August 13, 2022

Dubai Week

Complete Dubai News World

Chairman of the Artificial Intelligence Group: Cryptocurrencies may reach new heights

Chairman of the Artificial Intelligence Group: Cryptocurrencies may reach new heights

Chairman of the Artificial Intelligence Committee, Dr. Jasim Haji confirmed the rise of cryptocurrencies on the impact of the Russian-Ukrainian crisis, and if the currency can withstand it, it could move to new highs this year.

Cryptocurrencies rose yesterday, erasing the sharp losses they had previously suffered, and traders seem to be recovering from the Russian-Ukrainian crisis as Bitcoin rose 17% to $ 21.38262, according to the currency. Ether traded up 0.2% at $ 2,631.50 in early trade yesterday.

Bitcoin currency fell more than 8% to touch $ 34702.18, the lowest level in a month, and fell below the key support level, and the downward movement may clear itself at the end of the day, Haji added. After two weeks or more of stability, US President Biden has announced sanctions against Russia, which will limit the ability to trade against the dollar, euro, pound sterling and Japanese yen in an effort to isolate Moscow. From the global economy, accordingly, cryptocurrency price movements have become increasingly associated with movements of other risky assets such as stocks, short-term investors who trade in bitcoin enter the market with institutional interest and other risky stocks.

Cryptocurrencies have been under pressure since Bitcoin peaked at $ 69,000 in early November. Since then, the price of bitcoin has dropped by almost 50%.

He said the current geopolitical situation will inevitably have an impact on existing high prices in the commodity market and exacerbate already serious supply chain problems, which will lead to higher inflation, which means there is really no room for the central bank and other central banks. One can expect their hockey path to change and dangerous assets and cryptocurrencies to deepen in the bear market area. Bitcoin could see a drop in price of $ 30K from $ 28,000 to $ 29,000 last July. If Bitcoin can hold above that, it could reach new highs later in the year. This year, if prices fall below that, bitcoin will move. For the low $ 20,000 mark.

See also  The Galaxy Z Fold 3 is hard to fix