According to a new report by Chainanalysis, the Middle East & North Africa (MENA) is the fastest growing region YoY. MENA-based users received $566 billion in cryptocurrency from July 2021 to June 2022, 48% more than they received the year prior.
In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid fiat currency devaluations, strengthening the appeal of crypto for savings preservation, the report reveals.
In Morocco, inflation rates have been contained to a more manageable 5.3%. In fact, the North African country’s notable levels of grassroots adoption seem to be more tied to the government’s newly permissive crypto stance than to any particular macroeconomic tailwinds.
Saudi Arabia is the third-largest crypto market in all of MENA, and UAE is fifth. They also have deep ties to the global crypto markets: in our Sub-saharan Africa and Central & Southern Asia sections, we find that Dubai has become a hub for crypto companies that serve customers all across Asia and Africa, not just in the Middle East.
Kim Kardashian agreed to pay a $1.26 million fine to the Securities and Exchange Commission to settle civil charges after the reality TV star touted a crypto asset, EthereumMax, on Instagram, CNN reports.
The SEC charged Kardashian with failure to disclose that she was paid $250,000 to publish her Instagram post. In addition to paying the fine, she agreed to cooperate with the SEC’s ongoing investigation.
In a statement, SEC Chair Gary Gensler, said:
This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors. We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.
Kardashian also agreed to not promote any crypto securities for three years.
Tech-savvy youngsters in Lebanon have reportedly shifted their focus toward cryptocurrencies amid the current monetary crash, CryptoPotato reports via Reuters.
Mario Awad – a Lebanese HODLer – told the media that many politicians, security officers, TV personalities, and celebrities have also purchased bitcoin or altcoins lately.
Another individual, introducing himself as Ahmad, argued that cryptocurrencies are “100 times more real than the dollars” Lebanese keep in banks.
According to the coverage, the favorite digital asset of local investors is the world’s largest stablecoin – Tether (USDT). Its value is pegged to the American dollar, and, in theory, it should stay unaffected by the notorious volatility in the crypto market.
The Lebanese government has not yet put the digital asset sector under its supervision. However, the lack of regulations does not seem to be a problem for domestic investors, most of whom do not trust the actions of the ruling body.
DTTcoins is set to unveil its latest fintech solutions, including an exclusive showcase of the new DTTcoins mobile app as well as its flagship exchange turnkey solution, at Crypto Expo Dubai 2022. DTTcoins is the platinum sponsor of the event which will take place October 5-6 at Festival Arena, Dubai Festival City.
The DTTcoins mobile app, available on all iOS and Android devices, was designed to meet the multitude of requirements from every type of trader, from beginner to institutional. With its leading-edge technology, user-friendly interface, and multiple tools, DTTcoins is the app of choice that provides the most demanding clients with all the opportunities for profitable trading.
Commenting on the app launch, Walid Ead, DTT Group Managing Partner, said: “DTTcoins was established with a mission to empower the crypto community; and with the new DTTcoins mobile app, we made it easier for crypto traders to enjoy the easiest and most secure way of buying and selling bitcoin and 70+ other crypto currencies, at the best rates anytime, anywhere.”
The multilingual DTTcoins app is highly customizable to the users’ preferences and comes with a suite of features, including live prices with heat map, dozens of charts settings, market and stop-limit buy and sell options, live news and analysis, and much more.
DTTcoins will also showcase its flagship crypto exchange turkey solution at its booth, No. 56, during Crypto Expo Dubai 2022.
“The DTTcoins Crypto Exchange White Label solution comes packed with tools and features that will enable startups launch their own cost-effective and successful brokerage exchange in less than one month,” Zaher Agha, DTTcoins Managing Director, highlighted.
He added: “We bring more than 20 years of Fintech expertise to the DTTcoins White Label solution including multiple platforms integration, full featured APIs, advanced backoffice with user-friendly functionalities, full CRM integration, multi security layers, marketing support, and our unparalleled 24/7 multilingual technical support.”
DTTcoins is part of DTT Group, the globally regulated and the globally recognized leader with more than 20 years of proven track record and successful experience in the financial markets industry.
With its mission to empower the crypto community, DTT Group today announced the launch of the DTTcoins mobile app on the App Store. DTTcoins users can now enjoy the easiest and most secure way of buying and selling bitcoin and 70+ other crypto currencies, at the best rates, on their IOS devices.
The DTTcoins app was designed to meet the multitude of requirements from every type of trader, from beginner to institutional. With its leading-edge technology, user-friendly interface, and multiple trading tools, DTTcoins is the app of choice that provides the most demanding clients with all the opportunities for profitable trading.
The multilingual DTTcoins app is highly customizable to the users’ preferences and comes with a suite of features including live prices with heat map, dozens of charts settings, market and stop-limit buy and sell options, live news and analysis, and much more.
In addition, DTTcoins clients get access to DTTPlus, the most comprehensive portal that offers clients free institutional research & analysis, live financial news, education, and intelligent trading tools.
DTTcoins is part of DTT Group, a globally trusted and globally regulated financial service provider that brings more than 20 years of Fintech expertise to the crypto world.
DTTcoins app will soon be available on Android devices.
The price of ether (ETH) tumbled suddenly in cryptocurrency markets Thursday, ending a stretch of price stability that prevailed in the hours after the Ethereum blockchain completed its historic shift to a more energy-efficient proof-of-stake blockchain, CoinDesk reports.
The second-largest cryptocurrency by market value was down 9.1% to $1,489, its biggest daily decline since Aug. 26. By contrast, bitcoin (BTC), the largest cryptocurrency, was down only about 2% on the day.
The sudden price dump looks like a "buy-the-rumor, sell-the-fact" response, said Riyad Carey, a research analyst at crypto data firm Kaiko.
There is still a lot of leverage in ETH markets, so volatility should be expected and will probably be welcomed by traders who watched the Merge go by without much of a move up or down,” Carey told CoinDesk in a written note. “We’ve also seen market depth decrease and spreads increase, so that will likely factor into larger price movements.