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Binance Receives In-Principle Approval (IPA) From Abu Dhabi Global Market (ADGM)

Daily Market Wrap

  • Crypto market cap: 1.82 trillion, down 6.17%

  • BTC price stands at USD 39,416, down 6.30%

  • ETH price stands at USD 2,961, down 6.84%

  • Top gainer: Monero (XMR), up 1.99%

  • Top loser: Mina (MINA), down 16.00%

News of the Day

Why it matters:

  • Binance further expands its business in the Middle East, offering virtual asset services to customers across the Middle East and Africa (MENA) region

  • ADGM is the largest regulated jurisdiction of virtual assets in the MENA region

  • Dhaher bin Dhaher, CEO of the ADGM Registration Authority, said they are pleased with the approval of Binance and are excited to support Binance as they work towards establishing their foothold and presence in Abu Dhabi

  • The ADGM also plans to grant similar regulatory approvals for both local and international crypto companies to position Abu Dhabi as the “fast-growing virtual assets hub and digital economy”

Crypto daily spotlight

Brief introduction: Terra is a decentralized stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilize the price of the protocol’s stablecoins.

Why it matters:

  • The Luna Foundation Guard (LFG) now has 39,897.98 bitcoin in its wallet that backs the TerraUSD algorithmic stablecoin

  • Terra’s founder Do Kwon has previously mentioned that Terra’s ambition is to purchase a total of US$10 billion worth of Bitcoin

  • Currently, MicroStrategy holds 129,218 BTC being the company with the largest Bitcoin holdings, followed by Elon Musk’s Tesla with 43,200 BTC. Terra LUNA is the third with 39,897.98 BTC

Daily sector tracker

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