Bitcoin breaches $44,000 for the first time in a month

Bitcoin price surged above $44,000 for the first time in nearly a month during trading last Friday (March 25), breaking the recent price range of around $42,000 that has been around for almost the past week, some believe is because Investors' appetite for risk has recently recovered, while part of the rally was closely related to gains in US stock indices.

On the other hand, it was bigger digital currency In terms of market capitalization, it is also supported by recent Russian statements indicating that Russia is considering accepting Bitcoin as a method of payment, and has increased the positive trend of it buying Terra Bitcoin as a reserve.

Terra co-founder and CEO Du Kwon tweeted Tuesday that Luna has $3 billion ready in bitcoin reserves.

Russia May Accept Bitcoin as Payment

Earlier, foreign media reported that at a press conference a Russian official spoke about the possibility of the country accepting bitcoin to pay for commercial exports of oil and other resources.

Peter Zavalny, Chairman of the Energy Committee of the Russian State Duma, said that Russia is considering accepting Bitcoin (BTC) as payment for oil and gas from “friendly” countries, while it will continue to demand ruble payments for oil and gas exports to “unfriendly” countries (those that oppose its actions in Ukraine via Economic sanctions).

Russian President Vladimir Putin said his country will seek ruble payments for oil and gas from countries it considers unfriendly, including European Union member states, the United Kingdom and the United States, after the ruble plummeted in the wake of his decision to invade Ukraine.

Malaysia's deputy finance minister dismissed recent speculation that bitcoin and other digital assets could be legalized in Malaysia, saying the country would focus on issuing a central bank digital currency, and spot bitcoin exchange-traded funds (ETFs) could start getting approvals in early summer. 2023

In their report, Bloomberg analysts expected, given the proposed rule changes by the US Securities and Exchange Commission (SEC) to redefine exchanges, oil major ExxonMobil is working on a pilot project to use exhaust gas from oil wells in North Dakota to power its bitcoin mining operations, he said. The CEO of BlackRock, the world's largest asset management company, said that the conflict between Russia and Ukraine could accelerate the process of converting digital currency into an international settlement tool, because the conflict has upended the process of globalization over the past 30 years, the Bank of Japan begins the second phase of experiments with the bank's digital currency central.

UK unveils plans to regulate cryptocurrency in coming weeks

British Chancellor of the Exchequer Sunak is expected to announce a new regulation of digital currencies in the coming weeks, and the announcement will focus specifically on stablecoins as well as some digital assets whose value is pegged to existing currencies such as the US dollar.

The UK Treasury is in discussions with a number of companies and trade groups, including cryptocurrency exchange Gemini, and sources said the scheme could be beneficial for the industry as it provides legal transparency to an industry that has hitherto been largely unregulated.

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Mohamed Abdel Khaleq

A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.

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