Saudi Press

Saudi Arabia and the world
Thursday, Apr 25, 2024

Bitcoin price remains around $49,000

Bitcoin price remains around $49,000

Bitcoin remained above $49,000 early Wednesday, after moving above that level in Tuesday's session.

Tesla CEO Elon Musk and Twitter founder Jack Dorsey on Monday traded back-and-forth messages, appearing to mock the idea of a forthcoming "Web3," a buzzword in tech used to describe the next evolutionary phase of the internet.

"It’s somewhere between a and z," Dorsey replied, seeming to take a thinly veiled jab at 16z, a venture capital firm that has invested heavily in blockchain and cryptocurrencies.

Jack Dorsey, left, and Elon Musk


The term "Web3" is used broadly to refer a decentralized internet that will run on the record-keeping technology blockchain, rather than on centralized services.

In this model, users would have ownership stakes in platforms and applications and would supposedly contrast with today’s model – Web2 – where a few major players like Meta's Facebook and Alphabet’s Google control the platforms.

Musk's and Dorsey’s tweets sparked a debate among critics who disagreed with their conclusions on Web3.

Dorsey later downplayed the notion that Web3 will ever be truly decentralized as venture capital firms and their limited partners will be in the driving seat.

In other news, the cryptocurrency exchange Binance said Tuesday it had signed a cooperation deal with Dubai World Trade Centre Authority, which is working to set up an international virtual asset ecosystem.

The Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets, according to Reuters.

The United Arab Emirates is looking to attract new business amid regional competition.

Binance said in a statement that it intends to assist the development of virtual asset regulations in Dubai.

"The goal is to help crypto exchanges, or businesses that offer blockchain and DLT services, or a wide range of digital currencies and assets to become licensed in Dubai," it said.

Financial regulators across the world have this year targeted Binance, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.

In response, CEO Changpeng Zhao said in July he wanted to improve relations with regulators.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×