The Kuwaiti government’s decision not to legitimize the trading of bitcoin and other cryptocurrencies is a cause for concern for investors in the region. While the government lacks the regulatory power to enforce the prohibition, the absence of support or acknowledgment from the authorities increases the risks associated with investing in a volatile market.

Investors must weigh the potential risks and rewards of cryptocurrency trading carefully, especially in countries where the legal status of cryptocurrencies is unclear. While the lack of government oversight can make it difficult for authorities to intervene, it can also leave investors vulnerable to fraud and other forms of financial misconduct.

As with any investment, it is important for individuals to educate themselves on the risks and benefits of cryptocurrency trading and to seek out professional advice if necessary. While the Kuwaiti government’s position may be a cause for concern, it is ultimately up to individual investors to decide whether or not to engage in cryptocurrency trading.

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Whether the crypto market’s current price correction has already ended or if new lows will start in the new trading week will be largely determined by the development of the US dollar index (DXY) and the US stock markets. The latest Bitcoin analysis outlines the potential targets for Bitcoin.

The economic data set to be released this week will likely have a significant impact on various financial markets.

This week, economic data that will be relevant include the latest US Durable Goods Orders on February 27th, followed by the announcement of the CB Consumer Confidence in the USA the following day. Mid-week, the focus will be on the ISM purchasing managers’ indices for the US manufacturing sector. The trading week will be rounded off with the final data from the US purchasing managers’ indices for the service sector.

Orders received for durable goods

On Monday, February 27, 2023, the final figures for January durable goods orders will be published, with market experts expecting a slight increase of 0.1 percentage points compared to the previous month. However, a drastic slump of -4.0 percent is forecast compared to the previous year. If the figures are in line with the forecasts and incoming orders drop significantly, as expected, the US dollar could tend negatively. Since the stock market has recently been trending bullish after strong incoming orders, it is difficult to predict how the market could develop as a result of weak data.

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