Bitcoin Price Prediction - Why Retaking $24k Will be a Battle if Wednesday's US Data is Strong
Bitcoin (BTC), the world's largest cryptocurrency, was able to recover some of its recent losses and attract modest bids above the $23,500 level as the crypto market started the month on a positive note. This was attributed to Abu Dhabi's plan to create a free zone for the crypto industry, which will offer zero taxes and 100 percent foreign ownership to digital and virtual asset firms.
Additionally, France has demonstrated its willingness to implement strict licensing regulations related to anti-money laundering (AML) and know-your-customer (KYC) protocols for cryptocurrency companies to prevent money laundering and financing of terrorism. This was also considered a significant factor in reducing losses and restoring some momentum in the cryptocurrency industry.
The likelihood of interest rate hikes and a possible government crackdown on the cryptocurrency industry could deter investors in the upcoming weeks. Additionally, the current state of the crypto market and regulatory concerns have led Visa and MasterCard to delay their cryptocurrency plans, which may also limit any potential upward momentum in BTC prices.
As previously reported, the city of Dubai in the United Arab Emirates has been promoting the cryptocurrency industry by establishing a free zone that offers zero taxes and 100 percent foreign ownership to digital and virtual asset enterprises.
In addition, the international financial hub in the UAE's capital, Abu Dhabi Global Market (ADGM), has introduced a new regulatory framework for digital assets. This includes the creation of a regulatory sandbox to enable developers of digital assets to test their products and services in a secure environment.
In addition, ADGM has launched "Spot," a digital asset market that
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