Bitcoin price recorded its highest weekly close in 2022: What’s next?

  • Bitcoin has reached its highest weekly close year-to-date as well as weekly gains for two consecutive weeks. This recovery was likely due to two main factors: An increase in demand for both spot markets and crypto-based funds.
  • The Secretary of Economic Development of Brazil, Chicão Bulhões announced that Rio de Janerio will officially accept Bitcoin for real estate payments starting from 2023. In addition, Binance CEO Changpeng Zhao stated that he will open an office in Rio making it the first Brazilian country to make BTC payments mainstream.
  • On March 14, the Ukrainian government launched their first-ever NFT collection named “Museum of War.” The main aim is to raise funds for its defense against Russia. The sales are expected to be raised around $3 million, from selling 5,000 to 7,000 NFTs for $450 a piece.
  • Indian parliament increased its regulation on cryptocurrencies by enforcing a 30% tax on crypto trading profits and a 1% tax on all kinds of crypto transactions. The regulations will be effective after April 1 and several parliament members are concerned that it will decrease the market demand as it makes it more expensive to trade.
  • The White House signed an executive order for examining the ‘implications of digital assets’ for several federal agencies. This specific measurement will focus on six main points: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation.

Top 10 Cryptocurrencies by Market Capitalization:

What were some factors behind the Bitcoin price climb?

  • The US Federal Reserve announced that it would increase interest rates by 0.25%, marking the central bank’s first such rate adjustment since 2018.
  • US President Joe Biden’s initiative to sign an executive on increasing the efficiency of using crypto in different areas demand BTC has increased.




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