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Dubai regulator licenses OKX to extend certain products and services in the UAE

OKX, a Seychelles-based crypto exchange, is the latest digital asset service provider to get a provisional license to operate in the United Arab Emirates (UAE).

The provisional license issued by the recently formed Virtual Assets Regulatory Authority (VARA), which is the digital assets regulator in Dubai, allows OKX to provide certain crypto exchange products and services to a select group of investors and financial service providers.

According to a statement released by OKX after getting the provisional license, OKX stated that the license ““allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.”

The general manager at OKX for Dubai, Lennix Lai, while commenting on the development said:

“The MENA region is one of the fastest-growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space while innovating for the future in a regulated framework.”

Dubai slowly becoming a top crypto destination

Since it was established at the beginning of this year, the Virtual Assets Regulatory Authority (VARA) has issued provisional licenses and approvals to several cryptocurrency exchanges. Besides OKX, the other exchanges that have received provisional licenses and approvals include Binance and Coinmena.

The rush by crypto exchanges and other crypto service providers to set up base in Dubai is proving that UAE and specifically Dubai is one of the top global hubs for the cryptocurrency industry.

The post Dubai regulator licenses OKX to extend certain products and services in the UAE appeared first on CoinJournal.

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Nexo price went parabolic and then dived. Is it a good buy?

Nexo price went parabolic and then quickly erased most of the gains as cryptocurrency prices recovered. The token jumped to a high of $1.0541, which was the highest level since June 12th. This price was about 92% above the lowest level in June of this year.

Cryptocurrency prices rebound

Nexo is a leading blockchain company that offers a number of services. Its primary product is a platform that lets people borrow money that is backed with their cryptocurrencies. Nexo also offers an investing platform that lets people earn excellent returns by just depositing their coins. For example, you can earn an APY of over 10% by holding coins like Avalanche and Solana.

Further, Nexo has a card that lets people spend their coins without withdrawing their cryptocurrency holdings. In addition, Nexo operates an exchange where people can buy and sell cryptocurrencies like Bitcoin and Ethereum.

Learn more about the best crypto app.

Nexo is a large company that has over 4 million customers globally. In the past few years, the firm has handled cryptocurrencies worth over $80 billion. 

Nexo, like other companies in the industry, has come under intense pressure because of the ongoing crypto crash. The firm has been under more fire because its operations are similar to that of Celsius, a company that recently filed for bankruptcy. 

Nexo has defended its business by citing its strong balance sheet and the fact that it lends funds from its Earn Crypto product on a strictly overcollaterization basis. This means that it will do well even if many customers default. The company also spend money to acquire Vauld.

The Nexo price is rising as investors cheer the rebound of cryptocurrencies. This also explains why shares of companies like Coinbase and SoFi jumped sharply on Monday.

Nexo price prediction

The four-hour chart shows that the Nexo price went parabolic on Tuesday. As it rose, the coin managed to move above the descending trendline that is shown in blue. It also rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) rose above the overbought level.

The current price of $0.7357 is an important support level since it was the highest point on June 7th. While the pair has retreated, there is a likelihood that it will keep rising as investors buy the dip. If this happens, the next key level to watch will be at $1. 

The post Nexo price went parabolic and then dived. Is it a good buy? appeared first on CoinJournal.

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Bitcoin (BTC) rebounds after crashing below $30,000 – Can it surge past $34,000?

Bitcoin (BTC) appears to have slightly recovered after one of its worst crashes in 2022. The coin had fallen below $30,000 for the first time since July last year. However, it rebounded sharply in a few days. Here are the main takeaways:

  • BTC is currently hovering above $31,000 after a slight recovery over the last 24 hours

  • However, there still remains a significant downside risk that could push BTC below $30,000

  • Bullish RSI divergence however suggests a Bitcoin surge towards $34,000 could happen

Data Source: Tradingview 

Bitcoin (BTC) – How the price may playout

Bitcoin (BTC) fell below $30,000 for the first time in almost 10 months. Although the coin had seen sharper falls in 2022, it had never breached $30,000. The mega-cap however recovered almost instantly and is now hovering above $31,000. 

Despite this, a lot of downside risk still remains. In fact, there are fears that slow investor sentiment and an ongoing broader correction in the market could crash BTC to $20,000 before any future bull run. But momentum indicators show that there is an opportunity for short-term gains.

We expect BTC to test $34,000 based on the current RSI divergence. However, upward momentum remains severely limited. Unless something drastic happens to change sentiment, BTC will likely sell off after hitting $34,000 and may as well lose the $30,000 support once more.

Where will BTC bottom?

A lot of analysts were expecting some correction in Bitcoin this year. However, the price has fallen sharply than expected. If BTC is not able to stay above $30,000, we are going to see a huge drop in the price. 

In fact, downside risks below $30,000 are so serious to a point where BTC could go into free fall once it firmly settles below $30,000. Most analysts fear the coin could bottom at $20,000 before its next run.

The post Bitcoin (BTC) rebounds after crashing below $30,000 – Can it surge past $34,000? appeared first on CoinJournal.