Research firm predicts Bitcoin to hit $200k in second half of 2022: Crypto Moves

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Updated 09 February 2022
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Research firm predicts Bitcoin to hit $200k in second half of 2022: Crypto Moves

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling by 1.11 percent to $43,551 at 12:50 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,109, up by 0.15 percent, according to data from Coindesk.

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With bitcoin expected to reach $100,000 in the last month of last year, predictions are starting to appear again this year.

Bitcoin could increase nearly 500 percent from the current price point to around $200,000 per unit, according to research firm Fsinsight and its head of digital asset strategy, Sean Farrell.

They are bullish on the potential upside of crypto assets, as the head of research at Fundstrat Global Advisors recently insisted that bitcoin still has massive growth ahead.

Their note also says times are different now that major businesses and legacy market capital are entering the fold, according to Bitcoin.com.

Fsinsight’s forecast indicates that US policymakers may bring some downside to the price growth of the leading crypto assets.

“All assets can sell off and drop another 50 percent if the Fed hikes 4 percent tomorrow or next month,” Farrell remarked in the note.

“But right now, as things stand, the upside to both bitcoin and ethereum is much larger than the downside.”

The company's forecast also indicates that ethereum has the potential to inflate its value in US dollars during the latter half of 2022.

It also expects ethereum to rise nearly 400 percent to around $12,000 per unit.

Cryptocurrency values have increased over the past week, with bitcoin gaining more than 12 percent, and ethereum jumping more than 13 percent.

India

India’s finance minister, Nirmala Sitharaman, has revealed that government officials are constantly monitoring the crypto sector, India Today reported.

“We have a team of people who are constantly monitoring, watching the crypto sector and listening to people from that area. They are giving me feedback,” Sitharaman said.

The finance minister also said that the Reserve Bank of India is working on issuing India’s central bank digital currency.

However, she made it clear that crypto taxation will be implemented first.


Saudi Arabia approves over 1k chemical permits, awards 172 mining licenses

Updated 56 min 22 sec ago
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Saudi Arabia approves over 1k chemical permits, awards 172 mining licenses

RIYADH: Saudi Arabia processed more than 1,000 chemical permit requests in November and awarded exploration rights for 172 mining sites in what the government described as its largest licensing round on record. 

The Ministry of Industry and Mineral Resources said it handled 1,095 chemical clearance requests during the month, including 1,041 approvals for non-restricted chemicals and 54 for restricted substances, covering 2,081 product classifications, the Saudi Press Agency reported. 

It forms part of ongoing efforts to accelerate the discovery and development of mineral resources valued at over SR9.4 trillion ($2.51 trillion), aligning with Vision 2030’s objective to position mining as the third pillar of the national industrial sector.   

Ministry spokesperson Jarrah Al-Jarrah explained that the chemical clearance service enables industrial investors to obtain import or export permits for chemicals used in manufacturing through the “Sanaei” digital platform.  

“He clarified that the service aims to ensure that chemical clearances for industrial facilities are granted through streamlined procedures and in a timely manner, thus serving investors and facilitating the entry of their materials through ports of entry,” the SPA report stated. 

Al-Jarrah explained that the service plays a critical role in enhancing industrial output by developing and automating permit procedures for production-related chemicals as part of the ministry’s digital services.  

In a separate development, the ministry announced that 24 domestic and international companies and consortiums won exploration licenses across 172 mining sites in Saudi Arabia, with 76 of those sites awarded through a multi-round public auction.   

These sites span three mineral belts in the Riyadh, Madinah, and Qassim regions, with committed exploration spending exceeding SR671 million during the first two years of project implementation.  

The ministry described this licensing round as the largest mining tender in the Kingdom’s history.   

The competition covered more than 24,000 sq. km across regions known for strategic minerals including gold, copper, silver, zinc, and nickel.   

Additionally, the ministry noted that 26 qualified companies participated through the electronic bidding platform, progressing through a transparent process that began with prequalification and culminated in competitive multi-round auctions.  

The ministry confirmed that these investments aim to develop untapped exploration zones and enhance the utilization of Saudi Arabia’s mineral wealth, strengthening global supply chains.   

It also announced plans to launch further exploration license tenders covering 13,000 sq. km across Madinah, Makkah, Riyadh, Qassim, and Hail, with additional opportunities to be revealed at the 5th Future Minerals Forum in Riyadh from Jan. 13 to 15.  

These efforts, the ministry stated, reflect a broader mining strategy focused on maximizing resource potential, attracting foreign investment, creating employment opportunities, and integrating value chains to establish Saudi Arabia as a global mining hub.