In today’s latest cryptocurrency news, learn about how the UAE minister of state for international trade thinks cryptocurrencies “will play a big role for UAE trade going forward.” “Global governance of cryptocurrencies and crypto firms is the most crucial thing,” he said. On the other hand, Bitcoin, the most valuable cryptocurrency, rose to $23,333 for the first time since August 19. BTC crossed $23,000 for the first time in five months over the weekend, delighting the cryptocurrency market. Finally, Bitcoin rose again at the start of the weekend ahead of Asian Lunar New Year celebrations.
Minister Says That Crypto Will “Play a Major Role” in UAE Trade in the Future
Cryptocurrency “will play a big role for UAE commerce moving forward,” according to the UAE minister of state for international trade. He stated, “The most essential thing is that we establish global governance when it comes to cryptocurrencies and crypto companies.”
UAE’s Crypto Future
Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, discussed cryptocurrencies with Bloomberg in Davos, Switzerland, on Friday.
Cryptocurrencies are one area the UAE wants to grow, he said:
Crypto will be crucial to UAE commerce.
Al Zeyoudi said, “The most essential thing is that we establish global governance when it comes to cryptocurrencies and crypto firms.”
The official said, “We started bringing some of the corporations to the nation with the idea that we’ll establish together the necessary governance and legal structure, which is needed.”
In a World Economic Forum session titled “Finding the right balance for crypto” in Davos last week, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar Sultan Al Olama discussed cryptocurrency regulation. He stated that no UAE crypto exchanges have been licensed and that the UAE’s cryptocurrency regulations are “not light.” He said:
UAE has no regulated crypto exchanges, including Binance and FTX. Even last week, no consumers were onboarded.
The Dubai Virtual Assets Regulatory Authority (VARA), formed in March, maintains on its website that it has not issued any operational permits. Under UAE legislation, VARA licenses and regulates the crypto industry in Dubai and its free zone regions (excluding DIFC).
However, VARA has granted provisional licenses to Binance, FTX, Okx, Bitoasis, and Coinmena. These crypto trading sites are in stage one of a four-step licensing procedure, according to the regulator.
According to the UAE Telecommunications and Digital Government Regulatory Authority (TDRA) “Digital Lifestyle” 2022 study, 11.4% of UAE citizens own or have invested in cryptocurrencies.
Will the Recent Rise in the Price of Bitcoin to More Than $23,000 Lead to a Bullish Rally
Bitcoin, the most valuable cryptocurrency, rose to $23,333 for the first time since August 19. BTC crossed $23,000 for the first time in five months over the weekend, delighting the cryptocurrency market.
Ethereum, the second-largest cryptocurrency, hit $1,664.78 for the first time since November 7, 2022.
However, institutional investors are boosting their holdings in anticipation of the next bull run, explaining its optimistic trajectory.
According to on-chain data, bitcoin (BTC) prices have climbed, benefiting short-term and long-term investors.
The short-term profit rate of Bitcoin holders has reached 97.5%, the highest since November. Bitcoin has benefitted long-term BTC holders.
Investors overlooked cryptocurrency sector difficulties, including Genesis Global Holdco LLC’s Chapter 11 bankruptcy petition. BTC profits were impacted.
Risk-On Crypto Mood Lifts Bitcoin and Ethereum
The global cryptocurrency market is flashing green around $1.06 trillion. After bitcoin broke $23,000 for the first time in five months, the cryptocurrency market entered a new era.
Institutional investors, who are stockpiling for the next bull run, are driving BTC demand.
After soaring over 36% this month, Bitcoin, the world’s largest digital asset, is abnormally happy. Next month’s Fed meeting may be the cryptocurrency market’s tipping moment.
How The Bearish US Dollar Supports Bitcoin’s Price Rally
The sinking US dollar boosts bitcoin prices. The broad-based US dollar was at a nine-month low against the euro and gave back recent gains against the yen on Tuesday as traders assessed the risk of a US recession and Federal Reserve policies.
The US dollar index, which compares the greenback to a basket of six competitor currencies including the euro and yen, lost 0.09% to 101.92, approaching the 7-1/2-month low of 101.51 established on Wednesday.
BTC Bulls: Short-Term And Long-Term Holders Win Big
According to on-chain data, bitcoin (BTC) has increased dramatically in recent weeks, rewarding short- and long-term investors.
At 97.5%, Bitcoin investors were generating short-term profits, the highest level since November.
Glassnode says long-term Bitcoin holders have also profited.
Gemini Downsizes for the New Economy
On Monday, a Gemini representative informed CNBC that the cryptocurrency exchange will lay off approximately 10% of its workers. Gemini has had three layoffs in a year.
As of November 2022, PitchBook statistics showed Gemini had 1,000 employees, therefore 100 may have lost their positions.
TechCrunch reported that Gemini cut its personnel by 7% in July 2022, following a 10% cut in June.
Thus, this unfavorable news has not yet affected the bitcoin market.
However, COVID-19 cases in China will affect the bitcoin industry. This was considered a key element that may restrict bitcoin price rises.
Bitcoin is worth $23,097 and trades $27 billion each day. Bitcoin climbed nearly 1% overnight. CoinMarketCap leads with a $435 billion market.
Bitcoin has strong resistance at $23,250 and quick support at $22,500. If candles dip below $22,500, a bearish correction will begin and persist till $21,500. Bitcoin might drop to $20,450 below $21,500.
RSI and MACD are overbought, yet the latest bullish engulfing candle suggests a positive trend continuation. Bitcoin’s immediate barrier is $23,250, and a break over this level might go to $23,900 and $25,150.
Ethereum traded $8.3 billion at $1,635. BTC may rise if ETH/USD candles close over $1,610, which is immediate support.
ETH may reach $1,750 if it breaks through $1,675.
A bearish breakdown of $1,610 might allow selling till $1,550.
CryptoNews Industry Talk examined the top 15 2023 cryptocurrencies. Many other projects provide more investment possibilities.
Altcoins and ICOs are added weekly.
Bitcoin Hits August High After Second Weekend Surge
Original Source: Bitcoin Reaches Highest Since August Amid Second Weekend Surge
Bitcoin surged again at the start of the weekend ahead of Asia’s Lunar New Year vacation.
The biggest cryptocurrency climbed 2.1% to $22,786, its highest level since Aug. 18. It also gained last weekend. Ether rose 2.4% to levels not seen since September. At the opening of the Lunar New Year vacation, also known as Chinese New Year, and amid forecasts that the bitcoin market has reached its lows,
Markus Thielen, Matrixport’s head of research, wrote Friday that buying Bitcoin at the conclusion of the first day of Chinese New Year and selling it 10 trading days later would have earned +9%, on average, with all of the past eight years (2015-2022) exhibiting positive returns. “The Chinese New Year is a good time to enter long positions.”
Bitcoin and Ether are up over 35% to start 2023 amid a more optimistic macro view. The University of Michigan’s preliminary poll found that US short-term inflation forecasts fell to their lowest level in over two years in early January, boosting consumer morale more than predicted. After additional price cooling, the Federal Reserve is expected to downshift to smaller interest-rate hikes, but it will keep raising rates unless pressures show more clear indications of moderating.
The Fed will slow hikes again and debate how far to go.
Even bulls are cautious. Sean Farrell, Fundstrat’s head of digital asset strategy, forecasts that Bitcoin will increase to $35,000 to $44,000 this year and Ether will touch $2,400 to $3,200, but he warns that the Digital Currency Group’s volatility might cause market instability.
Farrell wrote Friday that “despite our assessment that the absolute lows for the majors are in, we still feel there are certain near-term concerns to keep cautious of.” “These include more repercussions from DCG, one more swipe at risk assets at the next FOMC meeting, and the reality that we are still in an on-chain bear market despite the current rally.”
Summary of today’s bitcoin and cryptocurrency news
In short, the “Digital Lifestyle” 2022 study by the UAE Telecommunications and Digital Government Regulatory Authority (TDRA) found that 11.4% of UAE citizens own cryptocurrencies or have invested in them.
On the other hand, after soaring over 36% this month, Bitcoin, the world’s largest digital asset, is abnormally happy. Next month’s Fed meeting may be the cryptocurrency market’s tipping point.
Finally, bulls are wary. Sean Farrell, who is in charge of digital asset strategy at Fundstrat, thinks that Bitcoin will rise to between $35,000 and $44,000 this year and that Ether will reach between $2,400 and $3,200. However, he warns that the volatility of the Digital Currency Group could cause problems on the market.