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Middle East Eyes for Strong Potential Cryptocurrency Market

by Miki 06/28/2021
by Miki 06/28/2021 0 comment

More Middle East countries are taking a bet on cryptocurrency, despite its high volatility nature, which may beat investors.

The first Bitcoin fund in the Middle East was listed in Nasdaq Dubai last Wednesday, which was launched by 3iQ, one of Canada’s largest digital asset fund management companies, and its assets under management are worth more than $1.5 billion.

The dual listing of the Bitcoin fund on Nasdaq Dubai this time provides investors in the Middle East with investment opportunities directly linked to Bitcoin.

Canadian investment fund manager 3iQ Corp. announced that it had received approval from its public hearing by the Ontario Securities Commission (OSC) in October 2019. The closed-end Bitcoin fund will be listed for trading on a major Canadian stock exchange.

Beyond the first time, Israel also has already carried out a pilot test and is seriously considering implementing a CBDC of digital Shekel.

Other countries in the Middle East region have also participated in various levels of cryptocurrency projects. The United Arab Emirates (UAE) has launched a blockchain-enabled trade finance platform called UAE Trade Connect (UTC) to curb economic crimes like money laundering, under-invoicing, and fraud.

While cryptocurrency has gradually penetrated the Middle East, the high degree of volatility in the cryptocurrency market has also drawn the attention of investors and relevant authorities.

Qatar’s Chief Investment Authority Chief Executive Officer Mansoor Bin Ebrahim Al Mahmoud told Bloomberg’s Qatar Economic Forum that:

“cryptocurrencies need a bit of maturity before we make our view about investing.”

In terms of the most mainstream cryptocurrency, Bitcoin, it reached an all-time high of $64,854 on April 14 this year, and it has now fallen by half its price. At the time of writing, Bitcoin was trading at $34,943 during the intraday, surging more than 5%, according to CoinmarketCap.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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