CRYPTOCURRENCY
OKX Launches Licensed Crypto Exchange in UAE with VARA’s
In a major move for the UAE’s growing virtual asset market, OKX, a global on-chain technology company, has officially launched a fully licensed cryptocurrency exchange catering to both retail and institutional investors. This launch comes at a time when Dubai’s Virtual Assets Regulatory Authority (VARA) has ramped up its efforts to safeguard the city’s virtual asset ecosystem by targeting unlicensed firms operating within its jurisdiction. OKX Launches Licensed Crypto Exchange.
VARA’s Regulatory Crackdown
In its recent enforcement drive, VARA issued cease-and-desist orders alongside fines to seven entities found operating without the necessary licenses, underscoring its commitment to establishing a compliant and secure environment for virtual assets in Dubai. By cracking down on unlicensed firms, VARA aims to protect investors and ensure Dubai maintains international standards in virtual asset governance.
OKX’s Grand Launch at the Museum of the Future
OKX’s entrance into the UAE market was celebrated with a high-profile gala event at Dubai’s iconic Museum of the Future under the theme “A New Alternative for Dubai.” The event saw appearances from OKX CEO Star Xu, Manchester City manager Pep Guardiola, SkyBridge Capital’s Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, Stacks co-creator Muneeb Ali, and Dubai Blockchain Center CEO Dr Marwan Al Zarouni.
Rifad Mahasneh, General Manager of OKX Middle East, expressed the company’s enthusiasm for its UAE debut: “We’re thrilled to be the first global crypto exchange with a full operating license for retail and institutional clients in the UAE. Tonight’s event marks the beginning of a long-term commitment to growing our presence locally, and we’re excited about the opportunities ahead for blockchain and virtual assets in the region.”
Extensive Services for UAE Investors
UAE residents can now access a wide range of services on the OKX platform after completing the required onboarding steps. Available services include spot trading, convert, express buy/sell, and on-chain earning products. Qualified investors can also access derivatives trading, provided they meet criteria such as passing a knowledge test, suitability assessment, and demonstrating AED 500,000 in liquid assets. Institutional investors must comply with additional Know Your Customer (KYC) requirements and meet specific financial thresholds.
With over 280 cryptocurrencies and 480 trading pairs including BTC/AED, ETH/AED, and USDT/AED, OKX offers the widest selection of cryptocurrencies in the UAE market. UAE users can also deposit and withdraw AED via local bank accounts, making transactions smoother and more accessible.
Pioneering Growth and Blockchain Innovation
The launch event also highlighted the potential of blockchain technology across various sectors, reinforcing Dubai’s role as a global leader in technological innovation. The city’s alignment with its 2033 vision of becoming a blockchain hub made it the ideal host for this groundbreaking event. Discussions during the gala centred on the transformative power of blockchain and its ability to revolutionise business and industries.
OKX’s UAE launch is part of its broader global expansion strategy, having entered markets like Brazil, Türkiye, Australia, and the Netherlands earlier this year. The company also received a Major Payment Institution (MPI) license from Singapore’s Monetary Authority and designated Malta as its MiCA hub, allowing it to serve over 450 million EU residents in the coming months.
Enhanced Security and Risk Management
In line with its mission to promote transparency and security, OKX recently appointed Yuri Mushkin as its Global Chief Risk Officer. Mushkin brings over 20 years of experience in capital markets and risk management from his time at global firms such as Goldman Sachs and McKinsey & Company.
OKX was one of the first crypto companies to publish monthly Proof of Reserves, ensuring the full backing of customer funds. With 23 consecutive monthly snapshots published, OKX remains dedicated to upholding transparency and accountability within the virtual asset space.
Incentives and Customer Support
To celebrate its launch, OKX is offering new users a reward of up to 100 AED to try the platform. OKX plans to add more tokens for UAE customers in the near future, with continuous platform updates and product enhancements.
The platform offers Arabic language support on its website and app, ensuring a seamless user experience for UAE residents. To begin trading, UAE users can visit the OKX website or download the app from the App Store or Google Play, completing the verification process to access the platform’s extensive services.
OKX and VARA: Shaping the Future of Virtual Assets in the UAE
As a leading technology company, OKX is committed to making blockchain technology more accessible and useful for both individuals and institutions. The company’s UAE launch as a fully licensed exchange reflects its dedication to advancing the global crypto space.
Established in 2022, VARA is responsible for regulating virtual assets and overseeing related activities in Dubai. Its stringent regulatory framework is designed to protect investors while upholding international standards for virtual asset governance. With OKX’s licensed entry into the UAE market and VARA’s continued crackdown on unlicensed entities, Dubai’s virtual asset ecosystem is poised for secure and innovative growth.
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CRYPTOCURRENCY
Bitcoin Dominance Soars to 4-Year High: 5 Key Takeaways This Week
As the Bitcoin dominance soars in the crypto market and hit a four-year peak, with altcoins struggling under intense market pressure, more attention has been given to recent political announcements. With $2.29 billion in liquidations recorded in the past 24 hours and geopolitical factors shaking investor confidence, the market remains in a volatile state. Here’s what you need to know this week.
1. Bitcoin Dominance Climbs as Altcoins Crash
Bitcoin’s market share continues to rise, hitting levels not seen since 2019, as altcoins face significant losses. While BTC has dropped by 4-5%, Ethereum (ETH), XRP, Solana (SOL), and BNB Coin (BNB) have seen steeper declines of 10-15%, further solidifying Bitcoin’s dominance.
This shift reflects investors moving away from riskier assets, opting for Bitcoin as a safer store of value amid market uncertainty.
2. Crypto Market Sees $2.29 Billion in Liquidations
The crypto market has witnessed one of its biggest liquidation events in recent months, with total liquidations crossing $2.29 billion within 24 hours. Long traders have faced the biggest blow, with $1.91 billion in long liquidations recorded.
Coinglass data suggests that extreme volatility could continue, but some analysts believe this correction phase might soon reverse.
Bitcoin Dominance Soars.
3. Trump’s Trade War Adds Pressure on Crypto Markets
The latest market downturn comes amid growing fears over Donald Trump’s trade policies, which have already impacted traditional markets. Trump has fulfilled his pledge to impose 25% tariffs on Canada and Mexico, leading to concerns over economic instability.
Speaking to reporters, Trump stated:
“We may have short-term some little pain, and people understand that. But long-term, the United States has been ripped off by virtually every country in the world.”
These comments have added to global investor uncertainty, contributing to Bitcoin’s latest pullback.
4. Analysts Spot Familiar Patterns Hinting at an Altcoin Rally
Despite the bearish trend, seasoned analysts like Juice and Skew have identified similar patterns to previous altcoin rallies. Crypto trader Skew noted “capitulation wicks”, which indicate that many altcoins have been heavily oversold.
Juice, a well-known market analyst, highlighted on X (formerly Twitter):
“BTC.D is printing almost the exact same pattern as it did just before last alt season kicked off… Look what happens next… ALTSEASON.”
This has sparked renewed speculation that the ongoing correction could be the final dip before a major altcoin rebound.
5. Market Optimism Remains Despite Volatility
While the short-term outlook appears bearish, some traders remain hopeful that Bitcoin will stabilise without breaking its established range. Analyst Roman Trading noted that Bitcoin is currently sitting in a key support zone, suggesting a bounce could be imminent.
Meanwhile, former BitMEX CEO Arthur Hayes has reiterated his view that Bitcoin will eventually surge towards $75K, stating:
“The pain stops when a TradFi outfit is on the verge of bankruptcy. Then the Fed reluctantly joins team Trump and prints that money. And then you better be ready to buy crypto like you have never bought before.”
Bitcoin dominance soars this week.
Final Thoughts
Bitcoin’s dominance remains strong despite the broader market sell-off, with altcoins struggling to find support. While liquidations and geopolitical tensions have added to the pressure, analysts see this as a potential precursor to an upcoming altcoin season.
With Bitcoin hovering near a key support level, all eyes are now on whether this correction marks the end of the dip—or the beginning of something bigger.
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CRYPTOCURRENCY
DeepSeek’s Disruption: A Game-Changing Week for AI and Global Markets
This week, the emergence of DeepSeek, a Chinese-developed AI chatbot, sent shockwaves across the technology industry, financial markets, and the AI landscape. In a matter of days, this revolutionary app not only disrupted Silicon Valley’s dominance in artificial intelligence but also triggered a historic sell-off of tech stocks and reshaped global perceptions of AI development. Venture capitalist Marc Andreessen aptly described the moment as “AI’s Sputnik moment,” drawing parallels to the Cold War-era space race. Either way, DeepSeek’s disruption has had financial implications.
DeepSeek’s sudden rise has placed a spotlight on China’s growing influence in the tech sector, exposing vulnerabilities in the United States’ position as a global leader in AI. The speed and scale of its impact have been nothing short of transformative, raising critical questions about costs, innovation, and geopolitics in the AI arms race.
The Rise of DeepSeek: A Stunning Debut
Developed by a startup led by Chinese hedge fund manager Liang Wenfung, DeepSeek quickly gained international attention over the weekend as the most downloaded free app on Apple’s US App Store. By Monday, its impact was felt far beyond the app marketplace. The chatbot triggered a massive sell-off in U.S. tech stocks, with Nvidia—one of the most prominent names in AI hardware—losing $600 billion in market value in a single day. According to Bloomberg, this marked the largest single-day market value drop in U.S. stock market history.
DeepSeek’s appeal lies not just in its functionality but in its astonishing affordability. Its developers claim that the model was built for a mere $5.6 million, a figure that stands in stark contrast to the billions spent annually by tech giants like OpenAI, Google, and Anthropic. For context, OpenAI reportedly burned through $5 billion in 2024 alone. The disparity has left industry leaders scrambling to understand how DeepSeek managed to achieve such results with a fraction of the resources.
DeepSeek’s disruption was felt around the world.
The Cost Controversy: Fact or Fiction?
DeepSeek’s low-cost claims have sparked intense debate across Silicon Valley. Analysts, investors, and tech leaders are grappling with the question: How is this possible? Some have speculated that DeepSeek’s operations may be subsidised by Chinese government initiatives or private investors with deep pockets. Others believe the company may have leveraged cost-saving measures, such as the use of open-source software and existing hardware, to slash expenses.
Veteran tech analyst Gene Munster voiced his skepticism, stating:
“Their model is surprisingly good, which just makes it hard to believe the financials.”
Munster also questioned whether DeepSeek’s numbers reflect its true development costs or if external factors, such as long-term chip stockpiling, played a role.
Despite the controversy, what’s clear is that DeepSeek’s emergence has forced Silicon Valley to confront the possibility that AI innovation may no longer require the astronomical budgets it once did. This revelation could fundamentally alter the dynamics of AI development, making it more accessible to smaller players.
A Geopolitical Power Play: China’s AI Flex
DeepSeek’s success has been widely interpreted as a strategic flex by China, showcasing the country’s technological prowess and challenging the U.S.’s dominance in the AI space. The parallels to the Sputnik satellite, which marked the Soviet Union’s early lead in the space race, are striking. Just as Sputnik spurred the U.S. to accelerate its space exploration efforts, DeepSeek has reignited the AI arms race, with China seemingly taking the lead.
China’s dominance in rare-earth metals, essential for manufacturing AI hardware, and its wealth of engineering talent have long been seen as key advantages. Reports suggest that Liang Wenfung’s hedge fund, High-Flyer, has been stockpiling GPUs (graphics processing units) for years in anticipation of this moment. By utilising Nvidia’s H800 chips, DeepSeek’s developers were able to create a high-performing model despite U.S. export restrictions on advanced semiconductor technology.
This development raises important geopolitical questions about the future of U.S.-China relations in the tech sector. Will the U.S. government reconsider its export policies to counter China’s growing influence? Or will it focus on fostering domestic innovation to maintain its edge?
The Fallout: Tech Stocks in Freefall
The repercussions of DeepSeek’s debut were not limited to Nvidia. Major U.S. tech stocks, including Alphabet (Google’s parent company) and Microsoft, also experienced sharp declines. The widespread sell-off reflected mounting concerns that the U.S. might be losing its competitive edge in AI innovation.
Traditionally, AI development has been seen as a capital-intensive endeavour requiring vast compute power and expensive infrastructure. DeepSeek’s use of cost-effective strategies challenges this notion, raising questions about the sustainability of current industry practices. As President Donald Trump acknowledged in a recent press conference, DeepSeek’s success represents a “wake-up call” for American tech firms to reevaluate their strategies.
DeepSeek’s Disruption liquidated billions around the world.
The AI Arms Race: A New Chapter
Just days before DeepSeek’s launch, OpenAI CEO Sam Altman and Oracle co-founder Larry Ellison stood alongside Trump to unveil Stargate, a $500 billion initiative aimed at cementing U.S. dominance in AI. The project, which promises massive investments in data centers and the creation of 100,000 new jobs, exemplifies the bullish attitude of American tech leaders toward their position in the AI race.
However, DeepSeek’s arrival has injected a sense of urgency—and humility—into this narrative. Altman, typically a vocal advocate for OpenAI’s capabilities, was notably subdued following the app’s launch. In a late-night post on X, he described DeepSeek as “impressive” and acknowledged that competition from the Chinese startup could be invigorating for the sector.
What Makes DeepSeek Unique?
DeepSeek’s app has earned praise for its performance, with users highlighting its ability to generate accurate and contextually relevant responses. However, questions remain about whether it truly rivals industry-leading models like ChatGPT. Critics argue that while DeepSeek may excel in specific tasks, its scalability and long-term viability are yet to be proven.
The app’s reliance on open-source software has been a key factor in its low-cost development. By leveraging publicly available frameworks, DeepSeek’s developers avoided the high costs associated with proprietary technologies. This approach could serve as a blueprint for other startups looking to enter the AI space without the backing of billion-dollar budgets.
A Wake-Up Call for Silicon Valley
For the U.S. tech industry, DeepSeek’s success is a stark reminder that dominance in the AI sector is far from guaranteed. While companies like OpenAI, Google, and Microsoft continue to lead in terms of resources and infrastructure, DeepSeek has demonstrated that innovation can come from unexpected places.
Marc Andreessen’s description of this moment as AI’s Sputnik moment underscores the high stakes of the current AI race. Just as the U.S. responded to Sputnik with a renewed focus on space exploration, it must now rise to the challenge posed by DeepSeek. Whether this leads to increased investment in domestic AI development or a reevaluation of current strategies remains to be seen.
DeepSeek’s Disruption caused major financial problems this week.
The Road Ahead: Implications for the Global AI Landscape
DeepSeek’s emergence has not only disrupted the technology industry but also reshaped the global AI narrative. Its low-cost, high-performance model challenges long-held assumptions about what it takes to develop cutting-edge AI technologies.
For smaller players, DeepSeek’s success is an encouraging sign that the barriers to entry in the AI space may be lower than previously thought. For established giants, it serves as a warning that even the most well-funded companies are not immune to disruption.
As the AI race heats up, the focus will likely shift toward efficiency and adaptability. Companies that can deliver high-quality models at lower costs will have a significant advantage in the evolving landscape.
Conclusion: A Turning Point for AI
DeepSeek’s debut represents a turning point for the AI industry, challenging the dominance of established players and reshaping perceptions of what is possible in the field. Whether it marks the beginning of a new era of innovation or a fleeting moment of disruption, one thing is clear: the stakes have never been higher.
As the dust settles, the world will be watching to see how the U.S. tech industry responds to this unexpected challenge. Will it rise to the occasion, or will DeepSeek’s success signal a shift in the balance of power in the AI race?
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CRYPTOCURRENCY
Dogecoin ETF Emerges Amid Rising Popularity of Musk’s D.O.G.E. Initiative
Dogecoin, the world’s largest memecoin by market capitalisation, is taking a significant step toward legitimacy with the recent filing of a Dogecoin Exchange-Traded Fund (ETF) by Bitwise. The filing, officially submitted in Delaware and later confirmed by the company, underscores growing efforts to position Dogecoin as a credible financial asset. With a market cap of $51.6 billion as of Thursday and its value tripling over the past year, Dogecoin’s rise is closely linked to speculative trends and its unexpected association with Elon Musk’s Department of Government Efficiency (D.O.G.E.) initiative.
Bitwise’s ETF Filing: A Push Toward Institutional Legitimacy
The proposed ETF could mark a turning point for Dogecoin, attracting institutional investors and providing the cryptocurrency with long-awaited credibility. If approved by the Securities and Exchange Commission (SEC), the Dogecoin ETF would offer conservative investors a regulated avenue to invest in the memecoin, opening doors for wider adoption.
Historically dismissed as a joke token created in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin has evolved into a major player in the crypto space. Mimicking Bitcoin’s price trends and capitalising on its meme-based appeal, Dogecoin has attracted a strong community of enthusiasts. Now, with the potential backing of institutional investors, Dogecoin could redefine its role in the cryptocurrency ecosystem.
Bitwise’s filing is part of a broader movement within the industry. Companies like Rex Shares and Osprey Funds have also expressed interest in crypto-based ETFs, reflecting the rising trend of institutional adoption of digital assets. With over $50 billion in inflows to Bitcoin ETFs last year, even a fraction of that demand could elevate Dogecoin’s status significantly.
The D.O.G.E. Initiative: A Catalyst for Popularity
Dogecoin’s recent surge can be partly attributed to its connection with Elon Musk’s Department of Government Efficiency (D.O.G.E.), a non-governmental agency aimed at reducing government spending and streamlining federal operations. Officially proposed in October and formally recognised during Donald Trump’s swearing-in ceremony earlier this week, the D.O.G.E. agency has unexpectedly aligned with the memecoin’s branding, sparking widespread interest.
The agency’s official website briefly displayed the Dogecoin logo earlier this week, adding fuel to the speculation. While the logo was later removed, the symbolic connection between the agency and the cryptocurrency has already been made. Musk’s involvement in the initiative, coupled with his history of endorsing Dogecoin, has bolstered investor optimism.
A New Chapter for Dogecoin
For Dogecoin, the potential approval of an ETF represents a major milestone. Beyond attracting institutional investors, the ETF would help cement Dogecoin’s reputation as a legitimate digital asset. As Nate Gercai, President of ETF Store, noted in a recent post on X (formerly Twitter), Dogecoin’s position as the seventh-largest cryptocurrency by market capitalisation makes it a compelling candidate for an ETF.
“Worst case, it’s a marketing expense for the issuer. Best case, you get an extremely lenient SEC who approves it, along with Elon touting it,”
Gercai remarked, highlighting the dual opportunities of Dogecoin’s mainstream appeal and its alignment with Musk’s initiatives.
The memecoin, which once thrived on its lighthearted origins and community-driven appeal, is now emerging as a symbol of broader trends in finance and governance. Its association with Musk’s D.O.G.E. agency has imbued it with symbolic weight, representing not just speculative investment but also a vision of efficiency and reform in governance.
Broader Implications for the Crypto Industry
The filing of a Dogecoin ETF underscores a critical shift in the cryptocurrency market. Institutional adoption, once reserved for assets like Bitcoin and Ethereum, is now extending to meme-based cryptocurrencies. As these assets gain credibility, the line between traditional finance and the digital economy continues to blur.
Dogecoin’s journey from a humorous token to a potential ETF-backed investment highlights the evolving perception of cryptocurrencies. With its accessibility, cultural relevance, and the backing of prominent figures like Musk, Dogecoin is uniquely positioned to bridge the gap between speculative appeal and institutional legitimacy.
What Lies Ahead?
The success of the Dogecoin ETF depends on several factors, including the SEC’s decision and the continued growth of institutional interest. However, its filing alone signals a significant step toward recognising the potential of meme-based cryptocurrencies.
As Dogecoin aligns itself with the innovative ambitions of the D.O.G.E. initiative and garners attention from financial institutions, it could pave the way for a new era of crypto adoption. Whether it remains a symbol of humour or evolves into a cornerstone of the financial system, one thing is certain: Dogecoin is no longer just a meme—it’s a movement.
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