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 Magazine (@BitcoinMagazine) September 22, 2021
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.