Connect with us

Business

Survey conducted in Saudi Arabia shows reveals high rate in crypto adoption

The high degree of adoption of crypto in Saudi Arabia makes it an important market for digital currencies, signifying the potential for expansion in the Middle East and North region.

Published

on

The high degree of adoption of crypto in Saudi Arabia makes it an important market for digital currencies, signifying the potential for expansion in the Middle East and North region.

According to a survey conducted around 3 million Saudi Arabians have become crypto investors who, as of May 2022, either currently own cryptocurrencies or have traded in the past six months.

17% of respondents are labelled as crypto-curious and are likely to invest in cryptocurrencies in the next six months. As per the findings, there is a long-term interest among potential crypto investors in the Arab nation. In the first quarter of 2022, 49% of crypto investors intended to increase their investment in cryptocurrencies over the next six months.

Investor sentiment shifted toward more conservative cryptocurrency investment techniques as the bearish market began. Crypto owners in Saudi Arabia said they would keep their crypto balance as is rather than expand it. During the same period, investors with lower incomes sold off a portion of their holdings per the survey conducted.

Half of the crypto investors purchase digital currencies using fiat and engage in spot trading on a monthly basis, which is the only form of crypto trading that some Arab theologians consider halal. The Saudi Arabian Oil Company Saudi Aramco fuelled excitement among cryptocurrency followers last year after investing $5 million in blockchain based oil trading firm Vakt. While this initiative sought to digitize and automate post-trade processing, it was also reported that Saudi Aramco would begin Bitcoin mining operations.

While the Kingdom of Saudi Arabia has not yet released any official regulations surrounding cryptocurrencies, the government appears to have taken a supportive stance toward digital assets and blockchain technology.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk