On December 11, bitcoin price predictions remain mixed as BTC consolidates in a narrow range of $17,000 to $17,350, despite trading volume rising to $15 billion. New Jersey has set a goal of becoming the most crypto-friendly state in the United States.
This is the reason that the state is proposing The “Digital Assets and Blockchain Regulation” Act, which would allow DAOs to incorporate within its borders, provide tax benefits for digital currency companies, and issue stock certificates to their investors.
Senator Robert Singer, a Republican, introduced the bill in hopes that it would make the state more friendly to businesses operating in the emerging field of digital assets. He expressed his desire to see New Jersey act as an antithesis to New York, which he claimed was “extremely restrictive” for crypto innovation.
This is what he said in a recent interview:
We want to be more industry friendly. I don’t want to be banned. I want to be open-minded, but I also want to protect the consumer.
This is good news for cryptocurrencies entering the US market, and could increase the popularity of cryptocurrencies.
Top Bloomberg Analyst Says Bitcoin Will Outperform Gold
Mike McGlone, Bloomberg’s chief commodities expert, has predicted that bitcoin (BTC) will soon surpass gold in value. According to a well-known analyst, the leading cryptocurrency is currently four times more volatile than the yellow metal.
Gold is a “top challenger” to bitcoin, says McGlone, who also suggests that bitcoin is evolving into a higher-beta version of gold and bonds.
Furthermore, he expressed his concern about the Fed’s aggressive policy decisions, saying:
“The most aggressive Fed tightening in 40 years is a good reason for the macroeconomic ebbing tide, but 2023 may be about which assets come forward as the central bank pivots. If they don’t turn to easing, the world could go deeper into recession with consequences for all risk assets. Our base case with the crypto market as measured by the Bloomberg Galaxy Crypto Index is for an extended deflationary period to come.
BTC Halving To Positively Affect Bitcoin
If the next bitcoin halving does indeed happen in 2024, it could be beneficial for bitcoin holders. Messari claims in a new analysis that a bitcoin halving event could increase the price of BTC.
When the incentive for mining bitcoin transactions is halved, it is referred to as a “halving”. As can be seen in the tweet below, price surged and rallied briefly after each halving.
The halving could have a similar effect on future BTC prices, but with consequences for miners. Cutting bitcoin payouts in half would badly hurt the already loss-making mining business.
Glassnode reported that miner earnings had dropped to a monthly low just before publication. Glassnode also reported that the fees paid to miners fell to a new monthly low.
Ahead of the halving, miners may face a major threat from a drop in earnings and fees. A significant increase in the price of bitcoin is needed for mining to remain economically viable.
Let us now look at the technical aspects of bitcoin.
bitcoin price
current price of bitcoin $17,159, and a 24-hour trading volume of $15 billion. BTC price has gained more than 0.10% since yesterday.
After breaking the $16,750 barrier, the BTC/USD pair is trading with a positive bias. On the 4-hour time frame, bitcoin has formed an ascending channel, which is supporting the bullish trend. BTC may face resistance near $17,400.
A bullish breakout above $17,400 could lead the price to $17,650, and a bullish crossover above this level could lead the price to $18,150.
A bearish crossover below $17,000, the level spanned by the 50-day simple moving average, could set up a selling trend that could extend all the way to $16,650.
heavy reverse coins
Some of the coins below are gaining ground despite disappointing market trends, and they’re catching the attention of crypto’s biggest investors.
IMPT – Presale ends in a few hours
IMPT is a carbon-credit marketplace that rewards customers for doing business with environmentally friendly companies.
When it launches next year, it will issue carbon offsets as NFTs on the Ethereum blockchain, allowing users to purchase such NFT-based offsets using IMPT tokens, which they receive as a reward for purchases on the platform.
IMPT has raised over $18.6 million since its initial public offering in October, with 1 IMPT currently trading at $0.023.
The sale will end in less than two days, followed by listings on Uniswap, LBANK Exchange, and Changelly Pro.
Dash 2 Trade (D2T) – Presale in final stages
dash 2 business Is a trading intelligence platform based on Ethereum that provides real-time analytics and social trading data to help investors make better trading decisions. It will go live in early 2023, and its D2T token will be used to pay for the monthly platform membership fee (there are two membership levels).
The Dash 2 Trade pre-sale, which is now in its fourth and final phase, has already raised over $9.4 million. It also announced listings on Uniswap, BitMart and LBANK exchanges early next year, meaning early investors will be able to lock in some profits soon.
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