Bitcoin recorded rises of almost 2% of the value of the currency after completing the fourth halving in its history, although analysts may expect the halving to be a positive driver for the price of Bitcoin in light of the high demand for it, especially from international investment institutions.
In terms of trading today, Monday, the price of Bitcoin rose by 1.76% and recorded about 177.64 65,dollars, and Bitcoin ranks first in the ranking of the most famous digital currencies in terms of market capitalization.
On April 20, Bitcoin entered the process of halving the currency for the fourth time in its history, as this process halves the rewards granted to Bitcoin miners in order to maintain the stability of the currency with the decline in supply and continued demand, after the rewards in 2009 amounted to 50 bitcoins, but with the entry into force of the fourth halving, the rewards today for miners are only 3.25 coins.
The first halving event for Bitcoin in November 2012 marked the beginning of a sustainable upward trajectory for the price of Bitcoin, similarly, the halving event occurred in July 2016 and was followed by a large bullish wave in 2017, as Bitcoin reached its all-time high, and the next halving in May 2020 also saw a significant increase in the price of Bitcoin over the following year, therefore, expectations indicate that the current halving process in 2024 may have a major role in supporting the rise of Bitcoin. to new record levels during the coming period.
The rise in the price of Bitcoin early today seems to have contributed to optimism after last week’s Bitcoin halving event.
Investor interest in Bitcoin and cryptocurrencies in the Middle East
The price of Bitcoin saw a rally early today, attracting investors’ attention again. Amid discussions about halving the price of Bitcoin and its potential impact on prices, analysts focused on possible long- and short-term price scenarios. During this time, some cryptocurrency analysts have also expressed optimistic views on the price of Bitcoin.
This rise in cryptocurrency adoption is due to several factors, such as favorable regulatory frameworks, approval of bitcoin ETFs, and general bullish sentiment in the cryptocurrency market. Leading the UAE, with 72% of cryptocurrency users actively investing in Bitcoin.
Central cryptocurrency exchanges globally have seen an increase in the number of users from the Middle East. , these exchanges recorded more than 500,000 daily active users on average in February 2024. This figure represents a significant jump from the previous year. The UAE’s crypto-friendly policies and the approval of spot Bitcoin ETFs have played an important role in this growing interest among users.
Despite the dominance of centralized exchanges, decentralized platforms have gained momentum among cryptocurrency users in the Middle East. Decentralized blockchain-based exchanges such as Solana,BSC, andEthereum have become the preferred digital platforms for P2P trading. Trust Wallet, MetaMask, and Bitget Wallet are among the best options.
Steady rise in crypto adoption Binance recently received a fully operational VSS license from Dubai’s Virtual Assets Regulatory Authority. The exchange’s journey began with the Operational MVP license obtained by its local unit, Binance FZE., in mid-2023. This license allowed the exchange to provide brokerage, trading and trading services of virtual asset derivatives to institutional and retail investors.
Bitcoin has become a very popular currency in the recent period.
After rising today that the future of Bitcoin after nearly 1.66 million wallets bought Bitcoin at an average price of $64,800, it was stated that this level could serve as a support amid potential downside selling pressure. A positive outlook for Bitcoin highlighted the bullish pattern
Bitcoin is the first digital currency created. It is also the most revered, capitalist and most traded currency in the world. Bitcoin trading has seen a huge boom mainly because it is a highly volatile digital currency. Trading this currency allows for maximum financial return when it fluctuates between a lot of ups and downs. This is exactly why investors enjoy trading Bitcoin..
Many lucrative opportunities exist when the market is volatile, which is why Bitcoin occupies an important place in . The media plays a big role in Bitcoin’s volatility. As soon as breaking news comes out, the currency’s volatility increases, and traders naturally benefit from this. History has shown that Bitcoin traders and speculators routinely push this digital currency to the forefront of CFDs. Bitcoin (BTC) is used Increasingly, as the preferred payment option for merchants, it is also used for money transfers and other business purposes..
Investors are turning to Bitcoin more than ever, which is why this inherited currency has value in its own right. It is a high-demand financial trading instrument, although it is not associated with governments and central banks..
Bitcoin is mined through powerful computers and software. A maximum of 21 million bitcoins is allowed, after which there will be no more bitcoins. The algorithm that controls the production of bitcoin limits the amount to be produced, and the rate at which it will be produced. It is a limited commodity There is a specific amount, which ensures that high demand will always support the price.
