Dubai Crypto & Coffee at 8 ☕ 🚨 Dubai: 08th May 🚨 🚨 Bitcoin Network congestion! 🔥 Binance closes BTC withdrawals ❗ Ethereum Foundation sold $30M in Ether 🚨 Deloitte integrates Blockchain

08th May: Crypto & Coffee at 8
🚨 Bitcoin Network congestion! 🔥 Binance closes BTC withdrawals ❗ Ethereum Foundation sold $30M in Ether 🚨 Deloitte integrates blockchain for digital credentials.

🚨 Bitcoin Network Struggles with unprecedented traffic and soaring fees On 07th May over 390,000 transfers were stuck &, waiting for confirmation. 179 blocks would need to be mined to clear this backlog. The reason for this is simple BRC20 tokens + an Increase in Ordinal inscriptions.

- Good for Miners: Can charge a high fee
- Bad for Users: Delay in transactions

❗ BRC-20 is an experimental token standard recently introduced that allows users to create and transfer fungible tokens on the Bitcoin blockchain.

🚨 Check the Blockchain DXB podcast we cover this in detail & share our thoughts & commentary on this. We discuss the global crypto market, we look at Defi & the 24-hour volume, Stablecoins, & quite a lot more. Podcast link here
Spotify https://lnkd.in/d_SWRc7c
Apple https://lnkd.in/dGDejh5q
Google https://lnkd.in/dSbY7p58
Anghami https://lnkd.in/dFUtiDWe

🔥 Binance mentioned via Twitter they have temporarily closed #BTC withdrawals due to the large volume of pending transactions. They have Rest assured, funds are SAFU. We strongly recommend reading the series of tweets here https://lnkd.in/dNGK8ZJc This is the 2nd pause in less than 8 hours CoinGecko data shows Binance has significantly slid in its position for bitcoin trading volume and is no longer in the top 10 exchanges for bitcoin trading pairs.

🚨 Cointelegraph has reported that On May 6, Ethereum Foundation Foundation transferred nearly $30 million in Ether ie ETH1,877 to the Kraken Digital Asset Exchange cryptocurrency exchange, causing jitters in the market about a potential selloff event.ETH price fell 4.8% to $1,900 on the day, but the decline has been negligible so far amid a wider recovery trend.
 

❗Who makes the decision to dump these coins? An interesting question posed by Brad Mills via Twitter What’s the difference between Ripple dumping hundreds of millions on retail vs ETH founders doing it? This surely does give much confidence in Security Exchange Commission is calling Ethereum security.

❗ Deloitte Integrates KILT Identity Blockchain, creating new markets with reusable digital credentials: The credentials will “have multiple use cases,” including regulatory compliance for banking & DeFi, age verification for e-commerce, private logins and fundraising. Official news here

🚨 Two UAE news: See slides for more info & our commentary on it
⚡ BuzzAR and Cypher Capital Group team up for the Metaverse project
⚡ Palazzo Versace Dubai launches the first-ever AI-based chatbot

For slides click here:https://tinyurl.com/4ft5wf79

LinkedIn Profile: https://tinyurl.com/569zh78j

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