economy
Cryptocurrency prices today, Sunday, November 24, 2024.. Will Bitcoin continue to decline?
Ahmed Gamal Ahmed Sunday 11/24/2024 11:03 AM Abu Dhabi time
https://al-ain.com/article/cryptocurrency-prices-sunday-november-24-2024
Cryptocurrencies - Archive
Cryptocurrencies - Archive
Updated Sunday 11/24/2024 11:51 AM Abu Dhabi Time
During today's trading, Sunday, November 24, 2024, digital currency prices witnessed a slight continued decline in Bitcoin.
Donald Trump's transition team has begun discussing the possibility of creating a new White House position dedicated to cryptocurrency policy, according to a report by Bloomberg.
This comes in conjunction with the cryptocurrency sector's attempts to open direct channels of communication with the president-elect, who has become a supporter of this industry after previously questioning its feasibility.
This tangible shift in the US attitude towards cryptocurrencies also extends to the financial circles on Wall Street. Rick Wurster, the new CEO of Charles Schwab Corp., announced that the company plans to enter the field of spot trading of cryptocurrencies once the necessary regulations are passed.
Furthermore, this week saw a surge in optimism thanks to MicroStrategy’s plans to accelerate purchases of digital assets, in addition to the launch of trading options for the first time on Bitcoin exchange-traded funds.
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In a note, Chris Weston, head of research at Pepperstone Group, noted that the market is generally approaching the $100,000 barrier for Bitcoin, which is seen as a strong target that attracts investors.
For Bitcoin supporters, hitting $100,000 is proof of the currency’s value against critics who dismiss it as illicit or associate it with crime. And while its value has doubled this year, its suitability for long-term investments remains questionable.
For his part, Themis Themistokleous, Head of Investment for Europe, the Middle East and Africa at UBS Wealth Management, said that Bitcoin cannot be easily valued due to its extreme volatility, stressing that gold remains a safer option as a means of hedging.
In a related development, the Federal Reserve released its semi-annual Financial Stability Report, warning of the risks of stablecoins, a type of digital currency designed to reduce volatility. The report noted that these currencies “suffer from structural fragility that makes them vulnerable to withdrawals, and lack a framework for
