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Deutsche Bank predicts crypto freefall to continue while Binance put up resilient face

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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.

bitcoin-price-historyZhao 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.

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Journalist for 25 years with leading publications in India and UAE such as The National, Mumbai Mirror, DNA, Indian Express and former Sports Editor of eIndia.com. Now managing editor of Headline.ae, part of MEMc (https://www.memc.co)

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Inaugural edition of Lanka T10 to kick off in December 2024

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The inaugural edition of the Lanka T10 League will be held from December 12 to December 22, 2024.

The tournament, which was initially planned to be held in June 2023, was shifted to December, as SLC deemed the ‘December window’ as the most appropriate to conduct the league, as the timing will complement Sri Lanka’s Domestic and International Cricketing Calendar.

Lanka T10 League, Sri Lanka’s newest addition to its annual cricket calendar will feature some of the finest international stars along with Sri Lanka’s top international stars.

The action-packed competition will also provide opportunities for the brightest young talents in the country to mix, mingle, and play along with international stars.

” I have full confidence that this tournament will be a resounding success, contributing to Sri Lanka Cricket’s ability to stay current with the evolving trends in the game.,” said Shammi Silva, President, Sri Lanka Cricket.

Adding more thoughts on the Lanka T10 December tournament, Mr Shammi Silva added, “We foresee that this event will not solely captivate cricket enthusiasts, but also serve as a catalyst for popularizing the tournament broadly.”

Mr Anil Mohan, Founder and CEO, IPG Group shared, “This is a great stepping stone for us as we get to organise another exciting chapter in Sri Lankan Cricket. Our league unites the top international stars and local talent on an exciting platform for cricket enthusiasts worldwide. Together, we aim to make history and elevate the game with every thrilling match.”


The tournament will feature six men’s teams covering regional cricket picenters, with each team consisting of a squad of 16 players, along with six foreign players.

“We’re thrilled to bring T10 cricket to Sri Lanka, and we’re grateful to SLC for their support. This league holds added significance as it is formally endorsed by esteemed members like SLC, highlighting the credibility and excitement surrounding this new era in Sri Lankan cricket.” Shaji ul Mulk, Chairman of TTen Global Sports, representing the Event Rights Partner.

The matches will be played in some of Sri Lanka’s top international cricket venues and under lights.

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UAE fuel prices announced for March 2024

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The Fuel Prices Monitoring Committee has given the green light for an increase in gasoline and diesel prices for March 2024. The approved hike ranges between 15 and 16 fils per liter for gasoline and 17 fils for diesel, compared to February 2024 prices.

Fuel distribution companies have promptly announced the new prices, effective from Friday, March 1, 2024. The updated pricing includes a 5% value-added tax.

Specifically, the price per liter of super gasoline “98” is set to rise by 15 fils, reaching 3.03 dirhams in March, up from 2.88 dirhams in February. Special gasoline “95” will see an increase of 16 fils, from 2.76 dirhams to 2.92 dirhams, while E-Plus 91 gasoline will climb by 16 fils, reaching 2.85 dirhams from 2.69 dirhams. Additionally, the price of diesel will experience a 17 fils per liter hike, escalating from 2.99 dirhams in February to 3.16 dirhams in March.

This decision follows three consecutive monthly reductions in gasoline and diesel prices approved by the committee for January 2024. The reduction ranged between 13 and 14 fils for gasoline and 19 fils for diesel per liter compared to December 2023 prices.

Notably, the Ministry of Energy’s approved fuel price standards are subject to monthly adjustments based on the global average oil price, incorporating distribution companies’ operating costs.

New fuel prices are:

-Super 98 petrol will cost Dh3.03 a litre, compared to Dh2.88 in February.

-Special 95 petrol will cost Dh2.92 per litre, compared to Dh2.76 last month.

-E-Plus 91 petrol will cost Dh2.85 a litre, compared to Dh2.69 a litre in February.

-Diesel will be charged at Dh3.16 a litre compared to Dh2.99 last month.

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Glory International University honours global talents with Honorary Doctorates

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Glory International University (GUI), originally based in the United States of America, proudly recognized eminent personalities from diverse fields worldwide with esteemed Honorary Doctorates at a grand ceremony held at Dusit Thani, Dubai.

The event was graced by the esteemed presence of H.E.Vacaba Diaby, Ambassador of the Republic of Côte d’Ivoire to the UAE, as the Chief Guest.

The distinguished jury panel, comprising Prof.Pale Sansan Hermann, GUI President to Africa, Dr.Naser Sulaiman, the University’s National Director of UAE, and Dr.Anwar Al-Yasiri, Managing Director DST TV & Cinema,Dr.Abdulla Ali Salem Al Mubarak, Dr.Mohanad Al Awadiya bestowed the coveted Honorary Doctorates upon 23 deserving awardees hailing from nations including the UAE, India, Pakistan, Ivory Coast, Nepal, Canada, Egypt, Turkey, among others. The honorees represent a spectrum of disciplines encompassing Business Law, Management,Literature, Arts, Musical Arts,Social Work,Business Administration,Agriculture,Digital Technology,and Telecommunications.

H.E.Vacaba Diaby, in his address, emphasized the significance of acknowledging and celebrating diverse talents and faculties across the globe.

Prof.Pale Sansan Hermann shared insights into GUI’s journey of evolution since 2015, highlighting the university’s burgeoning global stature.Additionally, he outlined the institution’s forthcoming plans to establish operations in the UAE as its third base after the USA and Burkina Faso.

Dr.Naser Sulaiman, the UAE director of the University commenced the ceremony with a warm welcome speech, setting the tone for an evening of recognition and celebration. He concluded the event with a heartfelt vote of thanks, expressing gratitude to all participants for their contributions towards making the occasion a resounding success.The event was orchestrated by Srikanth Chittarvu and compered by Criza.

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