Despite Bitcoin (CRYPTO: BTC) rising yesterday, and going back to 40K, on-chain metrics suggest some cause for concern. Data from Glassnode shows that the number of addresses with a balance of more than 10,000 Bitcoin has decreased substantially over the past week or so. In this period, at least four whales have sold their Bitcoin - this may seem insignificant, but each of these addresses has sold more than $400 million worth of Bitcoin. This is an important metric to look at because whales typically have the power to control the direction of the market. I am still optimistic for the crypto market in the short term due to reaching extreme fear and negative sentiment.
Regulation has been progressing positively in Abu Dhabi in recent weeks as they have made remarkable strides towards becoming a crypto-friendly region. On Monday it was announced that Binance (CRYPTO: BNB), the biggest crypto exchange by volume, have received approval by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate as a broker-dealer in digital assets. Furthermore, Abu Dhabi-based broker-dealer, Securrency Capital announced yesterday that it has secured a Financial Services Permission (FSP) from Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).
Abu Dhabi has capitalized on the unwelcoming stance of other nations, as U.K. regulators placed restrictions on Binance, by barring the firm from carrying out regulated activity. Also, Singapore forced Binance to shut down its trading platform thereafter the country’s central bank warned it may be in violation of local payment laws. I would not be surprised to see the UAE become the ‘global hub’ for crypto in the next five years, as other countries are proving slower to adapt.
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