Monday, June 17, 2024
Business

Bitcoin in Dubai, the first Bitcoin fund is launched on the Dubai Stock Exchange

DUBAI (Monitoring Desk) A bitcoin programme was launched on the Dubai exchange, in a first for the Middle East staring introduced Bitcoin in Dubai, with Canadian electronic asset management 3iQ Corp hoping to raise over $200 million in the sale, according to a statement. The Bitcoin Fund was formally listed on Nasdaq Dubai, the region’s global exchange, by 3iQ Corp. Canada’s largest digital asset investments fund manager, according to a statement from the market.

This fund is the world’s first authorized significant fund to be listed on the financial markets in the Middle East of Bitcoin in Dubai and North Africa area, according to the statement. Bitcoin is traded around the globe 24/7 a day, and in Canada, we deal around North American market times, while Dubai is nearly the exact opposite of (those) business hours, 3iQ Corp CEO Fred Pye told Bloomberg Television.

We believe that if the market withstands for the next few months as we work on the registration, we will be well north of ($200 million).

Bitcoin, which was created in 2008 as an alternative to traditional currencies, is the country’s most successful digital currency, but its price has finally broken due to new Chinese measures to tighten down on cryptocurrencies. Bitcoin plummeted below $30,000 for the first price in five months on Tuesday, owing to concern over China’s escalating crackdown.

By 1040 GMT on Wednesday, the unit had regained some lost ground and was trading at $34,104 a piece, capping a wild month of trading. Despite a local trading restriction since 2017, Chinese mines power roughly 80% of global cryptocurrency transactions. However, as Beijing scrutinizes the mining industry, some provinces have ordered mines to close in recent months.

According to the Nasdaq Dubai website, the 3iQ fund ended Wednesday trading up 10.38 % at $38.30. According to the brief, the fund aims to invest in long-term bitcoin ownership as a less volatile option to direct investments in volatile cryptocurrencies. Bitcoin and other cryptocurrencies are created by solving puzzles using sophisticated computers that use a lot of energy.