Bitcoin 
$62,036 Its price was traded at $62,650, up 1.42% over the weekend due to low volatility. Following the broad market recovery, BTC maintained the $60,000 support level, confirming that buyers are trying to maintain the bullish momentum. This recovery comes after the United Arab Emirates Federal Tax Authority (FTA) announced VAT exemptions for virtual asset transfers and conversions.
UAE and VAT Exemptions
United Arab Emirates FTA has made a significant revision to its VAT regulations. This revision includes exemptions for virtual asset transfers and conversions. This move makes the UAE an attractive hub for virtual asset investments, and easing the tax burden could support crypto-related businesses to operate in the country.
A regional auditing firm noted that in the United Arab Emirates, the term ‘virtual asset’ is classified as “a digital representation of values that can be digitally traded or converted and used for investment purposes.”
Bitcoin Price Predictions and Analysis
Over the last four days, Bitcoin price has recorded a modest recovery from $59,840 to $62,975, growing by over 4%. The uptrend is fueled by the effort to protect the 200-day Exponential Moving Average (EMA) from support at $60,000. The weakening of geopolitical tensions in the Middle East was also beneficial.
However, this recovery is yet to be confirmed and there is a possibility that the price could return to $60,000 as part of a search for support. If this level is maintained, BTC price could move towards the $80,000 target. The consolidation that has been ongoing since March 2024 has been devastating for altcoin investors.
Other Market Effects
UAE’s Virtual Asset Regulatory Authority (VARA) and Securities and Exchange Authority (SCA) have decided to facilitate the licensing and supervision of Virtual Asset Service Providers (VASPs). This development could strengthen the country’s crypto-friendly stance, increasing overall cryptocurrency adoption and accelerating investments in leading assets such as Bitcoin.
In light of recent developments, investors are closely monitoring the effects of the UAE’s new VAT regulations and other dynamics in the cryptocurrency market on Bitcoin prices. While tax advantages and regulatory conveniences may encourage cryptocurrency investments, market volatility and global geopolitical factors also direct price movement.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
