Bitcoin (trading $18,544.12 at press time) has gone through a wild upward trend in the last couple of weeks as the main coin rallied to $19,000 for the first time since Dec 17, 2017. This bullish movement was jolted by a number of reasons that increased the traders’ appetite to buy more and more Bitcoin.
As you can see, Bitcoin went through a slight correction as selling-bears swang into action sinking to $16,000. However, this move allowed bulls to take a breather before the long-awaited bullish trend.
Crypto Market Cap:
Like always, the whole crypto market sentiment re-enters the positive zone following the main coin.
Without any further delay, let’s take a look at the major highlights of last week in the amazing world of crypto:
UAE, Saudi Arabia Central Banks Issues Joint Report on Project Aber CBDC Trial
The United Arab Emirates’ central bank and the Saudi Arabian Monetary Authority teamed up to release a report yesterday on the awaited joint central bank digital currency (CBDC) project.
This new digital currency named “Aber”, which was announced in 2019, to facilitate financial settlements between the Kingdom of Saudi Arabia and UAE through Blockchains and Distributed Ledgers technologies.
According to the report, ‘the results showed that the distributed ledger technology would enable central banks to develop payment systems at both local and cross-border levels and the two entities are to continue to explore the potential of this technology and its applications to the financial sector’.
Lebanon Mulls Launching Central Bank Digital Currency for 2021
According to a report shared by Bloomberg, cash strapped Lebanon plans to launch a state digital currency in order to restore the public’s confidence in the country’s banking system.
The Governor of The Central Bank of Lebanon Riad Salameh commented in state-run media: ‘With regard to the money supply in the Lebanese market, it is estimated that there are 10 billion dollars stored inside homes, which requires setting up a new regulatory mechanism to restore confidence in banks, including preparation for a Lebanese digital currency project, during the year 2021, that will help implement the “SYSTEM CASHLESS”, which allows Moving the money market locally and abroad. “
Bitcoin Miners Generate $353 Million Revenue in October 2020
The daily profits of bitcoin mining reached over $21 million in November alone.
According to data gathered by Comprar Acciones, a crypto insights provider, Bitcoin trading fees reached $42.9 million in October 2020. This increase in miners’ fees and revenue was a result of the upsurge in BTC price.
As a result of the current bull market, 55% of US investors said they were interested in investing in Bitcoin this year, according to Grayscale. Comparatively, in 2019, the percentage of US investors interested in the digital asset was only 36% per the report.
Events to Keep An Eye On:
FinTech Abu Dhabi – MENA’s Leading FinTech Festival (Nov 24 – Going)
(Sep 28, 2020 – Dec 09, 2020)