Bitcoin is expected to go higher after reaching record levels as US-led policies, and the Trump hype, give credence and "structure" to the digital asset, analysts said.
The world's biggest cryptocurrency hit another milestone on Monday, topping the $120,000 mark, amid heightened flows into Bitcoin exchange traded funds. That indicates a new level of seriousness from investors.
"What we’re seeing now is sustained interest, supported by structural inflows, rather than short-term speculation," said Josh Gilbert, a market analyst at digital investment platform eToro.
Is $150,000 within sight?
Bitcoin passing $120,000 signals a sustained bullish trend heading into the third quarter of 2025, with the cryptocurrency projected to average about $125,000, said Ryan Lee, chief analyst at Bitget Research.
With analysts expecting a trading range of between $105,000 and $150,000, the key levels are $108,500 for support and $130,000 for resistance, "serving as critical markers for momentum confirmation", he added.
But Bitcoin's rise will hit some bumps, as "investments of this magnitude don’t move in straight lines", said Nigel Green, chief executive of wealth management company deVere Group.
"They surge, cool, consolidate, then break out again. That’s the phase we’re entering," he said. “The trajectory to $150,000 is intact, but investors should expect a sharp move to $140,000, then a healthy sell-off before we power higher."
A correction may also be due. The Crypto Fear and Greed Index, used to measure the mood of the market, is at 70, indicating "greed".
That means it is now back in overbought territory, suggesting a correction to the $105,000 to $110,000 range "wouldn’t be surprising", said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. "Still, the rally is underpinned by a crypto-friendly US policy shift and growing emerging market adoption – [and] both remain intact."
Who is buying Bitcoin?
Bitcoin is witnessing more participation from institutional investors, such as hedge funds and mutual funds, Mr Gilbert said.
"Publicly traded companies are now adopting Bitcoin as part of their treasury strategy, with some making multibillion-dollar allocations," he added. "At the same time, retirement funds and sovereign wealth funds are starting to gain exposure through ETFs [exchange-traded funds], adding to the wave of demand chasing a fixed supply. This is the first real bull market where institutional participation is front and centre."
US policy wins
US President Donald Trump, a former crypto sceptic, is now championing digital assets. His influence and promises – both in the political and personal spheres – started the resurgence of the sector.
That has resulted in his administration pushing for more crypto-friendly regulations. This week, the US House of Representatives will tackle key bills aimed at further regulating the cryptocurrency market.
Crypto enthusiasts are hopeful that the Clarity Act, Anti-CBDC Surveillance State Act and Genius Act will be passed, which are expected to bring "some much-needed structure to the Wild West of digital assets", said Devika Mittal, regional head at Web3 company Ava Labs.
"It's a bold move that demonstrates how far we've come from the days when cryptocurrency was viewed as a fringe investment. The timing couldn't be better, as countries like Vietnam are starting to embrace crypto themselves, following America's lead in the global digital economy."
That also bodes well for Wall Street, where companies have been awaiting clearer rules. These bills could finally give them the confidence to dive in – in addition to protecting every day investors from scams and sketchy practices, Ms Mittal added.
"Instead of treating crypto with suspicion, lawmakers are now actively working to help the industry thrive while keeping it transparent," she added. "It's a remarkable turnaround that could reshape our understanding of digital assets and blockchain."
Among those bills, the Genius Act is expected to create a federal framework for stablecoins, one of the most significant regulatory steps the US has taken to date.
“This is not crypto on the fringe any more. This is front and centre of US financial policy. Trump is championing it, lawmakers are acting on it and Wall Street is all-in,” Mr Green said.
Specs%20
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Zayed Sustainability Prize
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
UAE currency: the story behind the money in your pockets
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
