Analyst predicts Bitcoin hitting $100k by mid-year: Crypto Moves

Image: Shutterstock
Short Url
Updated 05 January 2022
Follow

Analyst predicts Bitcoin hitting $100k by mid-year: Crypto Moves

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 1.12 percent to $46,891 at 12:48 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,836, up by 1.83 percent, according to data from Coindesk.

Other news:

Antoni Trenchev, co-founder and managing partner of major cryptocurrency lender Nexo, has predicted that the price of bitcoin will be $100,000 by mid-2022.

"I think bitcoin is going to reach $100,000 this year, probably by the middle of it," Trenchev said in an interview with CNBC.

He also explained that there are two simple reasons why he expects significant gains in the price of Bitcoin.

Trenchev said that institutions are increasingly putting bitcoin in their corporate treasuries. For example, Nasdaq-listed Microstrategy has bought 124,391 bitcoin for its treasury.

He also mentioned another reason to get “cheap money” to stay, which would boost cryptocurrency prices.

Wharton finance professor Jeremy Siegel recently predicted that the Federal Reserve will have to raise interest rates several times this year, more than the market expects, according to Bitcoin.com.

"I quite frankly think that as soon as we see a rate hike, it’s going to be a dip into equities and the bond market and quite frankly, the last few years, we haven’t seen much political will to power through any sort of correction in the traditional financial markets,” Trenchev added.

NFT

At the end of November 2021, adidas revealed its excitement about the metaverse and said that the company had partnered with Coinbase and had acquired land in Sandbox.

The following week, adidas announced that it had partnered with the Bored Ape Yacht Club NFT project, and the comic series Punks Comic.

In mid-December, the company launched the Adidas Originals NFT compilation with Punks Comic, Gmoney, and BAYC.

Since then the NFT collection has done well in terms of sales and made its way into the top 50 group.

Adidas Originals has also seen 14,781 ether or $57.6 million in sales since the day it launched, Bitcoin.com reported.


Saudi-French cooperation to localize veterinary vaccine manufacturing

Updated 16 sec ago
Follow

Saudi-French cooperation to localize veterinary vaccine manufacturing

RIYADH: In the presence of sector leaders, the National Livestock and Fisheries Development Program signed a memorandum of understanding with French company Ceva under the patronage of Minister of Environment, Water and Agriculture Abdulrahman bin Abdulmohsen Al-Fadhli, who also chairs the program’s board.

The agreement aims to localize vaccine manufacturing, transfer technology and technical expertise, and expand the industrial and commercial production of veterinary vaccines across the Kingdom.

According to the MoU, the two parties will work to achieve high efficiency in mass production scale-up and establish a clear path for sustainable commercial operation that meets the needs of the local and national market, as well as strengthen the biosecurity and food security system.

The MoU also includes the development and modernization of messenger RNA vaccine technologies, along with joint research and development of a Middle East Respiratory Syndrome vaccine for camels. This involves designing, evaluating, and developing vaccines specifically tailored to combat the virus.

The agreement also covers the development of a rabies vaccine and related solutions, as well as supporting national efforts to control the disease through vaccine provision, capacity building, and the implementation of integrated prevention strategies.

The collaboration between the program and Ceva aims to meet the needs of the poultry vaccine market in the Kingdom, currently estimated at around SR750 million ($199 million).

The company will work to cover approximately 30 percent of this market with an initial investment of around SR250 million.

With continued government support for poultry projects and increased production in the sector, the market is expected to grow at a rate exceeding 10 percent annually, reaching approximately SR1.25 billion by 2030.

The addition of the world’s leading poultry vaccine manufacturer to Biotech Park highlights the program’s key role in developing new industries within the livestock and fisheries sector.

It also highlights the program’s commitment to building international partnerships with global companies, organizations, research centers, and universities to support advanced biotechnology industries and attract high-quality investments. It also seeks to create new economic sectors based on biotechnology, enhance veterinary health security, and support the sustainable economic development of the livestock sector, as well as empower national and emerging companies and provide advanced research and industrial infrastructure.

This will solidify the Kingdom’s position as a global hub for biotechnology industries and the development of national capabilities.

Ceva is the first international partner to join Biotech Park, the future veterinary biotechnology city launched by the program in Dhurma Governorate. The city is the world’s first specialized and fully integrated hub for veterinary biotechnology, serving as a benchmark for sector development and a platform supporting markets across the Kingdom, the Gulf, the Middle East, Africa and beyond.

The signing of Ceva is a significant step, given its position as the world’s leading manufacturer of poultry vaccines and medicines, and one of the most prominent international companies in the field of biotechnology.

The MoU aims to localize the veterinary vaccine industry, ensuring its compatibility with the strains of poultry diseases prevalent in Saudi Arabia. This includes the transfer of technology and technical expertise from Ceva, along with the implementation of specialized training programs to guarantee that manufacturing facilities comply with international Good Manufacturing Practice standards.