Julius Baer Expands Crypto Wealth Management Services in Dubai

WEMIX token leads gaming crypto asset marketWEMIX, a cryptocurrency issued by blockchain gaming company Wemade, has been marked as having the largest constituent weight in terms of market capitalization in the gaming sector in the latest Crypto Sector Indices released by Sygnum, a global digital asset banking group headquartered in Switzerland and Singapore.Photo by Christian Wiediger on UnsplashUnveiling insightsSygnum’s Crypto Sector Indices is a comprehensive report analyzing the world’s leading crypto asset projects to allow investors to view real-world use cases, compare market capitalizations and identify more influential or promising assets with greater constituent weight proportions. It is divided into seven core sectors — Layer 1, Layer 2, Centralized Finance (CeFi), Decentralized Finance (DeFi), Web3, Gaming and Metaverse.WEMIX’s continued successAccording to the banking group’s analysis of the world’s gaming cryptocurrencies by market capitalization, WEMIX has the largest share at 16% — up from 10% in January — beating out other game tokens like The Sandbox and Gala. Axie Infinity also has a 16% share. Out of more than 21,000 protocols, only those that constitute at least 0.01% of the total crypto market capitalization are eligible for inclusion in the indices.WEMIX has thus proven itself as one of the leading cryptocurrencies in the global blockchain gaming industry. Last month, Wemade also hosted the world’s first blockchain-assisted golf tournament, WEMIX Championship 2023, where the prizes for winning golfers were distributed in WEMIX.

Dunamu reports Q3 slump amid interest rate hikes and economic slowdownDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, posted a lackluster performance in this year’s Q3 due to a decrease in trading volume caused by ongoing interest rate hikes and an economic downturn.Photo by Алекс Арцибашев on UnsplashLagging performanceAccording to the Financial Supervisory Service (FSS), Dunamu’s consolidated operating revenue in Q3 was KRW 193 billion (approximately $150 million), marking a 29% decrease from the same period a year earlier (KRW 271.9 billion). Operating income came in at KRW 101.8 billion, and net profit was KRW 29.5 billion, down 39.6% and 81.6% from the same period last year, respectively.This underwhelming financial performance reflects the sluggish crypto market amid the nation’s economic downturn and the U.S. Federal Reserve’s interest rate hikes. The decrease in the exchange’s net profit in particular can be attributed to a loss in the valuation of crypto assets due to crypto price declines compared to the previous quarter.Positive outlookHowever, with the expected approval of the spot bitcoin exchange-traded fund (ETF) next year and the next Bitcoin halving, the market outlook is expected to improve gradually. Despite the current market conditions, Dunamu plans to continuously promote the mainstream adoption of blockchain services and explore new business ventures.“We will make efforts to revitalize the blockchain ecosystem and create an advanced investment environment,” Dunamu said. “We will strive to offer innovative services building on our unique technological capabilities.”

Bitcoin is facing growing uncertainty as it trades near $90,000, down nearly 30% from its October peak of $126,000. While the cryptocurrency remains under pressure, investors are increasingly focused on Tokyo, where a potential change in monetary policy could tighten global liquidity. According to CoinDesk, which cited a report from Nikkei, the Bank of Japan (BOJ) is expected to raise its policy rate by 25 basis points to 0.75%, a move that would push borrowing costs to their highest level in nearly three decades. Historically, a stronger yen has often been associated with weaker Bitcoin performance amid tighter global liquidity.Photo by Kanchanara on UnsplashYen carry trade in focusThe report suggested that higher rates could unwind the yen carry trade, a strategy in which investors borrow cheap yen to fund positions in higher-yielding assets such as stocks and U.S. Treasuries. A similar dynamic played out following the Japanese central bank’s July hike, which precipitated a market-wide selloff that dragged Bitcoin from roughly $65,000 down to $50,000. However, CoinDesk noted that a recurrence of such volatility cannot be assumed. It added that speculative positioning is already skewed toward yen strength, while steadily rising Japanese bond yields suggest monetary policy is adjusting to prevailing market realities. Institutional skepticism toward BitcoinBeyond the macroeconomic landscape, fundamental skepticism remains entrenched among traditional finance heavyweights. John Ameriks, Vanguard’s global head of quantitative equity, said at Bloomberg’s ETFs in Depth conference that the asset behaves more like a speculative digital collectible, comparable to a Labubu toy, than a conventional investment, citing its lack of income generation, compounding, and cash-flow characteristics. Ameriks’ comments follow Vanguard’s move earlier this month to permit trading of select third-party crypto ETFs. He said the decision was based in part on the funds’ ability to establish a track record since their January 2024 launch. While acknowledging that Bitcoin could theoretically offer value during periods of high inflation or political instability, he maintained that its history remains too short to draw conclusions. Bullish case for BitcoinA contrasting view was offered by Katherine Dowling, president of the Bitcoin Standard Treasury Company. Speaking with DL News, Dowling projected that Bitcoin would surge to $150,000 by the end of 2026. She pinned this bullish outlook on favorable U.S. regulatory shifts, increased liquidity from Federal Reserve rate cuts, and sustained institutional adoption via ETFs.The perceived influence of institutional flows was also underscored by a recent weekly survey of 2,000 South Korean investors conducted by CoinNess and Cratos. The data showed that 42.3% of respondents view flows into and out of spot Bitcoin ETFs as the primary price driver. Monetary policies in major economies like the U.S. and Japan ranked second at 26.7%, while 16.3% pointed to shifts in equity markets. Another 11.5% attributed price action to the halving cycle, and 3.4% said they could identify no specific catalyst.