bitcoin's price stability is currently bolstered by Kamala Harris's recent emphasis on the importance of the U.S. leading in blockchain and advanced technologies like artificial intelligence. In a speech on the 25th of September, Harris highlighted the necessity of investing in innovation and ensuring consumer protection to maintain a competitive edge against global competitors, especially China.
Kamala Harris Advocates for U.S. Leadership in Blockchain Technology
During her address, Harris underscored the significance of the United States emerging as a global leader in blockchain, AI, and other emerging technologies. While Harris's discussion of digital assets is relatively new, it has sparked discussions on how her presidency could impact bitcoin (BTC) and the wider cryptocurrency markets.
Forecasts regarding bitcoin's future vary widely, from potential drops to $30,000 to potential surges up to $90,000 depending on the election outcome. Moreover, experts also point to the escalating national debt and budget deficits as factors that could create a conducive environment for bitcoin's growth, regardless of the election results.
- Harris advocates for U.S. leadership in blockchain and AI.
- bitcoin price predictions span from $30,000 to $90,000 based on the election.
- National debt might further drive bitcoin adoption.
Saudi Arabia Leads MENA in Cryptocurrency Growth for Second Year
Saudi Arabia continues to lead cryptocurrency growth in the Middle East and North Africa (MENA) region for the second consecutive year, boasting a 154% market expansion, as reported by Chainalysis. Decentralized finance (DeFi) platforms and the youthful demographic in the country, with 63% of Saudis under 30, are key drivers of this growth.
Qatar is also on the verge of catching up, with plans to introduce new regulations concerning digital assets in 2024. In the MENA market, large transactions dominate, primarily conducted by institutional and professional investors. As cryptocurrency adoption grows in regions like Saudi Arabia, institutional investment and demand for bitcoin (BTC) are anticipated to climb, potentially leading to higher BTC prices.
- Saudi crypto market experiences a 154% growth due to DeFi and a youthful population.
- Qatar is preparing to implement digital asset regulations in 2024.
- Institutional investments could positively influence BTC prices.
PayPal Expands crypto Services to U.S. Businesses; Impact on bitcoin Price
PayPal has broadened its cryptocurrency services to include U.S. business accounts, enabling enterprises to directly buy, store, and trade digital currencies. This expansion caters to the demand from business owners for features akin to those available to retail users. However, regulatory restrictions in New York currently prevent access to the service, and U.S. merchants will soon be able to transfer cryptocurrencies to third-party wallets.
Since its introduction of crypto services to consumers in 2020, PayPal has introduced PayPal USD (PYUSD), a popular stablecoin. Extending these services to business accounts further validates cryptocurrencies within the banking sector. The expanded accessibility could amplify demand for bitcoin and potentially drive up its prices as more businesses integrate digital currencies into their operations.
- PayPal permits U.S. businesses to engage in crypto transactions.
- New York restriction causes unavailability of the service.
- Enhanced business access could boost BTC demand and prices.
bitcoin Price Daily Outlook: September 26, 2024
bitcoin (BTC/USD) is hovering around $63,470, exhibiting a minor 0.02% dip. Technical analysis indicates that bitcoin finds support from a rising trendline near the $63,000 level, increasing the likelihood of a bullish continuation. Furthermore, BTC has formed a double-bottom pattern around this range, a pattern typically signaling a potential trend reversal to the upside.
If the current momentum persists, bitcoin could aim for immediate resistance at $63,800, with subsequent targets at $64,400 and $64,800.
- A double-bottom pattern near $63,000 suggests a bullish reversal.
- Immediate resistance is expected at $63,800, with further hurdles at $64,400.
- The 50-day Exponential Moving Average (EMA) at $63,350 represents critical support, reinforcing bullish sentiment.
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