Crypto Market Overview September 21th | Dex-Trade
Easier and Faster: UAE Sheikh and CoinCorner Launch Lightning Network
Seed Group, owned by Sheikh Saeed bin Ahmed Al Maktoum, has partnered with global Bitcoin Lightning Network provider CoinCorner to accelerate and scale Bitcoin transactions in the United Arab Emirates (UAE). “Apart from individuals, a large number of companies are ready to embrace Bitcoin and other digital currencies as legal tender for future transactions. The UAE wants to offer a growth-oriented environment to fintech companies by establishing an ecosystem for digital currencies. Companies dealing in cryptocurrencies hold huge potential in the Emirates’ digital economy.” — Seed Group CEO Hisham Al Gurg said. The Seed Group will actually help CoinCorner expand the UAE market and gain a foothold in the Middle East. In this way, the company will continue to promote its products and services, reach a large audience and gain access to the leadership of countries that make decisions that affect the private sector as well. And some statistics. According to a recent Forex study, the UAE is one of the top four countries in the world in terms of the adoption of cryptocurrencies. The UAE digital asset market is the third largest in the Middle East with a transaction volume of around $26 billion. In the previous fiscal year, the market there grew by an astonishing 1500% compared to 2020-2021.
Scott Minerd Announced a "Hot Market": Is It Time to Invest in Crypto?
Scott Minerd, Chief Investment Officer and Principal Adviser of wealth management Guggenheim Partners, shared with his Twitter followers what he believes is the best investment in the current market and economic conditions: “Current market has delivered perhaps the greatest investing opportunity of a generation: Bonds of good companies trading in the 80s.” Thus, Minerd advises investors to look at the bonds of "good" companies, issued at much lower rates. However, this does not apply to the shares of companies, which, according to the businessman, are likely to continue to fall in price further, since the economic crisis, unfortunately, is only gaining momentum. By the way, another well-known investor who recently recommended investing in bonds, billionaire Jeffrey Gundlach, is frankly bearish. He believes that the stock market is approaching a global collapse and one of the major indexes, the S&P 500, will fall by 20% by mid-October. Therefore, he advises buying long-term Treasury bonds. Gundlach also warned about the risk of deflation, but now it looks very premature. In any case, the change in investment vectors directly affects the crypto market, so bearish sentiment and an increase in demand for debt securities will become an incentive to curb cascading sales in the stock market, which will occur due to the withdrawal of funds from the digital asset market. Chain reaction.
Patrick Njoroge Under Pressure of Crypto Community?
Kenya's central bank governor, Patrick Njoroge, said he was under external pressure from crypto enthusiasts who want to convert all of the nation's reserves into BTC. At a meeting with lawmakers on September 19, he called the plan “crazy,” adding that it would be risky to convert assets to bitcoin given the volatile nature of digital gold. He also hinted that there could be pressure on lawmakers to sway the legislative process in favor of adopting cryptocurrencies. “I do know you’re under a lot of pressure from some of these people that are pushing these things [cryptocurrencies] because for them it is good. I can assure you I have a lot of people that have been pushing me to put our reserves in Bitcoin. <…> I would have been out of my mind with that sort of craziness.” — Njoroge said. Later, the governor of the Central Bank added that a country can only decide to implement cryptocurrencies if they can provide a solution to a specific problem. To get away from the "hype" around digital assets, he called for a review of the BTC market and asked his opponents if they could say what exactly the problem Bitcoin solves. Replayed and destroyed.