Day: January 4, 2023

Dubai Cuts Its 30% Alcohol Tax to Boost Tourism

The timing of the sudden change has been met with disapproval from some residents who had recently paid for their yearly license in full. Dubai has announced that it is scrapping its 30% tax on alcohol sales for the rest of 2023. This is the municipality’s latest step towards strengthening the tourism sector and attracting foreign residents through policy changes. “Dubai Municipality has temporarily stopped collecting the 30% fee from alcoholic beverage companies for a period of one year from the beginning of 01/01/2023 to the end of 12/31/2023. The…

Tesla (TSLA) Stock Takes 12% Hit Following Q4 2022 Delivery Report

On Tuesday, Tesla saw its stock take a significant downturn a day after posting its December vehicle production and delivery report. Tesla Inc (NASDAQ: TSLA) stock recently plunged by more than 12% on the heels of the company’s Q4 2022 vehicle production and delivery report. Although Tesla’s numbers were a record, they fell short of analysts’ expectations. On Tuesday, Tesla posted 405,278 deliveries for the fourth quarter of last year and 1.31 million total deliveries for all of 2022. The electric vehicle’s full-year figures represent a record 40% growth in deliveries…

Israeli securities regulator moves to establish crypto legal framework

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The Israeli Securities Authority (ISA) proposes a framework for regulating digital assets as an increasing number of Israeli investors are exposed to digital assets, and over 150 companies operate in Israel, according to the regulator. The regulator released a proposal in January 2023, outlining its purpose to achieve the “double value” of responding to the risks associated with investing in digital assets alongside giving the authority means to adopt a regulation. The authority has established multiple committees over the past several years to examine and regulate the issuance of cryptocurrencies…

A Dose of ‘Hopium’ for Bitcoin Bulls From 1970s

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“The 1972-1984 playbook shows how equities bounced right as the CPI peaked even as the earnings outlook deteriorated markedly at the same time,” Andreas Steno Larsen, founder and CEO of Steno Research, said in a note published on Dec. 26, explaining reasons to begin 2023 with a bit of risk exposure. “If the market sniffs out an inflation-driven pause or a pivot from the Fed, even before a drawdown in risk assets is seen, we may get a disinflation rally that will wrong-foot all investment banks.” Original

Apple Market Value Falls Under $2 Trillion amid Sustained Tech Sell-Off

The market cap of Apple is currently less than $2 trillion following supply chain headwinds in December caused by COVID in China. The market cap of Apple (NASDAQ: AAPL) sank below $2 trillion on Tuesday for the first time since May last year. This plunge happened as the tech giant’s shares fell by more than 3% during yesterday’s intraday trading. On Tuesday, Apple’s stock sank 3.74% to $130.20 per share, which now gives the multinational tech company a $1.99 trillion valuation. As of press time, its shares were changing hands…

Bitcoin analyst reveals new key levels as Ethereum price nears 3-week high

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Bitcoin (BTC) continued to work on cracking the $17,000 mark on Jan. 4 as an “extremely tight” trading zone held firm. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $17,000 “possible” thanks to CPI print Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,906 on Bitstamp, up $300 from the previous day’s low. The largest cryptocurrency had benefited from a positive start to the year on Wall Street, this giving a broader boost to previously sideways crypto assets. “Bitcoin trading with legacy markets yesterday,” Filbfilb, co-founder of trading suite…

DeFi auditor nets $40,000 for identifying Uniswap vulnerability

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Uniswap’s recently launched bug bounty program has led to the discovery of a now-fixed vulnerability of the protocol’s Universal Router smart contract. The automated market maker released two new smart contracts to its platform in November 2022. Permit2 allows token approvals to be shared and managed across different applications, while Universal Router unifies ERC-20 and nonfungible tokens (NFTs) swapping into a single swap router. Uniswap also advertised a lucrative bug bounty program to identify potential vulnerabilities in its smart contracts toward the end of 2022 as it looked to assure the…