Yalla Crypto #7 - A Terra-ble Turn Of Events
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Global Headlines
Last week was all about treating the bruises and trying to draw the right conclusions from the negative price developments triggered by Luna’s and UST’s unexpected landslide. Fortunately, the market seems to have got a grip, and it could be ready for a rebound in the near future—see what other notable events happened during the past seven days that can contribute to positive times to come.
General crypto market performance
The market was shaken by Terra’s shocking fall that resulted in not only UST being practically wiped out of existence, but also Luna losing most of its market cap in the process.
Bitcoin (BTC) surges after U.S. FED announcement
Bitcoin (BTC) bounced from its relatively flat week right at the end after FED Chair Jerome Powell had announced that the historic rate hike will come to an end. This was what likely fueled investors’ support for the biggest cryptocurrency by market cap.
Crypto Fear and Greed Index hits historically low levels
The infamous Crypto Fear and Greed Index sank all the way to 8 out of 100, which is among the lowest values ever recorded. This indicates that investors in general are awaiting a major positive event of turn to bring back their confidence and venture appetite.
MENA Highlights
Egypt, Jordan & Pakistan attend meeting to discuss Bitcoin in El Salvador
Nayib Bukele, El Salvador President, announced on Twitter that 32 central banks and 12 financial authorities from 44 countries.
Emirates Airlines plans to accept Bitcoin as an official payment method
Emirates Airlines, UAE’s largest airline, has announced its plans to deploy bitcoin as a payment service.
Dubai to develop its Metaverse Strategy in two months
Dubai Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum , launches a higher committee to develop the Dubai Metaverse Strategy in two months.
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