Abu Dhabi in the Middle East and Dubai are indeed very friendly places for cryptocurrency. Quantitative funds, as well as Wall Street's BlackRock, are clustering in Abu Dhabi and Dubai with Web3 project parties and exchanges, especially when Binance began fully compliant operations under Abu Dhabi's comprehensive regulatory system, which released a very good signal!
This area is starting to become a center for innovative finance, and its policy-making and enforcement capabilities are extremely strong. Although the United States has made many achievements in legislation regarding stablecoins, including policies and regulations, it is actually the Middle East that is implementing and executing quickly, which is very encouraging!
(There are new buildings everywhere 🏠, which also indicates a thriving scene.)#
I met many outstanding friends in Dubai. They are not only handsome and beautiful but also very talented, humble, and sincere, which deeply moved me. Moreover, there is one sister and Cz who participate in many activities in a single day, yet they remain very humble and caring towards ordinary people despite such a high-intensity schedule, which also moved me greatly.
After the BBW and BSC hackathon, the Bitcoin Ecosystem Conference and Solana's Breakpoint began, with more and more practitioners, KOLs, users, and traditional finance and web2 friends participating.
Pye and Figure performed brilliantly; one is an innovation in Staking, solving some liquidity staking channels, while the other is a fully compliant RWA platform, which engages in a comprehensive manner from on-chain, trading, to matching. This indicates that in the coming years, RWA, stablecoins, and innovative DeFi sectors have great potential, and even more potential lies in the hot land of the Middle East!
In comparison, the activities in the Bitcoin ecosystem seem a bit rough, which may be related to the characteristics of bitcoincore and Bitcoin. It is essentially conservative, prioritizing stability and security.
Since October, trading activities have been frozen due to volatility and sell-offs, with trading volumes for spot, stablecoins, DeFi, and NFTs plummeting by about 20% year-on-year in November.
The net outflow of the U.S. Bitcoin spot ETF was 3.4 billion dollars, and Ethereum also had the worst month on record.
Last month, the total market capitalization of cryptocurrencies dropped by 17% to 3 trillion dollars, with Bitcoin decreasing by 17% and Ethereum by 22%. In this situation, the U.S. Commodity Futures Trading Commission issued a no-action letter to the operators of prediction market platforms Polymarket, PredictIt, Gemini, and LedgerX/MIAX on Thursday, stating that these companies would not need to meet certain record-keeping requirements as long as they meet other specific criteria, and these companies might be able to fulfill contracts through third-party clearing members.
$BTC In short, during the cold winter of unfavorable market conditions, we can still see many builders and policymakers showing their warmth. I believe the road ahead will be better.
For me personally, being able to win the Top 100 Creator Award not only represents an honor but also a responsibility. I will continue to delve into the square, combining macro and on-chain data to guide medium- and long-term trading, and I welcome everyone to give me suggestions. Let's work hard together, and thank you, square.
