By Shikha Singh
Middle East Crypto Market Booms with $338 bn Transactions.
Crypto market growth in MENA accounts for 7.5% of global transaction volume, or $338.7 billion, between July 2023 and June 2024.
Turkey and Morocco dominate adoption, ranking 11th and 27th internationally, with $137 billion and $12.7 billion in transactions, mostly from bigger investors.
Saudi Arabia and the UAE are also making progress in decentralized finance (DeFi), with the UAE exceeding $30 billion in transactions and promoting favorable regulations.
In Turkey, stablecoins and altcoins are rising in popularity.
Bitcoin’s Latest Rally Puts 94% of Holders In Profit.
Bitcoin (BTC) has topped $65,000, profiting almost 94% of investors, according to IntoTheBlock.
Bitcoin’s rise over the 50-day and 200-day moving averages at $65,400 suggests a positive turnaround.
Bitcoin may challenge $67,000–$70,000 barrier if momentum continues. Historical trends suggest caution, as rallies have experienced selling pressure before hitting record highs.
Despite WazirX, Q3 Crypto Hack And Scam Losses Fell to $413 mn YOY.
Immunefi reported $413 million in crypto hack and fraud losses in Q3 2024, down 40% from $685 million the year before.
This is 28% lower than Q2 2024. WazirX lost $235 million in the greatest breach, while BingX lost $52 million.
Rug pulls and fraud totaled $3 million, down 86.4% from previous year. Also, DeFi exploits fell 79.2% from Q3 2023, losing $103 million in 31 occurrences.
Despite the drop, private key management difficulties put centralized exchanges at danger, highlighting the need for better security.
US Bitcoin ETFs net $365 mn in a single day as Bitcoin rallies above $65,000.
US investors spent $365 million in spot Bitcoin ETFs on Thursday, totaling over $600 million for the week, as reported by Farside Investors.
Bitcoin reached a monthly high of $65,000 with this influx spike. BlackRock’s IBIT and Fidelity’s FBTC also received considerable money, lead by ARK Invest’s ARKB at $114 million.
Though its more expensive GBTC fund lost $7 million, Grayscale’s Bitcoin Mini Trust earned roughly $3 million.
Positive economic data like 3% US GDP growth and fewer unemployment claims support spot Bitcoin ETF demand.
Bitget Wallet Launches OmniConnect Dev Kit.
OmniConnect, a Bitget Wallet software development kit, lets developers interface Telegram Mini-Apps with over 500 blockchains, including Solana, TON, and EVM-compatible chains.
It makes Telegram’s gateway to Web3 simpler for over a billion users to adopt decentralized technologies.
Crypto.com Unveils AI-Powered SDK for Blockchain Developers.
Crypto.com released the AI Agent SDK to assist developers combine natural language with blockchain functionality. The SDK, now in Beta, lets users create wallet addresses, trade, and exchange coins with easy instructions.
This application makes blockchain interactions accessible to technical and non-technical users on Telegram and Discord.
You need to login in order to Like
