UAE ‘future-ready’ for cryptos

cryptocurrency, bitcoin, hit, etf, digital,

UAE ‘future-ready’ for cryptos

A cryptocurrency, or crypto, is a digital currency that can be used to buy goods and services but uses an online ledger. The most prominent cryptocurrency worldwide is Bitcoin (BTC) which has a market capitalisation of over $821 billion; Ethereum (ETH) at $353 billion and Tether (USDT) at $68 billion. Bitcoin hit $61,795.40 for the first time in six months on Friday, as hopes grew that US regulators would allow a futures-based Exchange-Traded Fund (ETF), a move likely to open the path to wider investment in digital assets. Cryptocurrency investors have been awaiting approval for the first US ETF for bitcoin, with bets on such a move fuelling its recent rally. The world’s biggest cryptocurrency rose 4.5 per cent to its highest level since April 17 and was last at $59,290. It has risen by more than half since September 20 and closing in on its record high of $64,895 hit in April 2021. The US Securities and Exchange Commission (SEC) is set to allow the first US bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday. The popularity of cryptocurrency has hit the Mena region too as digital assets have gained momentum in Dubai with

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