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Bitcoin tumbles below $70,000, wiping out gains since Trump 2024 win

Cryptocurrencies have been regarded as beneficiaries of a large balance sheet, having tended to rally while the Fed greased money markets

Reuters
Reuters

05 February, 2026

Bitcoin tumbles below $70,000, wiping out gains since Trump 2024 win
Image credit: Getty Images

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Bitcoin tumbled through the key $70,000 level on Thursday as a slide in the world’s largest cryptocurrency showed no signs of stopping.

Bitcoin fell by as much as 3.8 per cent to a low of $69,858, its weakest since November 2024, when Republican Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail.

Bitcoin has already fallen nearly 8 per cent for the week, taking its losses for the year so far to nearly 20 per cent. Ether, which was down nearly 2 per cent at $2,090, is down close to 30 per cent this year.

Markets ‘fear a hawk’ with Warsh

The latest rout in cryptocurrencies, which has come hard and fast, was triggered, analysts say, by the nomination of Kevin Warsh as the next Federal Reserve Chair, due to expectations he could shrink the Fed’s balance sheet.

Cryptocurrencies have widely been regarded as beneficiaries of a large balance sheet, having tended to rally while the Fed greased money markets with liquidity, a support for speculative assets.

Read more-US probes crypto platforms over suspected Iran sanctions evasion

“The market fears a hawk with him,” said Manuel Villegas Franceschi from the next generation research team at Julius Baer. “A smaller balance sheet is not going to provide any tailwinds for crypto.”

The global crypto market has lost nearly $1.9trn in value since hitting a peak of $4.379trn in early October, based on data from CoinGecko, with some $800bn wiped out in the last month alone.

To be sure, cryptocurrencies have struggled for months since a record crash last October sent bitcoin tumbling from a peak as leveraged positions got washed out.

That has left investors less keen on digital assets and sentiment towards the industry fragile.

“We believe this broader decline is mainly driven by massive withdrawals from institutional ETFs. These funds have seen billions of dollars flow out each month since the Oct 2025 downturn,” Deutsche Bank analysts said in a note to clients.

They added that US spot bitcoin ETFs witnessed outflows of more than $3 billion in January, following outflows of about $2bn and $7bn in December and November respectively.

“This steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” the analysts said.

Broader issues in tech sector

Bitcoin’s fortunes have been tied to the broader tech sector for some time. The price tended to rise, particularly on the back of investor enthusiasm over artificial intelligence.

This week’s rout in global software stocks has accelerated the slide in the value of bitcoin, ether and other tokens.

Market watchers are starting to question if this decline marks the start of a steeper correction.

“Concerns are being raised around the crypto miners and whether we could be looking at forced liquidations if prices continue to fall, which could lead to a vicious cycle,” Jefferies strategist Mohit Kumar said in a note.

“Our view on crypto has always been that it should be never more than a very small portion of the overall portfolio. However, it is also an asset class that is heavily owned, particularly by retail investors, and hence adds to the overall market risk.”

Canva to establish regional HQ in Dubai, move to support SMEs

The Dubai Chamber of Digital Economy will support the establishment of Canva’s regional headquarters in Dubai, enabling the expansion of the company’s operations locally and across the region

Gulf Business
Gulf Business

05 February, 2026

Canva to establish regional HQ in Dubai, move to support SMEs
Image: Dubai Media Office

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Dubai Chamber of Digital Economy said it has signed an agreement with global visual communication platform Canva to establish the company’s regional headquarters in Dubai and support 250,000 small and medium-sized enterprises and individuals in the digital sector over the next five years.

The agreement was signed during the World Governments Summit 2026 in Dubai and supports the UAE’s national objectives for digital transformation and artificial intelligence.

The signing took place in the presence of Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and chairman of Dubai Chamber of Digital Economy.

The agreement was signed by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, and Cliff Obrecht, co-founder and chief operating officer of Canva.

Under the agreement, Dubai Chamber of Digital Economy will support the establishment of Canva’s regional headquarters in Dubai, enabling the expansion of the company’s operations locally and across the region.

The move aligns with Dubai’s strategy to build an integrated digital ecosystem and attract global technology companies.

Canva to support SMEs through its digital design and visual communication platform

Canva will provide newly established SMEs operating in Dubai and the UAE with access to service packages through its digital design and visual communication platform.

Set to launch this year, the packages will offer tools for design, productivity, and content creation, allowing companies to develop digital content without specialist design skills.

“Dubai is continuing to strengthen its position as a global hub for leading technology and digital innovation companies, supported by a flexible, business-friendly environment and advanced infrastructure that keeps pace with the rapid evolution of the digital economy,” Al Olama said. “We are committed to providing high-quality platforms and tools that enable companies to grow and expand in Dubai, particularly in creative sectors powered by artificial intelligence and advanced solutions. The agreement with Canva is designed to enhance the capabilities of SMEs and support their growth and development within Dubai’s advanced digital ecosystem.”

Obrecht said the company’s decision to locate its regional headquarters in Dubai would bring it closer to businesses and creators across the region.

“Dubai is home to millions of people building and creating at scale, and this partnership reflects our shared belief in the power of creativity and technology,” he said. “Establishing our regional headquarters here means we can work more closely with small businesses, enterprises, and creators across the region, giving them access to Canva’s suite of products to bring their ideas to life. We’re excited to be part of what Dubai is building.”

Founded in 2013, Canva provides an online design platform used by enterprises, small businesses, consumers, and students in more than 190 countries. The company is valued at approximately $42bn and has more than 260 million monthly users, with over 40 billion designs created on its platform.

In the UAE, more than 54 million designs were created on Canva in 2025, and around one in eight internet users in the country uses the platform.

Dubai Chamber of Digital Economy is one of three chambers operating under Dubai Chambers and focuses on expanding the emirate’s digital economy in line with the Dubai Economic Agenda D33.

How physical AI, robotics will shape the region in 2026, NVIDIA execs share insights

We look at how how physical AI and robotics are intrinsically poised to transform the industrial sector not only in 2026, but in the decades to come

Gulf Business
Gulf Business

05 February, 2026

How physical AI, robotics will shape the region in 2026, NVIDIA execs share insights
Image: Getty Images/ For illustrative purposes

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The industrial landscape in the Middle East is undergoing immense transformation. By now, nearly everyone in the world has at least heard of AI, with its adoption rate faster than the early days of the world wide web. As AI enters a period of relative maturity, experts are unearthing new capabilities and identifying how they can accelerate almost every sector.

Recognisng this trajectory early on, Middle Eastern leaders have pivoted from traditional automation toward physical AI – a generation of autonomous models that perceive, understand, interact with and navigate the physical world.

Looking ahead, we examine how physical AI and robotics are intrinsically poised to transform the industrial sector not only in 2026, but in the decades to come.

Everything physical will be born in simulation

The most significant change expected in the coming year is the adoption of a “simulation first” philosophy, which implies that nothing physical is truly ‘new’ by the time it arrives on the factory floor.

“From breakthrough products to the factories they’re built in, everything manufactured will be born in a digital world. Simulation-first design breaks through the barriers of cost, risk, and speed, letting manufacturers iterate, test, and optimise long before breaking ground or cutting steel,” says Rev Lebaredian, NVIDIA’s VP of Omniverse and Simulation Technology.

This notion is already being adopted in the Middle East’s fast-paced development culture, where engineers are increasingly using high-fidelity digital twins to perfect every movement in a virtual environment, long before execution. By the time a robotic arm is installed in Abu Dhabi, its job has been practiced millions of times in a virtual replica, ensuring that the moment power is switched on, a facility operates with peak efficiency, saving billions in potential downtime and redesigning costs.

“This digital approach lays the foundation for intelligent automation, as robots and AI-powered industrial facilities can be trained, validated and continually improved through simulated environments before deployment,” Rev adds.

Robots with common sense

Thanks to new physical AI reasoning models, autonomous machines possess a foundation of core skills that adapt to the real world. Previously, a robot was only as good as its specific code.

However, present models enable a machine trained in a simulated warehouse to be deployed in a public facility, such as a hospital, and quickly learn how to navigate safely around people and obstacles.

It’s a versatility that enables robotics to scale into domains previously impractical. They’re now reasoning agents capable of identifying empty pallets, misplaced items, or hazardous spills, while autonomously deciding how to fix the problem without human intervention.

Vision language models operating as the control tower for outside-in-robotics

Deepu Talla, VP of Robotics and Edge AI at NVIDIA, says vision language models (VLMS) will manage fleets of robots from 2026. “VLMs, AI that can perceive and reason against physical objects and behaviours, will operate as the control tower for outside-in robotics, enabling robots to collaborate and communicate with their environments. Fixed overhead cameras will provide safety and operations co-pilots that help direct people and machines, while adapting in real-time to keep operations on schedule.”

Operators no longer need complex coding skills; they can simply type or sketch commands to instantly deploy an entire fleet, ensuring daily workflows run smoothly and solutions are quickly identified for any challenges or mishaps.

“This shift is already happening,” Deepu explains. “Ceiling-mounted cameras can now spot empty pallets, misplaced items, or spills, and send robots to fix them. Most teams run these systems onsite for privacy and speed, linking them to existing floor software and cameras.”

The payoff is clear: fewer incidents, faster changeovers and consistent performance across sites, making autonomy a dependable part of daily operations.

Saudi Arabia executes world’s first sovereign-native tokenised property deed

While markets such as Singapore, the UK and the European Union have introduced regulatory frameworks for digital assets, Saudi Arabia is the first globally to implement executable technical code directly within its sovereign property registry

Rajiv Pillai
Rajiv Pillai

05 February, 2026

Saudi Arabia executes world’s first sovereign-native tokenised property deed
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Saudi Arabia has marked a global first in capital markets digitisation with the successful execution of the world’s first sovereign-native tokenised property title deed transfer.

Carried out under the patronage of Majed Al-Hogail, Minister of Municipalities and Housing, the transaction represents the direct integration of the Kingdom’s Real Estate Registry (RER) with droppRWA’s blockchain transaction layer. The new infrastructure reduces property settlement times from days to seconds, converting traditionally illiquid real estate assets into programmable, highly liquid instruments.

The milestone strengthens Saudi Arabia’s appeal to foreign direct investment and aligns closely with the digital transformation goals outlined in Saudi Vision 2030.

The transaction was executed between the National Housing Company (NHC), the government-backed developer of affordable housing solutions, and the Real Estate Development Fund (REDF). Using droppRWA’s sovereign-grade market infrastructure, a digital token representing the property title deed was linked directly to the RER’s official registry, alongside the issuance of a separate token representing transferable ownership interest.

Transaction logic

Compliance requirements were embedded into the transaction logic itself, with settlement completed securely and simultaneously through a stable delivery-versus-payment mechanism.

Majed bin Abdullah Al-Hogail, Minister of Municipal Rural Affairs and Housing, said: “Saudi Arabia is building a real estate sector that is digital by design, integrating PropTech and AI across planning and delivery in line with Vision 2030. We have successfully executed the Kingdom’s first end-to-end blockchain verified real estate transaction, using the first government authored standards for tokenizing real estate ownership. By linking transactions directly to official records from the outset, this will expand participation, strengthen FDI confidence, improve liquidity, accelerate development financing and enable new PropTech innovation.”

Faisal Al-Monai, CEO of droppRWA, said: “The end-to-end infrastructure used to execute this historic transaction, including the token standard, settlement rails, compliance logic, issuance framework and the stable delivery-versus-payment mechanism, was provided exclusively through droppRWA’s sovereign-grade infrastructure, our goal is to help Saudi skip the “digital wrapper” era other markets are currently stuck in by entirely by embedding enforceability into the asset at the source, creating a new category of sovereign-grade assets and the industrial engine that will allow the Kingdom’s multi-trillion-dollar real estate pipeline to be accessed by global institutional capital with absolute legal certainty.”

While markets such as Singapore, the UK and the European Union have introduced regulatory frameworks for digital assets, Saudi Arabia is the first globally to implement executable technical code directly within its sovereign property registry. Following the successful pilot, the infrastructure is expected to be rolled out more broadly across the Kingdom’s multi-trillion-dollar real estate pipeline, including designated investment zones.

Read: DFSA updates crypto token rules to strengthen DIFC market

Travel smarter in 2026: Emirates lists key rules, advisories for global flyers

From mandatory eVisas for the UK to stricter power bank rules, Emirates is highlighting changes that affect both short-haul and long-haul journeys

Nida Sohail
Nida Sohail

05 February, 2026

Travel smarter in 2026: Emirates lists key rules, advisories for global flyers
Image credit: Emirates/Website

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Emirates has issued a comprehensive set of travel advisories affecting passengers worldwide, covering visa requirements, passport rules, digital authorisations, and in-flight regulations. These updates are part of the airline’s ongoing efforts to streamline international travel and enhance passenger safety.

Travelers are advised to carefully review all advisories to avoid delays or disruptions. From mandatory eVisas for the UK to stricter power bank rules onboard, Emirates is highlighting changes that affect both short-haul and long-haul journeys.

Read more-Flying Emirates? Here are new upgrades, perks and offerings for you

“Our goal is to make travel smoother and safer for all passengers,” said an Emirates spokesperson. “Following these updates ensures travelers avoid last-minute surprises at the airport and comply with new international regulations.”

Here’s what you need to know before you fly.

UK moves to eVisas and electronic travel authorisation

Travel to the UK is undergoing a digital transformation. Physical immigration documents are being replaced with eVisas, and the introduction of the Electronic Travel Authorisation (ETA) system requires travelers to obtain digital permission before flying.

Passengers who do not need a visa for short stays of up to six months must apply for an ETA. “From February 25, 2026, eligible visitors without an ETA will not be able to board their transport and cannot legally travel to the UK,” the advisory notes. Applications can be completed online at www.gov.uk/electronic‑travel‑authorisation.

Travelers holding UK visas, EU Settlement Scheme (EUSS) status, or expired biometric residence permits are advised to access their eVisa and ensure passport details are current. This step is critical to avoid unnecessary delays at border control. “Check your eVisa is correct before you travel,” the airline reminds.

For those with EUSS status, linking a valid passport to the UKVI account is essential. Any newly issued passports or identity documents must also be updated to maintain smooth travel.

UAE passport validity requirements

UAE nationals are required to have a minimum of six months’ validity on travel documents, whether traveling with a passport or Emirates ID. This rule applies to all destinations outside the GCC and overrides other entry regulations in the destination country.

“Passengers whose documents do not meet this requirement will not be able to complete check-in,” Emirates warns, urging travelers to verify their documents ahead of time to prevent disruptions. Passport renewal services are available at Terminal 3, Arrival Level Immigration Offices, and typically take 30 minutes, though processing times can vary depending on passenger volume.

European Union introduces entry/exit system (EES)

From 12 October 2025, the European Union began implementing a new Entry/Exit System (EES) at Schengen borders. This replaces the traditional passport stamping process with a digital record of entry and exit, including biometric data such as fingerprints and facial scans.

Non-EU/Schengen nationals traveling for short stays of up to 90 days in any 180-day period will be subject to EES procedures. On first arrival, border officers collect biometric data along with passport details, which are securely stored. Returning travelers do not need to repeat the full process; their data is already in the system.

Passengers are advised to allow extra time for border checks, particularly on their first visit after the system goes live. EU citizens, Schengen residents, and holders of long-stay visas or residence permits are not affected. More information can be found at the official EU EES information page.

India introduces new e-arrival card for non-Indian nationals

Effective October 1 2025, all non-Indian nationals must complete a new e-Arrival Card before flying to India. The form must be submitted online between 72 hours and 24 hours before departure. There is no registration fee for the e-Arrival Card.

Failure to complete the e-Arrival Card may result in longer immigration procedures upon arrival. Travelers are encouraged to verify contact details through Manage Your Booking to receive timely updates.

Power bank rules tightened on Emirates flights

Starting October 1, 2025, passengers are prohibited from using or charging power banks on Emirates flights. One power bank per passenger is allowed in cabin baggage only, and it cannot be placed in checked baggage.

The maximum capacity permitted is 100 watt-hour (Wh), and the rating must be clearly visible. Power banks cannot be stored in overhead lockers and must remain under the seat in front of the passenger. Charging any device or the power bank itself during the flight is strictly prohibited.

“These measures are designed to minimise the risk associated with power banks during the flight,” the advisory explains. For more details, see the Dangerous Goods Policy page.

What travellers should do now

Emirates is advising all passengers to:

  • Check visa and ETA requirements well ahead of travel dates.
  • Verify passport validity, especially UAE nationals traveling abroad.
  • Complete required e-Arrival cards or digital forms.
  • Update UKVI and EUSS accounts where applicable.
  • Follow new in-flight regulations for electronic devices.

“Being prepared and informed is key to a smooth journey,” the Emirates spokesperson added. “We encourage travelers to review these advisories carefully and take necessary action in advance.”

With digital travel authorisations, biometric entry systems, and new in-flight safety measures becoming the norm, staying informed is now an essential part of global travel.

Travelers can find all updates here.

Checkout.com partners Spotify to power global payments across 180+ countries

As part of the integration, Spotify will deploy Intelligent Acceptance, Checkout.com’s proprietary AI-driven optimisation solution

Gulf Business
Gulf Business

05 February, 2026

Checkout.com partners Spotify to power global payments across 180+ countries
Image: Supplied

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Checkout.com has entered into a new strategic partnership with Spotify, enabling the global digital payments provider to deliver acquiring services for the world’s largest audio streaming subscription platform.

Under the agreement, Checkout.com will support Spotify’s global payments infrastructure, helping ensure a seamless, secure and reliable checkout experience for more than 700 million monthly active users and over 280 million paying subscribers worldwide.

The partnership will see Checkout.com provide acquiring services across more than 180 countries, leveraging its local market presence and global payments expertise to optimise transaction performance in every geography where Spotify operates.

“Our aim is to deliver a seamless, simple, and safe payment experience so that our users can focus on enjoying the music, podcasts, and audiobooks they find on Spotify,” said Sandra Alzetta, vice president, global head of payments and customer service at Spotify. “It’s important for us to work with partners who can move quickly and collaborate closely. Partnering with Checkout.com enables us to leverage their global reach, local expertise, and the ability to optimise payment performance at scale.”

As part of the integration, Spotify will deploy Intelligent Acceptance, Checkout.com’s proprietary AI-driven optimisation solution. The technology uses real-time data from Checkout.com’s global network to intelligently route transactions, reduce payment failures and improve overall acceptance rates.

The solution will be complemented by Network Tokens and advanced authentication services, strengthening security while ensuring uninterrupted recurring payments for Spotify’s subscriber base.

“This partnership with Spotify is a significant milestone in our mission to power the world’s leading digital enterprises with reliable, high-performance digital payments,” said Guillaume Pousaz, CEO and founder of Checkout.com. “Spotify sets the standard for digital experiences for creators and fans across the world, and payments play a critical role in delivering that. By combining our global acquiring network with Intelligent Acceptance – which performs 87 million real-time optimisations daily – we’re helping maximise acceptance rates, reduce costs, and deliver the best possible payment experience for Spotify’s global audience, today and in the future.”

The collaboration underscores the growing importance of AI-led payment optimisation as global subscription platforms scale across diverse markets with varying consumer behaviours, regulations and payment preferences.

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