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Chief Scientist discusses collaboration with UAE in innovation and technology

Chief Scientist for Research, Innovation, and Technology Demetris Skourides attended a meeting at the Dubai Chamber recently, where the foundations were laid for collaboration, particularly in the areas of innovation and technology.

Skourides met with Hans Larsen from the Dubai Chamber of Digital Economy and George Partasides, Commercial Counsellor of the Cyprus Trade Centre in the UAE.

The meeting laid the foundations for exciting collaborations, particularly in the areas of innovation and technology, according to a post on the Cyprus Trade Centre in Dubai’s LinkedIn page. “We discussed the upcoming participation of leading Cypriot companies at GITEX GLOBAL 2024 (October 14-18) in Dubai, where they will showcase their cutting-edge solutions, digital services and IT applications at Cyprus national pavilion,” it added.

“Together, we are opening new doors for Cypriot businesses to expand into the UAE and vice versa since Cyprus has a high-level success to European Funds.”

Cyprus is positioning itself as a gateway for research and innovation, which in turn provides UAE companies with seamless access to Europe’s dynamic digital ecosystem. “Through initiatives like the Cyprus Innovation Initiative, we aim to create mutual value by connecting our vibrant ecosystems, strengthening Cyprus’ presence on the global digital map,” the post said.

Following the success of this meeting and the fruitful exchange of ideas, the aim is to arrange further engagements, including a meeting with a high level UAE delegation and the Cyprus delegation during Expand North Star/GITEX in October.

“Looking forward to continuing this journey of deeper collaboration between our countries, where Cyprus can serve as a crucial link for the UAE to Europe,” the post concluded.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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