On December 10, the BTC/USD pair continued to consolidate in a narrow range from $16,000 to $17,350. US PPI data is stronger than expected Bureau of Labor Statistics The uptrend of bitcoin has been limited.
US PPI unexpectedly accelerated in November
The producer price index rose 0.3% from October to November, which exceeded the 0.2% estimate, while the October figure was revised up from 0.2% to 0.3%. The volatile price of food and energy made the situation worse; Without those two components, the “core” of the producer price index rose 0.4%, the most since June.
The cryptocurrency market reacted negatively to the report, which was interpreted as making it more difficult for the Federal Reserve to cut and eventually hold interest rates this year. BTC/USD is also falling as a result of the announcement.
Binance and Crypto.com publish proof-of-reserve audit
This week, two cryptocurrency exchanges made proof-of-reserve available to demonstrate that their trading platforms back customer assets 1:1. Binance published a report on December 7th that included information about the audit’s global auditor, Mazars Group.
On December 9, Crypto.com revealed proof-of-reserve documents, which were also verified by Mazars. The cryptocurrency community has been keeping a close eye on centralized exchanges since the shutdown of FTX in November. Crypto exchanges issued proof-of-reserve (PoR) proofs, following promises made by exchange executives following the FTX incident.
Binance has conducted a detailed analysis of assets held on the Bitcoin, Ethereum, Binance Smart Chain and BTCB networks, including BTC, BTCB and BBTC, available on the Mazars Group website. According to Mazars, during the entire process, “Binance was 101% collateralized.”
Following the FTX fallout, Crypto.com temporarily suspended withdrawals on the Solana network. This placed the exchange in the midst of a crisis.
The Crypto.com team said it intends to demonstrate its responsibility as a cryptocurrency custodian by revealing its proof of stores. It also demonstrated that customer funds can be trusted to handle any withdrawals. The news is good for the crypto asset as it demonstrates the transparency of centralized exchanges. It is also beneficial for BTC/USD.
US lawmakers propose cryptocurrency mining environmental monitoring law
The Environmental Protection Agency (EPA) is required to provide data on the energy requirements and environmental impacts of cryptocurrency mining under a bill proposed by US lawmakers. On December 8, Senator Ed Markey of Massachusetts and Representative Jared Huffman of California claimed that bitcoin miners consume approximately 1.4% of the country’s electricity.
Furthermore, they said they were “sounding the alarm” about the energy consumption associated with cryptocurrency mining in the country. Senator Jeff Merkley co-sponsored the Crypto-Asset Environmental Transparency Act (EPA).
The Environmental Protection Agency will be directed to monitor crypto mining activity consuming more than five megawatts. The bill includes allegations of “noise and water pollution” caused by the miner. Concern about climate change was cited by Markey and Huffman as one of the reasons for moving quickly to regulate the crypto industry.
bitcoin price
current price of bitcoin $17,177, and a 24-hour trading volume of $23 billion. BTC price is up more than 0.5% since yesterday.
The BTC/USD pair is trading with a positive bias after breaking the $16,750 barrier. Bitcoin has formed an ascending channel on the 4-hour timescale, which is supporting the bullish trend. BTC may face resistance near $17,400.
A bullish breakout above $17,400 could take bitcoin to $17,650, and a bullish crossover above this level could take bitcoin to $18,150. A bearish crossover below $17,000, the level spanned by the 50-day simple moving average, could start a selling trend that could extend all the way to $16,650.
massive upside down coins
Despite the bearish price action, the coins below are going from strength to strength, attracting the attention of crypto whales.
IMPT – ONLY 1 DAYS LEFT IN THE PRE SALE
IMPT is a carbon-credit marketplace that will reward customers for making purchases with eco-friendly businesses. It will issue carbon offsets in the form of NFTs on the Ethereum blockchain upon launch next year, users can purchase such NFT-based offsets using IMPT tokens that they receive as a reward for purchases on the platform.
Since its initial public offering in October, IMPT has raised over $17.8 million, with 1 IMPT currently trading at $0.023. The sale is due to end in less than two days, with listings on Uniswap, LBANK Exchange, and Changelly Pro following shortly after.
Dash 2 Trade (D2T) – Presale in final stages
dash 2 business Is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data to make better trading decisions. It will go live in early 2023, with its D2T token being used to pay for the monthly platform membership fee (there are two membership levels).
Pre-sale of Dash 2 Trade, now in its fourth and final phase, has already taken place Raised over $9.3 million, It also announced listings on Uniswap, BitMart and LBANK exchanges early next year, meaning early investors will soon be able to lock in some profits.
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