Dubai Allows Bitcoin Trading Within Tax-Exempt Economic Zones

Source; pixabay

It’s been just revealed that Dubai allows Bitcoin trading within tax-exempt economic zones.

The mainstream adoption of digital assets has been one of the main goals that the crypto industry set and the have been a lot of moves made in this direction.

They continue and the one mentioned above is just another drop in the big glass of digital asset adoption.

Bitcoin bullish signal

Crypto trader Lark Davis said that BTC confirmed a massive bullish signal.

It’s been revealed that Bitcoin just flashed “golden cross,” a technical event seen by many traders as a sign for rallies to come.

“It’s happened. It’s official. It is confirmed. We’ve got a golden cross on Bitcoin. That is, of course, the crossing over of the 50-day moving average of the 200-day moving average. This is definitely nice to see.”

Davis also looked at the history of golden crosses in Bitcoin to see whether the event is a reliable bullish indicator.

According to him, the last time BTC confirmed one in May 2020, it saw a rally of 700%.

He said that another golden cross happened in July 2014, and he said that this was short-lived as BTC’s price plummeted from around $600 to roughly $150.

“We had a little tiny blip of a golden cross come in. That one resulted in a short-lived bit of enthusiasm for the market, followed by what was a 75% crash in the price of Bitcoin.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $44,084.88.

It’s also worth noting that MicroStrategy has been supporting Bitcoin for a really long time now and he continues to do so. His firm has been buying the digital asset despite the market volatility.

Saylor just posted a comparison between Bitcoin and gold.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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