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Dubai launches its own cryptocurrency, DubaiCoin, which rises over 1000% in one day

dubaicoin

Dubai has joined the cryptocurrency bandwagon with the launch of DubaiCoin (DBIX). The crypto is traded on a selected number of exchanges and is based on a public blockchain. Hence, people will be able to mine their own DubaiCoins on public blockchains. In the last 24 hours, DBIX prices have risen by a staggering 1,000 percent. The price of DubaiCoin was around $0.17  but climbed to $1.13 on May 27.

In the United Arab Emirates (UAE), a company called Arabianchain Technology launched DubaiCoin. A blockchain-based cryptocurrency is hailed as the first in the Arabic world.  the company said in a statement that DubaiCoin will soon be used for a range of offline and online products and services, substituting traditional bank-backed currencies.  “The new digital currency will be circulated by both the city and authorised brokers,” the company said.

DubaiCoin appears to be a bit different than regular cryptocurrencies. The price would be volatile due to mining, but Arabchain has stated that Dubai regulates its price. It may qualify as a central bank digital currency. Currently, it is the closest thing to China’s official digital currency that is being tested in the country. In other countries, flat countries are also being considered for digital versions.

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The Indian cryptocurrency platform Polygon has also been in the news recently. Polygon has been backed by Mark Cuban, billionaire investor of Shark Tank fame. The native token of Matic has crossed the $10 billion mark in market capitalization and is now considered one of the top twenty cryptocurrencies worldwide.

Latest market updates and developments

The price of cryptocurrencies rebounded on Friday after trading weaker on Thursday. In the past couple of days, Bitcoin trading was just above $38,000, but today it has fallen back below $36,000. China continues to crack down on virtual currencies, so it is hard for it to cross the $40,000 threshold. The price of Bitcoin has fallen around 30 percent this month due to China’s crackdown and Elon Musk’s concerns about crypto mining’s environmental impact.

Almost every altcoin is following the downward pattern of bitcoin, and it is expected to continue further till the end of this month. If Bitcoin falls back to $30,000, we can expect more downward trends in the coming days. However, the bulls are trying hard to notch up Bitcoin’s price and stabilize the market out of the bearish trend.

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