Turkey is Middle East’s Biggest Cryptocurrency Market

According to data from Chainalysis, Turkey was the largest cryptocurrency market in the Middle East in 2021, with the exchange volume expanding by 1,500% y/y, bne Intellinews reports.

Attorney Burcak Unsal, an expert in cryptocurrencies, noted that the Turkish transaction cryptocurrency volume last year was one of the biggest in the world. Statista Portal, meanwhile, presented data showing Turkey was the world’s fourth biggest cryptocurrency market in 2020 in relation to the number of users.

The attraction of cryptocurrencies in emerging market Turkey stems from the high volatility and plummeted value of the Turkish lira (TRY). Since 2020, the chronic depreciation of the lira has driven many private actors to find a more secure way to invest and save their money.

Turkish residents who relied on the dollar and other strong foreign currencies to protect their savings have become more reluctant to rely solely on such fiat money to protect their assets and investments. Thus, cryptocurrencies become more and more popular while the national fiat money is perceived as less stable than digital assets. A similar trend is visible in South America and Africa.


UAE's Day To Day Hypermarket to Accept Cryptocurrency

UAE’s Discount store iDay To Day Hypermarket is the first in the UAE to accept Bitcoin and other cryptocurrency payments, Gulf News reports.

This payment method will be accepted for both physical branches as well as Day To Day Hypermarket's online shopping website (daytoday.ae).

The payment process will require your mobile phone. For in store payments, it involves a POS machine located in the stores that will facilitate the transaction. For online shopping payments, simply click on the option of the cryptocurrency payments, a link provided by the website (daytoday.ae) will facilitate the payment there on. In both cases, payments can be processed instantly and in a hassle free manner.

With the launch of the latest advancements in cryptocurrency payment systems, Day To Day Hypermarket has set a benchmark for other retailers in the UAE - not only will it cater to the expats but also to the citizens of the UAE.

Study: UAE, Nigeria “Most Curious About Cryptocurrency”

According to a new study by CoinGecko, Nigeria and the UAE have been the “most curious about cryptocurrency” since the market crashed recently this year, Zawya reports.

The crypto price tracker had looked at Google Trends data of search items frequently used by Internet users that are interested in cryptocurrency.

With a total search score of 371, Nigeria landed the top spot, having the highest search levels for the phrases “cryptocurrency”, “invest in crypto” and “buy crypto” worldwide. For users in this market, “Solana” was the third most-searched cryptocurrency worldwide.

In the UAE, which had a total search score of 270, residents were searching for “cryptocurrency” and “invest in crypto”.

Top 15 countries most interested in cryptocurrency since April 2022:

1. Nigeria

2. UAE

3. Singapore

4. Australia

5. United Kingdom

6. Canada

7. Georgia

8. Lebanon

9. New Zealand

10. Trinidad & Tobago

11. Pakistan

12. United States

13. Ireland

14. Cyprus

15. Kenya

Tiffany & Co Introduces NFT CryptoPunk Pendants For $50,000

Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk nonfungible token (NFT) holders, Cointelegraph reports.

The handcrafted CryptoPunk pendants were announced by the jewelry brand on Sunday on Twitter, and are priced at 30 Ether (ETH), equivalent to $50,600 each at the time of writing.


Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant. There are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18-Karat rose or yellow gold, based on the color palette of the NFT.

Crypto Markets Surge as Fed Raises Rates by 75-Basis Point

Following the announcement by the Federal Reserve that it was raising interest rates by 0.75 percentage point, prices of both bitcoin (BTC) and ethereum (ETH) immediately rose by 4.5% and 5.5% respectively, Cryptonews reports.

BTC’s price soared to USD 22,590, while ETH hit USD 1,580. Stocks also rose, with the broad S&P 500 index up 1% since the announcement and up 2.2% for the day to trade just above the key 4,000 level.

In his press conference, Fed Chair Jerome Powell said that “another unusually large increase could be appropriate at the next meeting” in September. However, he added that as rates become more restrictive, it will likely be appropriate to “slow the pace of increases.” Powell also repeatedly made it clear that the Fed’s decisions going forward will be “data-driven,” and said the central bank is “strongly committed to returning inflation to its 2% objective.”

Metaverse Real Estate Sales to Grow by $5 Billion by 2026

Technavio, a global market research firm, predicts that the real estate market in the metaverse is projected to pass $5 billion by 2026, Cryptonews reports.

The reports highlights the growth will be fueled by how the metaverse will gradually move towards a more mixed reality experience, giving more value to these platforms in which visitors can inhabit, taking annotations and decoding tags for different application-specific purposes; and because of the popularity of cryptocurrencies, which will make this kind of property more approachable and easy to purchase in order to sell or rent, allowing its owners to obtain a passive income.

Another report released last February estimated that metaverse real estate sales would reach $1 billion this year.