August 12, 2022

Dubai Week

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Cryptocurrencies can go to new heights

Cryptocurrencies can go to new heights

Chairman of the Artificial Intelligence Committee, Dr. Jasem Haji confirmed the rise of cryptocurrencies in the wake of the Russian-Ukrainian crisis, and said that if the currency can withstand, it could reach new highs this year.

Dr Haji said cryptocurrencies rose yesterday, erasing the sharp losses they had suffered earlier, and traders seemed to be recovering from the Russian-Ukrainian crisis, with Bitcoin rising 17% to $ 21.38262 and Ether gaining 0.2%. It traded around $ 2631.50 early yesterday morning.

The doctor added. Haji said the Bitcoin currency had fallen more than 8% to touch $ 3,4702.18, the lowest level in a month, and had fallen below the key support level, and the downward movement could have exhausted itself by the end of the day and given two. In an effort to isolate Moscow from the world economy, US President Biden’s announcement that sanctions will be imposed against Russia restricting its ability to trade in dollars, euros, sterling and the Japanese yen has been stable for weeks or more. Institutional interest is increasing and short-term investors who trade Bitcoin, like other risky stocks, are entering the market.

He noted that cryptocurrencies have been under pressure since Bitcoin hit a record high of $ 69,000 in early November, and that the price of Bitcoin has fallen nearly 50% since then.

The current geopolitical situation will inevitably have an impact on already high prices in the commodity market and exacerbate already serious supply chain problems, which will lead to higher inflation, i.e. the central bank and other central banks really do not. Their hockey trend is likely to change, and risky assets and cryptocurrencies can be expected to deepen in the bear market area. Bitcoin can see a drop of about $ 30,000 in key levels, up from $ 28,000 to $ 29,000 last July. If Bitcoin can hold above that, it could move to new highs later this year, and if prices fall below that, Bitcoin could go as low as $ 20,000.

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