Dubai-based Emaar Properties’, the real estate development company behind the Burj Khalifa skyscraper is reportedly developing a security token offering. The digital asset will be used throughout the real estate giant’s vast holdings as a part of its loyalty program. Emaar Properties is one of the largest property developers in the UAE.
The Dubai-based Emaar Properties is reported to have revealed an ICO (initial coin offering) in Europe, will be considered in one year after the internal launch of its community token and Blockchain platform. The report was given by Arabian Business. The new project is being built by Lykke, a Swiss-based online marketplace. The new digital token is said to be Ethereum Blockchain-based and the ERC20 token model.
New Token Will be Accepted in The Company’s Vast Holdings
Emaar’s upcoming community token will reportedly be accepted in the company’s various holdings. They include real estate, malls, facilities management, hospitality, entertainment, and online shopping. Emaar’s total assets are worth $10 billion at least.
The leading property developer is partially owned by the Al Maktoum family. The Al Maktoum family is the royal ruling family of Dubai. Back in 2018, Emaar’s shares dropped by 39%. This figure amounted to the property developer’s lowest price-to-earnings ratio in nearly a decade.
Current Bitcoin (BTC) Price Revival Affected By Low Volumes
The family of decreased Bitcoin developer Dave Kleiman is reportedly suing Craig Wright. The $5 billion lawsuit is claiming that Wright unlawfully forged, and backdated Dave’s Bitcoin shares before signing them off. The shares are reportedly worth the 1.1 million BTCs the pair had mined when they worked together. Whether a closure will see the affected BTC assets liquidated or not, the price of the top asset class is still recovering. Although, the recovery has been overshadowed by light trade volumes.
Bitcoin (BTC) is stable, heading for more gains
Bitcoin (BTC) has initiated an uptrend. As of the time, this report was written the leading digital currency coin was stable after gaining 1.3% from last week’s close. These hard stats indicate price consolidation for Bitcoin. Like in previous BTC/USD analysis, the Bitcoin prices appears to be banding with the BB upper meaning traders who are risk-off and aggressive now have a chance under the lower time frames.
Bitcoin (BTC) Price Today – BTC / USD
If prices continue trading above the $3,800 position in a minor breakout, the bulls could gather enough momentum and forcefully reverse the losses of February 24. After this happens, there should be minor upside resistance. Bitcoin (BTC) could go on to retest the $5,800 and $6,000 price positions in coming weeks.
The technical indicators show that sustaining the recent higher highs are weak volumes. At the close of trade yesterday, data from BitFinex exchange indicate that the trade volumes for the digital asset averaged 7.78k against 13k. This is low compared to what was attained on February 23 when the average was 16k.
Nevertheless, aggressive and short-term traders must load on every dip that occurs. Conservative traders will typically wait for a strong close above the highs from December 2018 with high volumes above the 36k mark.