🚀 Crypto Market Update: Bitcoin$BTC Nears $97K, UAE Eyes Binance Stake, and More
📈 Bitcoin $BTC Continues Its Upward Trajectory
Bitcoin (BTC) is currently trading at approximately $96,966, reflecting a 0.91% increase from the previous close. The cryptocurrency has experienced a significant surge, doubling in value since early 2024. This growth is attributed to increased institutional adoption, particularly following the approval of Bitcoin ETFs 15 months ago. Major financial firms like EY and Capriole Investments have noted a growing comfort among institutions regarding Bitcoin$BTC
investments, solidifying its status as "digital gold."
🌍 UAE-Backed Fund Plans $2B Investment in Binance Using Trump Family's Cryptocurrency
A UAE government-backed fund, MGX, has announced plans to acquire a $2 billion minority stake in Binance, the world's largest cryptocurrency exchange. The investment will be facilitated using USD1, a stablecoin developed by the Trump family's company, World Liberty Financial. This move underscores the UAE's commitment to integrating cryptocurrency into its financial ecosystem.
⚡ Kuwait Cracks Down on Crypto Mining Amid Power Crisis
Kuwait has initiated a comprehensive crackdown on cryptocurrency mining, attributing it as a significant contributor to the country's ongoing power crisis. The Interior Ministry has launched operations targeting homes illegally used for mining activities. The nation faces an acute energy shortage, exacerbated by factors such as population growth and delayed maintenance of power plants. Following the crackdown, energy consumption in affected areas like Al-Wafrah fell by 55%.
🏦 Morgan Stanley Plans to Introduce Crypto Trading on E*Trade Platform
Morgan Stanley is reportedly considering adding cryptocurrency trading to its E*Trade platform, potentially beginning in 2026. The bank is exploring partnerships with established cryptocurrency firms to facilitate this implementation. This strategic move aligns with a broader shift in regulatory attitudes under the current U.S. administration, which has adopted a more lenient stance toward crypto enforcement.
🏙️ MoonPay Establishes New Headquarters in New York City
MoonPay, a global leader in cryptocurrency payments, is setting up a new 5,000-square-foot U.S. headquarters in SoHo, New York City. This move signifies a broader trend of crypto firms strengthening their presence in the city, which has become increasingly crypto-friendly under current leadership. MoonPay's expansion aligns with its recent growth, including a 123% surge in transaction volume and a nearly 50% rise in net revenue in early 2025.