On February 13, BTC/USD started trading at $21,796. It is now trading at $21,504, down nearly 2% over the previous 24 hours. BTC/USD has moved between a high of $21,902.00 and a low of $21,444.00 and lost 6% in value over the past week ending on February 12th
CBUAE Launches FIT Initiative to Boost Digital Transactions
On February 12, the Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector. The FIT program will be rolled out in phases, beginning with the introduction of various digital payment infrastructures and services.
Subsequently, the program will expand to include a variety of digital infrastructures related to data management and regulation. As part of the first phase of the FIT initiative, the CBUAE plans to introduce a domestic and international central bank digital currency (CBDC).
In a statement, the bank claimed that the FIT is a step towards making the CBUAE one of the world’s leading central banks. The initiative aims to promote digital transactions and enhance the financial services industry.
According to the statement, these digital infrastructures will boost their security and operational resilience while improving innovation and customer experience, reducing operating costs, and enhancing regulatory compliance.
The UAE’s Central Bank unveiled the Financial Infrastructure Transformation plan, which consists of nine digital finance efforts to turn the country into a hub for digital payments. As a result, the news is positive for the most popular digital currency, Bitcoin.
IMF Issues Warning To El Salvador: Address The Risks Of Bitcoin Adoption
On February 10, the International Monetary Fund (IMF) released a caution declaration following its recent visit to El Salvador, where it contacted the country’s financial representatives. Following its recent visit to El Salvador, where it met with the country’s financial representatives, the International Monetary Fund (IMF) issued a cautionary statement on February 10.
Due to the economic risks that Bitcoin bonds represent, the IMF has urged El Salvador to avoid trading them. The Central American country that supports digital assets has tightened regulations, which has resulted in this most recent development.
According to the IMF, the risks associated with using Bitcoin as a legal tender have not yet materialized. Adoption of new legislation aimed at encouraging the use of digital assets and Bitcoin bonds may increase risks. Furthermore, the IMF believes that government purchases of bitcoin should be more transparent.
The IMF also emphasized the importance of the Salvadoran government increasing transparency about its Bitcoin transactions and providing a transparent financial status report on the Chivo wallet, its state-owned Bitcoin wallet.
El Salvador’s government has come under fire for its lack of transparency in using public funds to buy Bitcoin. Furthermore, the IMF’s warning about the risk of Bitcoin may weigh on BTC/USD.
Decoding The Impact Of US Inflation Data On Crypto Prices
The January Consumer Price Index (CPI) inflation figures will be released by the US Bureau of Labor Statistics on February 14. Markets and the US Federal Reserve previously disagreed on when to raise interest rates.
Markets have recently shifted to the Fed’s side, expecting another increase in March and possibly another in May. It could be related to the fact that January’s job numbers reduced the likelihood of a recession, but it could also be a result of concerns about the January CPI report.
The CPI in January is expected to be 0.5%. Furthermore, the report might not be as favorable as some anticipate. BTC/USD and other cryptocurrencies fell as regulatory constraints continued to put downward pressure on the price of digital assets.
On Tuesday, however, cryptos are in for a different kind of surprise, as significant macroeconomic data is expected to be the next major market trigger.
As of today, the live Bitcoin price is $22,012, with a 24-hour trading volume of $16.6 billion. In the last 24 hours, Bitcoin has increased by 1.54%. Bitcoin is currently ranked #1 on CoinMarketCap, with a live market cap of $424 billion. The circulating supply of Bitcoin is 19,288,937 BTC coins, with a maximum supply of 21,000,000 BTC coins.
Bitcoin is currently approaching a 38.6% retracement at the $21,290 level on the technical front. If this level is breached, further room for selling may open up, potentially leading to a decline to the $20,300 level.
However, if candles close above the $21,300 level, there is a probability of a bullish bounce to the $22,375 level. An increase in buying pressure might push the price of Bitcoin up to the next resistance level of $24,260.
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