Business
Deutsche Bank predicts crypto freefall to continue while Binance put up resilient face
A Deutsche Bank report has predicted more gloom for the cryptocurrency space even as the CEO of the biggest exchange, Binance, tried to firefight it with assurance at a DIFC Fintech Week event in Dubai.
Binance CEO Changpeng Zhao said the industry will overcome price drops, with bitcoin now trading around the $20,000 mark from a high of $68,000. But if an evaluation from the leading German bank is to be believed, the crypto market is facing mounting pressures and the freefall is expected to continue, although it did predict a 28,000 price for bitcoin by the end of the year.
Several cryptocurrencies were on the red on Thursday, with the global market cap falling by 1.71 percent to $889.81 billion as of 9:55am. Bitcoin was down 0.85 percent to $19,982.20 over the last 24 hours, while Ethereum fell 3.94 percent to $1,089.12.
In a report on Wednesday, DB said that it is unlikely for prices to stabilise, citing that there are no “common valuation models like those within the public equity system”. The market is also highly fragmented, it added.
“Some cryptocurrencies may drop in prices, and some projects may fail, but the industry will stay,” said Zhao, the founder of the world’s largest cryptocurrency exchange, in a pre-recorded message at the Fintech Week on Tuesday.
“In 2000, the dot com bubble saw many companies going bust, but the dot com technology (Internet) went on to survive.”
Zhao’s comments came just a few days after he announced that Binance has 2,000 positions for hiring, a sharp contrast to a slew of job cuts by companies operating in the digital currency space.
Recently, Bitcoin tumbled to a new 18-month low, dragging smaller tokens down with it and spurring a sharp fall in the digital currency market sparked by crypto lender Celsius freezing customer withdrawals.
Zhao went on to say in his speech that blockchain is a proven technology and it is not a bubble that will pop.
“Many different innovations are coming into the crypto space. There are also failures in this industry, but failures are important in this industry. Failures allow us to learn from them and improve,” he said.
Zhao said that decentralised finance (DeFi), which includes now cryptocurrencies and non-fungible tokens (NFTs) enabled by blockchain technology, has been around for years, and it is going to stay.
“In the next 5 to 10 years, decentralised finance (DeFi) could be bigger than centralized finance (CeFi). That’s why we are making heavy investments in this area,” he said.
ALSO READ:
Announcements
UAE’s first-ever Woman Grandmaster Rouda Essa Alserkal to play the Norway Chess Open 2025
In a bid to encourage chess players in the Middle East and provide a platform at the global stage, the organisers of Norway Chess – one of the most prestigious tournaments in the FIDE chess calendar – has invited Emirate’s first-ever female grandmaster Rouda Essa Alserkal to participate in the Norway Chess Open 2025 which will see participation from 31 countries.
The 15-year-old Rouda was formally presented with the invitation by Kjell Madland, Managing Director and visionary behind Norway Chess, today at a press event in Seven Seas Hotel in Dubai. Also present at the grand occasion was Dr Mansoor Al Tamimi, Vice Technical Committee Chair, the Technical Director from the Abu Dhabi Chess Club and Mind Games. Koneru Humpy, two-time women’s world rapid chess champion, also joined virtually and wished Rouda ahead of her upcoming events.
Kjell Madland, Managing Director of Norway Chess, presents the official invitation to participate in the Norway Chess Open 2025 to Rouda Al Serkal, the UAE’s first Woman Grandmaster, as Benedicte Westre Skog, COO of Norway Chess, looks on during the official press conference held at the Seven Seas Hotel in Dubai on Wednesday. Photo Credit: Joy Dasgupta/Norway chess
The Norway Chess Open 2025 will be held from May 26 to June 1 at the IMI Forum in Stavanger, attracting both grandmasters and ambitious chess players seeking title norms and valuable competitive experience. With previous participants like reigning World Champion Gukesh D, Praggnanandhaa, and Vaishali, who participated in the Norway Chess Open as budding players before their meteoric rise in the sport, has established itself as an essential arena for players seeking high-level competition.
Speaking about providing this unique opportunity for Rouda, Kjell Madland expressed, “Norway Chess is delighted to invite Rouda Essa Alserkal to participate in this year’s Norway Chess Open 2025. I congratulate Rouda on the remarkable feat to become the first woman Chess Grandmaster from the UAE and she stands tall as an inspiration for women in this region to achieve. The Norway Chess Open provides a great opportunity for Grandmasters and chess players to hone their skills and gain competitive exposure. We hope to find and encourage many future chess stars from the Middle East to play in the Norway Chess Open.”
Madland further highlighted the importance of growing chess as a competitive sport in the Middle East and expressed interest in creating further synergies with potential partners in the UAE. “We are exploring the possibility of hosting Norway Chess tournament in the Middle East and potential partners are welcome to connect with us. We are also working to broadcast Norway Chess live to the fans in the Middle East,” he said.
In the Norway Chess Open category, leading the list of participants is Rinat Jumbayev (KAZ), followed by strong contenders such as Gergely Kantor (HUN), Valentin Dragnev (AUT), Vitaly Kunin (GER), Norwegian Frode Urkedal (NOR), and Chinese grandmaster Jiner Zhu (CHN).
Expressing her excitement to participate in the Norway Chess Open 2025, Rouda said, “I am looking forward to the competition as I know Norway Chess is the strongest grooming ground for future chess superstars. When I first heard that I am getting invited for the Norway Chess Open, I could not believe it and I was so thrilled, I told my coach immediately – that I need to start preparing. This is the most prestigious tournament in the world and I am sure this experience will help me improve my game further.”
“I am also greatly looking forward to meet Magnus Carlsen and Hikaru Nakamura, also some of the Indian players like the new World Champion Gukesh who will be participating in the Norway Chess 2025,” she added.
The Norway Chess Open features double rounds on Thursday, May 29, and Friday, May 30, providing excellent opportunities for title norms in the top group. In the Grandmaster Group, which Rouda has been invited to participate, will have nine rounds, opportunity for title norms and a prize fund of €13,000.
Please see attached images from the event.
About Norway Chess 2025:
The Norway Chess Open is held simultaneously along with the marquee Norway Chess 2025 which will see a star-studded line-up featuring world no.1 Magnus Carlsen (Norway), Hikaru Nakamura (USA), Gukesh D (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men while the Norway Chess Women will feature Ju Wenjun (China), Lei Tingjie (China), Humpy Koneru (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).
Norway Chess and Norway Chess Women, feature the same format, same prize money, and take place in the same playing hall. Both tournaments follow a 6-player double round-robin format.
FIFA Club World Cup 2025: More tickets released for Al Ain vs Juventus clash as demand soars
Tragedy averted: Quick action by Sharjah authorities prevented greater loss in tower fire
