Bitcoin - Overview from 20.08.2024

Bitcoin continues to remain within the range of $55,000-$62,000. A catalyst is needed to break out. Volatility in the markets may be triggered by data from the US and a pronouncement by Federal Reserve Chairman Powell, expected later in the week.

In the meantime

A recent Dubai court ruling has been a significant step in the legislative acknowledgment of cryptocurrencies, reflecting global trends in digital finance. On August 16, Dubai's Court of First Instance approved the use of cryptocurrency as an acceptable method of paying wages. Previously, courts had refused to recognize cryptocurrency as a legal means of payment due to difficulties in its precise valuation.