After the Fed's monetary policy decision, the cryptocurrency market recorded a first upward spiral. Bitcoin has seen an upside ratio of 1.21% in the past 24 hours. The queen of cryptocurrencies is already trading at $19.176. As a result, the volume of transactions increased in several countries, particularly in the United Arab Emirates. Since 2020, there has been a BTC trading volume of more than 1,500%, or nearly $26 billion.
A probable introduction of Bitcoin in the United Arab Emirates
Indeed, the United Arab Emirates is in a very closed circle of countries likely to adopt Bitcoin (BTC). Moreover, the government pays particular attention to BTC, a better alternative to traditional payment systems. As a result, a partnership will soon be signed between the Seed Group and CoinCorner to legalize Bitcoin in this region.
A fortiori, this project should succeed if it benefits from the support of Sheikh Saeed Ahmed AI Maktoum, the owner of Private Office. Regarding this probability of the legal tender of Bitcoin in the United Arab Emirates, the CEO of Seed Group, Hisham AI Gurg, said this:
Besides individuals, many businesses are ready to use Bitcoin and other digital currencies as legal payment means for future transactions. The UAE wants to provide fintech companies an environment conducive to growth by creating an ecosystem for digital currencies. Businesses that accept cryptocurrencies have great potential in the digital economy of the Emirates.
In addition, one observation emerges: Bitcoin could become the primary means of payment in many countries. El Salvador has shown the way to other Latin American countries that do not hide their ambition to adopt or invest in cryptocurrencies, including BTC. In addition, Russia wants to use crypto-assets for its exports to thwart the European Union's economic sanctions.
Has Bitcoin started its recovery phase?
After crossing $18,190 over the past week, Bitcoin has increased to $19,250. At the same time, the Fibo retracement is 78.5%. This resistance could consolidate the price of BTC at 20,500 throughout this new week. However, a trend toward the down cycle should be expected if the Fibo retracement dips below 78%.
In any case, Bitcoin, the leading cryptocurrency, has not been spared by the bear market observed since the beginning of the year. On observation, bear markets persist, causing uncertainty within the crypto investment community. However, crypto-traders remain confident in the face of a possible rise in the price of cryptocurrencies. But we should be wary of the multiple crises in this sector.
Finally, Bitcoin (BTC) is likely to take off at the end of this year. Could he then close the year above the $26,000 single? Be that as it may, the price of the king of cryptos is still very far from its November 2021 ATH.