Business
Deutsche Bank predicts crypto freefall to continue while Binance put up resilient face
Published
2 years agoon
![crypto-currency-in-bear-market](https://headline.ae/wp-content/uploads/BTCmain.jpg)
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.
“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:
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)
Announcements
UAE sends 90 metric tons of urgent relief supplies to Sudan
Published
5 days agoon
September 3, 2024By
SudhashreeOn the directions of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, the Dubai Humanitarian (DXB-H) has facilitated urgent relief supplies to Chad’s capital, Ndjamena, to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
In a swift response to the escalating humanitarian crisis, a Boeing 747 cargo flight departed from Al Maktoum International Airport on Saturday, August 31, at 9:00 am carrying 90 metric tonnes of essential medical supplies, shelter materials, and relief items provided by the World Health Organisation (WHO) and the United Nations High Commissioner for Refugees (UNHCR). These critical resources are expected to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
Announcements
Global Village announces opening date for Season 29
Published
5 days agoon
September 3, 2024By
SudhashreeSeason 29 of Global Village will kick off on October 16, 2024, the outdoor destination announced. The season will run until May 11, 2025. The popular destination remains closed during the summer months. This year, Global Village is expanding its offerings, featuring more cultural representations, never-before-seen entertainment, and exciting infrastructure upgrades.
https://www.instagram.com/reel/C_Z2t2cNI40/?igsh=MTh1c3NvdGlqZW9yOQ%3D%3D
Visitors to the family-friendly destination can experience a diverse range of performances, shopping, and dining experiences from cultures around the world.
Opening more than 25 years ago, the destination set a new record of over 10 million visitors in its 28th season, the longest season to date, hosting 27 pavilions representing over 90 cultures from around the globe, as well as 3,500 shopping outlets and 250 dining options.
The destination is expecting millions of visitors from around the globe to gather for the park’s attractions during the upcoming season.
Announcements
Gaming meets speed: Ferrari launches first-ever esports arena in Abu Dhabi
Published
1 week agoon
September 1, 2024By
SudhashreeFerrari World Yas Island, Abu Dhabi’s acclaimed Ferrari-themed park, has once again redefined entertainment by launching the world’s first Ferrari-themed Esports Arena. This state-of-the-art venue is set to become the go-to destination for racing enthusiasts, Formula 1 aficionados, and thrill-seekers alike.
The newly unveiled Ferrari World Esports Arena features an impressive lineup of 20 Gran Turismo simulators, thoughtfully designed to cater to a broad audience. Fourteen simulators are dedicated to adult racers, while six are specifically designed for younger guests, creating a family-friendly atmosphere that welcomes visitors of all ages.
The arena also includes three specialised F1 simulators, offering participants the exhilarating experience of sitting in the driver’s seat of a Ferrari race car and racing on legendary F1 Grand Prix circuits, including the Yas Marina Circuit. Open daily from 10am to 6pm, the Ferrari World Esports Arena offers access to the Gran Turismo simulators as part of the theme park ticket until the end of the year. The exclusive F1 simulators are available for an additional fee, starting from Dh60 per race.