Bitcoin achieves third weekly rise as market sentiment improves

During the past week, the performance of the bitcoin was contradicted. At the beginning of the week, the digital currency was subjected to selling operations to drop at levels of 3700 dollars, and the total value of the market recorded its lowest level in a week, but in the middle of the week the bitcoin rebounded to trade above the level of 3800 dollars amid attempts to breach the next psychological support level 4000 Dollars, in light of the relatively improved demand rates for buying cryptocurrencies, with successive positive news that supported the digital market in a limited range, to end the week with gains of 2.9% for the third week in a row.

Bitcoin needs strong drivers to be able to break the $4,000 level and maintain it, and the total market value has risen to $135 billion from $126 billion in a positive sign that cryptocurrency prices continue to recover.

In the recent period, the modernization of networks, the development of the infrastructure of the crypto industry, the strengthening of the processes of regulation and control of digital currencies, with the consolidation of the basic and regulatory rules for the crypto industry, has increased, and the interest of large financial institutions in digital currencies and blockchain technology has increased.


Bitcoin News

Among the incoming news that affected the market during the past week: Russia's strong moves to enter the digital sphere, as Russian President Vladimir Putin issued his direct orders at the beginning of this month to reach national regulations on digital assets that will be adopted next July, and in Last Tuesday, the State Duma approved a bill “Digital Financial Assets” that includes amendments to the Russian Civil Code on digital assets that creates a regulatory environment for the digital economy and trading platforms. There has been some news that Russia is planning to launch its own oil-backed digital currency.

It was reported that the Financial Action Task Force (FATF), an intergovernmental organization that includes about 30 countries that aims to create strategies to combat suspicious business and money laundering, has made a memorandum that includes the regulation and supervision of digital asset services that requires a license or registration with jurisdictions by Providers of digital assets, in addition to providing identity information on cryptocurrency owners.

In Japan, which is the second largest digital market, Japanese banks are planning to boost blockchain services and cryptocurrency trading.

It was reported that the Canadian Revenue Authority (CRA) It will review all accounts of cryptocurrency traders in Canada, as the authority looks at how and who purchased cryptocurrencies.

In France, Eric Worth, the head of the Finance Committee of the French National Assembly, imposed a proposal to ban digital currencies, due to complete anonymity.

Apparently France is not yet considered crypto-friendly. Last year, the French parliament rejected amendments to tax relief related to cryptocurrencies.

Mohamed Abdel Khaleq

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