptick from 10-20 of the current state.

With more security, faster transactions and lower energy costs, Ethereum could attract institutional investors. But what about users that want to stake ETH now?

Should you stake Ethereum?

If you are worried the Merge might bring downtime to the network, Ethereum creators have already successfully tested networks merging several times. The Merge is designed to have zero downtime, and the network should keep working continuously outside of numerous changes. 

Since Ethereum will become deflationary, the shrinking supply and the same or more demand should result in higher Ethereum prices in the long run. With other security, and scalability benefits mentioned earlier, the outlook for ETH is looking bright.

There is currently over 13 million ETH staked on the network. For current validators, Ethereum set an exiting limit to 43,200 ETH per day, meaning there can’t be significant departures from the network once the Merge is completed. 

If you start staking Ethereum now, it could be wise given the future expert predict for one of the most popular cryptocurrencies. 

Watch out for scammers

After the Merge, it will be time for Ethereum 2.0. Outside of the network changes, users do not need to do anything with their ETH. This is important to state to avoid possible scammers that will offer conversion from ETH to ETH 2.0. Nothing needs to be done if you already have Ethereum to get Ethereum 2.0. 

The Merge will bring new challenges to crypto enthusiasts and will be a significant letdown for miners. However, a new, improved network will significantly improve security, gas fees, speed, and scalability in the long run.