UAE Crypto Hub Spotlight, BTC Hits $93K as 7th Largest Asset, BlackRock BTC ETF Tops Gold, Market Rally
UAE's Digital Asset Leadership Highlighted
At the Hubbis Digital Assets Forum this week, M2 CEO Saadeddine Zaher , was joined by industry experts from Saudi Company For Hardware - SACO , 1291 Group , and Chintai , to discuss the UAE's role as a digital asset hub. Zaher highlighted the country's regulatory progress, starting with ADGM's framework in 2018, which has attracted significant investments. He addressed criticisms by presenting real-world use cases: high crypto adoption among younger generations entering institutional roles, asset tokenization, and crypto-based real estate transactions. While acknowledging cross-jurisdictional regulatory challenges, Zaher emphasized the UAE's success in creating a transparent ecosystem for digital assets.
BlackRock's Bitcoin ETF Surpasses Gold Trust
On 7 November, the iShares Bitcoin Trust (IBIT) surpassed the iShares Gold Trust (IAU), reaching $34 Billion in assets, compared to Gold’s nearly two-decade journey to $33 Billion. In just four trading days since, IBIT has grown to $42 Billion (with $29 Billion in net inflows), placing it among the top 1% of all ETFs by assets. At only 10 months old, IBIT has already outpaced all 2,800 ETFs launched in the past decade.
Bitcoin Overtakes Saudi Arabia’s Aramco by Market Cap
After surging past $93,000, and its market capitalization hitting $1.83 Trillion on 13 November, Bitcoin has overtaken oil giant Saudi Aramco. Additionally, with the market in an unequivocal bullish moment, it is tipped Bitcoin could target the $2.2 Trillion market cap of Alphabet and Google. Earlier this week Bitcoin surpassed silver - the world's eighth-largest asset - reaching a market capitalization of $1.75 Trillion Monday evening.
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After surpassing its March 2024 ATH of $73K on 6 November, Bitcoin has been on an unstoppable streak, breaking record after record. This past week alone, it surged past $80K and $90K, with daily gains reaching up to 10% on 11 November. The 7-day chart reinforces this momentum, highlighting a remarkable 21% increase.
The broader crypto market followed Bitcoin's lead, with Ripple up 26%, Solana 16%, and Ethereum 14% this week. However, Dogecoin stole the spotlight, soaring 107% in the same period.
The total crypto market cap has also reached a new all-time high of $3.06 Trillion. This surge is mirrored in the Fear & Greed Index, which climbed 24 points from last week to 86, marking Extreme Greed—the highest level in eight months.
The 12 spot Bitcoin ETFs saw $4.73 Billion in net inflows over six days, ending 13 November. On this same day, their total trading volume hit a record $8.07 Billion.
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