bitcoin price prediction It turned bearish on November 7 after a breakout of the key $16,900 support level. A break of the uptrend line has increased the selling pressure on bitcoin, which could potentially drop further towards $16,500.
Let us have a look at the fundamentals of the market.
Bitcoin mining bill fails in Paraguay
Paraguayan legislature fail to pass legislation To regulate cryptocurrency mining in the country. A veto by President Mario Abdo Bentez prevented Paraguay’s lower house from passing a bill to promote cryptocurrency mining through the use of additional power. The bill was archived by the Chamber of Deputies, the lower house of Paraguay’s parliament. The bill received 36 votes, five short of the required 41 votes.
Members of Paraguay’s Chamber of Deputies debated the benefits and drawbacks of capping electricity prices to encourage cryptocurrency miners to operate in the country. However, he voted against the measures.
The potential benefits of crypto mining in Paraguay, the volatility of cryptocurrencies such as bitcoin, and the lack of regulation surrounding crypto-related activities that contributed to events such as the collapse of FTX were all discussed.
Paraguay will no longer be a haven for cryptocurrency miners after lawmakers abandoned a cryptocurrency bill. The country was expected to pass cryptocurrency regulations. However, after careful consideration, it decided against it on 5 December.
The wider effect of the backtrack is that miners will be unable to access the country’s cheap electricity. The news is not good for BTC/USD price.
Stryk and Bitnob Enable African Cross-Border Payments
Bitcoin payments network Strike has officially arrived in Africa, allowing users to send money quickly and cheaply via its new “Send Globally” option. For now, the tool will be available to all US Strike users in Ghana, Kenya and Nigeria.
Strike announced on December 6 that the feature was developed in collaboration with Bitnob, an African bitcoin company. Users of the Strike app in the United States can send money instantly to any African recipient. The recipient will then receive the funds in their native currency and deposit them into their bank, mobile money or Bitnob account.
Strike and Bitnob bridge two continents by connecting local financial institutions to the global Lighting Network, an overlay protocol of bitcoin for cheap and fast payments.
One of the primary goals of the new service is to help increase access to affordable banking services on a continent that has traditionally been excluded from the global financial system. The service is especially useful in countries where cross-border money transactions are restricted.
The company focuses on delivering instant worldwide payments for both bitcoin and fiat currencies using Bitcoin’s off-chain scaling solution, the Lightning Network. Consequently, the news is also beneficial for BTC/USD.
bitcoin price
the current bitcoin price $16,856, and a 24-hour trading volume of $21 billion. The price of BTC is down just over 1% today alongside the other major cryptocurrency, Ethereum.
given the strong US dollar BTC/USD The pair broke below the $16,900 support, which is now acting as a resistance. Under this scenario, BTC could drop further towards the next support at $16,500 or $16,000.
Alternatively, a bullish breakout above $16,900 could expose BTC price towards $17,200 or $17,350.
massive upside potential coins
Given the bearish reversal of the cryptocurrency market, a few coins are making headlines and are worth keeping an eye on.
IMPT – Pre-sale expires in less than a week
IMPT There is a carbon-credit marketplace that would reward consumers for shopping with eco-friendly merchants. These rewards will come in the form of its IMPT tokens, which can be used to purchase NFT-based carbon offsets that can be traded or retired.
The project is getting attention as it will begin trading on the decentralized exchange (DEX) Uniswap on December 14th. two centralized exchanges, lbank And Changelly Pro will list IMPT shortly after its DEX launch.
Presently, IMPT has raised over $15 million Since its initial public offering in October, 1 IMPT is currently selling for $0.023.
Dash 2 Trade (D2T)
running on the Ethereum blockchain, dash 2 business is a trading intelligence platform that provides investors with real-time analytics and crypto signals to users of all experience levels.
It will go live in early 2023, with its D2T token being used to pay for a monthly membership fee on its platform (there are two membership levels).
Dash 2 Trade Pre Sale has already raised over $8.9 million, Phase 4 is almost sold out. The listing on BitMart and LBANK exchange has already confirmed giving early investors a good chance to make some decent returns.
Robotera (Tarot)
robot era (TARO), which also uses Ethereum to host its token, is a sandbox-style metaverse that will allow gamers to play as robots and participate in the creation of its virtual world.
1 TARO is currently selling for 0.020 USDT (it can be purchased using USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale.
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