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Crypto

EU MiCA rules drive crypto firms\' exodus to Dubai

With the European Union\'s MiCA crypto rules set to take effect on July 1, unlicensed crypto firms and exchanges risk losing eligibility to serve European customers. That has accelerated moves by European crypto companies to consider entering the United Arab Emirates, especially Dubai. Legal consultations on setting up UAE entities and securing licences are rising, with many inquiries from Europe. Major exchanges also face pressure, while licensed rivals offer incentives to attract users.

Crypto

UAE exchange MidChains CEO says sovereign wealth funds accumulating spot bitcoin

A claim has emerged that sovereign wealth funds have recently been accumulating spot bitcoin, as retail participation slows and institutional and corporate money views current prices as a long-term opportunity. MidChains CEO Basil Al Askari said at least one sovereign wealth fund is buying spot bitcoin and up to two could be confirmed in coming weeks. He said such buying may not quickly lift prices but could signal other institutions.

Crypto

Bitcoin battles around $60,000 as U.S. stocks rebound but investors wait and see

Bitcoin continued to struggle near $60,000, trading between support and resistance without a clear direction. U.S. stocks rebounded on expectations of a peace deal with Iran, but bitcoin failed to follow and buying momentum weakened. Traders warned $60,000 could harden as resistance. Oil has climbed back above $70 a barrel after dipping below $68, and thin liquidity could fuel volatility. On-chain data showed cautious positioning and limited conviction among buyers.