Connect with us

Top News

Is there an end in sight for this ‘crypto winter’?



It might be summer (at least in the Northern hemisphere), but the crypto world is very much stuck in winter mode. Major cryptocurrencies such as Bitcoin and Ethereum have been down for so long that graphs veering into positive territory seem to be the memory of a distant past. And other altcoins are not faring any better.

Some people have lost their life savings. Others who had decided to dip their toes in when things were going well, on the hypothesis that they would go even better in the near future, are now regretting their decision. Others still are convinced that this is just a blip, and that happier times are coming – sooner or later.

In mid-June 2022, searches on Google for ‘Bitcoin dead’ reached an all-time high.

So, what happened? Why is it taking so long? And is there a light at the end of this seemingly never-ending crypto tunnel?

What exactly is a crypto winter? 

First things first, the term ‘crypto winter’ means when prices fall and remain low for a prolonged period. This instance of a crypto winter is not the first one; it happened already, starting off when Bitcoin fell from $19,497 on 15 December 2017 to $13,831 merely six days later. It continued to plummet until, by end-2018, it was worth less than $3,300.

This time round, the major factors which have contributed to this situation included uncertainty propelled by an unstable stock market, soaring inflation, geopolitical turmoil, skyrocketing interest rates, and the very real fear of recession.

Crypto is currently in a bear market (a bear market is one that has lost more than 20% in any given year).

See also  Emirates News Agency - Ali Mohammed Al Shamsi: Armed forces unification is a bright sign in the union's march

The situation has been exacerbated by the collapse of Terra (LUNA) and the stablecoin TerraUSD in early May 2022, which wiped out $45 billion of market capitalisation in one week. Also in May, DeFi platform Celsius Network paused all user withdrawals, swaps, and transfers. In June, the possibility that crypto hedge fund Three Arrows Capital may be facing insolvency came to light.

Moreover, people working in crypto are being laid off. For instance, the world’s most popular cryptocurrency broker Coinbase has announced that it is letting 18% of its workforce go. Other crypto companies have followed suit.

Is there any good news? 

Well, crypto-life goes on. According to a report by Blockware Intelligence, global Bitcoin adoption will likely hit 10% by 2030. A total of 10 countries to date have launched central bank digital currencies (CBDCs), with over one hundred other countries looking into launching their own centrally governed digital currency.

According to data from analytics firm, Glassnode, more than half of Bitcoin addresses remain in profit, notwithstanding the crypto winter. And the number of Bitcoin wallets containing one BTC or more increased by 13,091 in mid-June, taking the total number of ‘wholecoiners’, as they are called, to 865,254.

And Bank of England deputy governor Jon Cunliffe said that crypto projects that survive this crypto winter could become “tomorrow’s Amazons and eBays.”

All this is, at the very least, a sign that there is still belief in the future of crypto.

What are the experts saying? 

Opinions vary, with some financial experts saying that the current crisis will be the death knell of cryptocurrencies, while others are holding out hope that the current crypto winter is just a blip.

See also  Remembrance Day of Suleimani's assassination .. Khamenei tweeted a photo and comments from the scene of the assassination

The CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations has revealed that he is firmly in the ‘backing crypto’ camp.

Nigel Green of the deVere Group says he is still buying more Bitcoin, despite the huge losses across the crypto market. The that the reason is because he is confident that digital, global, borderless, decentralised money is the future.

“I’m using the volatility as a buying opportunity; I’m topping up my investment portfolio at a lower price point… my take is that Bitcoin may get a tough summer in thinner markets, but that it could stage a bull run in the fourth quarter. Time will tell. I’m still stacking Bitcoin as its unique fundamentals haven’t changed,” Nigel Green says.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

Emirates News Agency – Haifa Abu-Ghazaleh: We are counting on a lot at “COP28” to reach recommendations that will contribute to solving pressing environmental problems.



Emirates News Agency – Haifa Abu-Ghazaleh: We are counting on a lot at “COP28” to reach recommendations that will contribute to solving pressing environmental problems.

Cairo, September 26 / WAM / Assistant Secretary-General for Social Affairs of the League of Arab States, Dr. Haifa Abu-Ghazaleh, confirmed that the “COP28” climate conference hosted by the United Arab Emirates is the biggest climate. events in the world, and for this reason we intend a lot to create the outcomes of the summit.

Abu Ghazaleh Emirates News Agency reports to WAM that the participation of the Arab region in the ongoing negotiations on how to deal with the crises resulting from climate change is by hosting the “COP27” climate summit in the city of Sharm el, Arab Republic of Egypt. -Sheikh last year, and hosted the United Arab Emirates’ “COP27” climate summit. COP28 “emphasizes the important role played by our Arab countries in the field of climate action this year and the world’s interest in the proposals and initiatives presented by Arab countries to combat the negative effects of climate change.”

He warned of the severity of these effects, which have a frequent and direct impact on citizens, and said that our Arab region is close to the negative effects of forest fires, droughts and floods. Global warming, water scarcity and food crises, the world must come together to solve them.

He noted that the UAE is witnessing a comprehensive growth renaissance in all sectors, especially in the environment and renewable energy sector, and we look forward to completing its active role in the Arab region.

On the occasion of the “COP28” summit, he pointed to the participation of the League of Arab States in activities held in collaboration with the General Women’s Association in the Emirates.

See also  "Midway Villas" to rehabilitate patients and reintegrate them into society

WAM Correspondent – Egypt

Continue Reading

Top News

Mohammed Bin Rashid Library advances knowledge with new collaboration



Mohammed Bin Rashid Library advances knowledge with new collaboration

Member of the Board of Directors of Mohammed Bin Rashid Library Foundation Dr. Mohammed Salem Al Mazrouei affirmed that the library is keen to provide an environment of excellence and promote the knowledge and cultural scene and movement in the UAE. Researchers and students should invest their potential to create a more prosperous future for future generations.

This came on the occasion of the Government of the Library and Mohammed Bin Rashid College signing a memorandum of understanding to promote joint collaboration in the fields of supporting scientific research and disseminating culture and knowledge at the national level. The memorandum is signed by Mohammed Al Murr, Chairman of the Board of Directors of Mohammed Bin Rashid Al Maktoum Library Foundation and Dr. Ali Bin Seba Al Marri, CEO of Mohammed Bin Rashid Government College. The framework of interest of both parties is to improve the cultural and educational environment in the UAE and to provide an environment that encourages… Work on organizing mechanisms to improve intellectual content and promote science, explore, research and develop knowledge. Research among members of the community.

Cultural movement

Al Mazrouei said, “This MoU reflects our joint commitment to develop cultural and scientific infrastructure and promote the knowledge and cultural scene and movement at the national level. It reflects our future and our passion to achieve sustainable goals. Students and researchers to make full use of their potential, ‘we’ An environment that will help develop their educational preferences in a way that supports the vision of UAE 2031 and our plan for the next 50 years contributing to creating a more prosperous future for future generations.” Collaboration between local educational and cultural institutions is a key and important step towards achieving excellence and innovation, culture, education and knowledge. cementing the UAE’s position as a leading global center of economy.”

See also  "Midway Villas" to rehabilitate patients and reintegrate them into society

New station

On his part, Mohammed Bin Rashid Government College CEO Dr. Ali bin Seba Al Marri said, “The signing of the Memorandum of Understanding is a new step in strengthening the strategic vision of the college. To provide an integrated system of education and training programs, research and studies, which are in line with the highest standards.” and international practices, while at the same time equipping leaders with the best skills and abilities to meet the challenges.Innovating in providing governance structures that enhance leadership in the future and government performance.

He pointed out the college’s constant interest in creating strategic partnerships for excellence in the field of education and knowledge, which stems from providing an academic and academic environment that meets the aspirations and needs of all those affiliated with the various programs in the college. Researchers and academics in general point out that cooperation with this institution has an important place in the arena of knowledge and will contribute to opening doors for more initiatives and activities aimed at establishing a culture of research and knowledge among members of society. The MoU includes developing mechanisms to enhance cooperation between the two sides, exchange knowledge resources, provide support for research projects and organize joint events and activities to meet the aspirations and needs of students and stakeholders from various knowledge communities.

Recent posts

The MoU stipulates that the Muhammad Bin Rashid Government College, Muhammad Bin Rashid Library will be provided with latest publications, research papers, conference papers and other publications as permitted by the college’s copyright. Displayed in the corridors of the library and made available to those interested.

See also  Remembrance Day of Suleimani's assassination .. Khamenei tweeted a photo and comments from the scene of the assassination

Muhammad Al Mazrui:

“Collaboration between local educational and cultural institutions is a vital and important step towards achieving excellence and innovation.”

Ali Al Mari:

“This step opens the door to further efforts aimed at establishing a culture of research and knowledge in society.”

Continue Reading

Top News

Emirates News Agency – Ahmed Belhoul Al Falasi delivers a keynote address to the Youth Media Forum in the presence of Latifah Bint Mohammed.



Emirates News Agency – Ahmed Belhoul Al Falasi delivers a keynote address to the Youth Media Forum in the presence of Latifah Bint Mohammed.

Dubai, 25th September / WAM / Chairman of Dubai Culture and Arts Authority, Member of Dubai Council, His Excellency Dr. Ahmad Belhoul Al Falasi, in the presence of Sheikha Latifah bint Mohammed bin Rashid Al Maktoum, Minister of Education, emphasized the importance of having a platform to exchange experiences and knowledge and improve the presence of talented youth. .In the media sector, it contributes to the qualification of young male and female media professionals and prepares them to absorb the developments and challenges in the sector. Preserving the traditions and ethics of media work, ensuring its authenticity and sustainability of its impact.

This happened during His Excellency’s speech at the Youth Media Forum, which was established under the guidance of His Highness Sheikh Ahmad Bin Mohammed Bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council. The main session of the first session of the forum organized by Dubai Press Club, is exclusively dedicated to male and female students. Media.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, announced through his “X” platform (formerly Twitter) in search of a famous young man, “May God protect him”. Or the woman representing youth issues in the government of the United Arab Emirates, learned very valuable lessons, caring for the youth, empowering them and listening to their voices and issues is a priority for every country that aspires to uniqueness and excellence, because the future is one that is capable of facing the challenges of time with a proactive attitude and passion for work and achievement. Nations are created by its conscious youth, which indicates that His Highness chose to announce one of the most popular social media platforms. The need to imbibe modern technologies and tools and use them to reach the target audience efficiently and effectively.

See also  President of Botswana: The gateway to trade promotion in the United Arab Emirates

He added: “We in the UAE have learned from our intellectual leadership the importance of understanding the needs of the future and preparing to meet its challenges if we want to achieve global leadership, and those who want to be at the forefront should not hesitate. Invest in the youth because they are the creators of the future.”

Honorable Dr. Ahmad Belhoul Al Falasi praised the Youth Media Forum and the key topics it presents, revolving around the role of youth in creating tomorrow’s media, stressing that the value of media work is to bridge generations by combining expertise and experiences. Pioneering the energy of young media professionals, strengthening the connection between the values ​​and ethics of media work and tools, paving the way for a new generation of Arab media professionals armed with modern technology, knowledge, skills and confidence. Skillfully leading the media scene in our Arab world for years and decades.

He emphasized that it is imperative that the media evolves in line with the changes towards the future, its staff and leaders develop, and create and sustain content that is competitive in terms of value, quality and impact. The pace of development in the UAE and its aspiration for further progress and prosperity in the next phase point to the importance of media-savvy students with values ​​of integrity and authenticity to ensure the influence of Arab media in the future. and to adapt to the rapid changes occurring in the field of media work, to develop the ability to face challenges armed with competence and creative thinking, and to commit to the principles and ethics of the profession in order to carry out their duties effectively and efficiently.

See also  Kalpan on Putin: He is the leader of a country .. When national security is in danger, stop it

– The voice of truth.

On the opportunities and challenges facing the media sector, especially in the light of the rapid technological development across the world, the Hon’ble Minister of Education said that today’s media landscape is diverse and has a mix of traditional and mixed media. Digital, in which message and concept are intertwined, and exposes the recipient to a vast stream of usable.

He pointed out that modern technologies play a fundamental role in shaping the future of media, especially artificial intelligence and other technologies that will change the shape of media as we know it, offering opportunities to disseminate information, opinion and analysis in new ways. . At the same time, it creates many challenges, symptoms of which we see today in the spread of fake news and the use of techniques such as deep fakes.

– Accept responsibility.

The Hon’ble Education Minister expressed confidence in the ability of the young media students to carry out the responsibility entrusted to them with all skill and integrity. Knowledge and a negative media that doesn’t care about the truth is like the difference in building society.” It is progressive and believes in the values ​​of tolerance and coexistence and strives to achieve sustainable growth and development for all its groups. And in backward societies ignorance and falsehood are prevalent among their members.

Ahmed al-Boutli/Mohammed Jaballah

Continue Reading


Copyright © 2023