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2021 has been promising in terms of the price action of Bitcoin. The year has witnessed a massive surge in the price of Bitcoin since its start. Bitcoins remain the most dominant cryptocurrency in the market. While shifting towards the end of 2021, many fascinating factors make Bitcoin unique.
An escalated value of more than 70 % is all that 2021 could promise.
Bitcoin in 2021 has turned to be a demanding asset with more and more investments coming in. The last 52 weeks have led to more than 72 % of Bitcoin value. The year 2021 has recorded a bitcoin price of $32,000 that surpassed the most significant record of 20000 $ of 2020. Towards the end of 2021, this value reached almost 64000$ per coin. The corporate entry into the Bitcoin market is all said to be the root cause of the price surge. For instance, Tesla buys $1.5 billion in bitcoin and plants to accept it as payment for its electric vehicles. The institutional and retail investors and their response has caused the escalation in the price of Bitcoin. However, in September, the market saw a literal decline in price due to China cancelling all the cryptocurrencies in the country.
The Bitcoin hash rate is hence the outcome of China banning cryptocurrency activities in many renowned provinces of the country. A drop to a value in the range of $30,000 was the result.
The Chinese government also banned financial institutions and corporates from engaging in crypto-related activities or transactions. It has led to a massive decline in crypto values in Asia. Corporates such as Alibaba has stopped selling even the Bitcoin mining software in such countries. By the end of September, the Bitcoin market had set its robust foot in other parts of the world, precisely in Europe and North America, recovering its lost demand in the Asian countries. Countries such as the US, Iran, Canada and several others supported the bitcoin market, with Salvador making Bitcoin an official legal lender despite warnings from IMF. It has led to an all-time surge in the value of around $69,044. However, at the moment, the market is a bit down with a value of around $50,000.
Binance trading cryptocurrency in the Middle East and North Africa
The world’s largest cryptocurrency exchange Binance has a great deal in Gulf countries. The giant has to undergo a full-fledged application process to trade cryptocurrency in the gulf. If approved, it will be the first successful regulatory approval of Binance in North Africa and the Middle East. Check out some key trends in Africa’s digital economy. The executives are preparing headquarters as the application gets completed in due course. The country’s Central bank director revealed that once the company meets the established requirements, the allocation is just a matter of formalities. Hence, Bahrain has become the first country to accept and admit the online asset management model in the Middle East. The expansion of cryptocurrencies in the gulf will hugely help the gambling market. Many bookmakers have launched crypto in gambling, wherein the digital assets add value to your betting experience. Betting becomes easy when the bookmaker and the transaction modes are user friendly and reliable. Binance is hopeful about the successful launch and crypto capturing the Arab market. Moreover, Arab gaming regulations vary from country to country Only a few nations provide legal betting that is open to the impact of the burgeoning cryptocurrency trend. For greater guidance, it is important to read some online gambling reviews for Arab players.
The expected market trend of 2022 and the future of Bitcoin
2022 is expected to give Bitcoin more privilege. As per the forecast United States is the first ETF (Exchange-traded Fund) globally. However, the RSI value of Bitcoin in recent times is an indication that the currencies are facing challenges in getting sold. At present, the average range of Bitcoin is around the value of 47272$. Hopefully, the African countries and their crypto adoption are faster when compared to their other global counterparts. African Cryptocurrency and its popularity account for the decline in cash usage and shift to digital currency transactions such as payment gateways and credit cards. The hunt for virtual money transactions backed up by the central bank has also escalated the demand for Cryptocurrencies in Africa.