Bitcoin rises to its highest level in three weeks and then falls back during the past week

The bitcoin currency witnessed a rise during last week’s trading, recording a three-week high at $6544, these gains come in light of the marginal rise in demand rates for buying most digital currencies with the entry of new liquidity to the market, then the bitcoin currency returned to decline in a limited way to fall at the level of $ 6300 This is due to the correction and profit-taking operations, in addition to the investors’ anticipation of developments in the market conditions and waiting for strong motives that support the rates of buying cryptocurrencies.

The market value of digital currencies also rose to reach $221 billion, the highest since October 9, supported by the rise in the prices of the majority of digital currencies, then returned to decline again to fall at the level of $214 billion and $216 billion.

Bitcoin

Bitcoin

Throughout last week’s trading, the Bitcoin currency incurred losses of 1.1% for the second week in a row, in light of weak demand rates and the absence of buying motives and incentives.

Many digital market experts expect that the occasional moves will continue to dominate the prices of digital currencies, in the absence of incentives that activate the rates of investment demand to buy digital currencies. American financial and stock exchanges regarding approval or refusal to list Bitcoin in exchange-traded funds.

Last week, Ripple announced its serious plans to enter the Middle East market, and the company's CEO, Dilip Rao, said that the company is seriously planning to set up an office in the Middle East to provide its digital services, and added that the company has established partnerships with about 200 institutions from different countries and many Among them in the Middle East include the Saudi Al-Rajhi Bank and the Kuwait Finance House.

Reports said the People's Bank of China will take more repressive measures on the crypto industry. In its financial stability report released on November 2, the bank said it would expand its crackdown on crypto-related products. It is illegal in China as it is used for illegal activities such as money laundering.

In the same context, Taiwan enacted its laws to regulate cryptocurrency trading and made some amendments to the Anti-Money Laundering and Terrorist Financing Prevention Law with the aim of preventing anonymous transactions. Companies fined more than 50,000 yuan.

Regulatory campaigns for digital currencies are intensifying during the past week, as Thai Deputy Prime Minister “Wissanu Krea-ngam” called for more regulations to tighten control over cryptocurrency trading, and he called this to protect consumer security, adding that laws should be amended in line with technological changes. Better.

The Revenue Administration of Thailand has also announced plans to use blockchain technology to track the tax payments system, as it will be used to validate taxes paid and speed up the tax refund process, and tax frauds will be detected more effectively.

Mohamed Abdel Khaleq

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