The Bitcoin market turned bearish on November 7, as the price of Bitcoin broke below a major support level of $16,900. This breach of the upward trendline has increased selling pressure on Bitcoin, potentially leading to a drop to $16,500.
It is important to consider the market’s fundamentals in order to understand the potential implications of this development.
Let’s take a quick look at the market’s fundamentals.
Bitcoin Mining Bill Fails In Paraguay
The Paraguayan legislature was unable to pass a bill that would have regulated cryptocurrency mining in the country. President Mario Abdo Bentez vetoed the legislation, which was then archived by the Chamber of Deputies. The bill, which aimed to promote cryptocurrency mining by offering discounted power prices, received 36 votes, five short of the required number.
Members of the Chamber of Deputies debated the pros and cons of the measure, but ultimately voted against it.
The potential benefits of crypto mining in Paraguay, the volatility of cryptocurrencies like Bitcoin, and how a lack of regulation surrounding crypto-related activities had contributed to events like the collapse of FTX were all discussed.
After lawmakers abandoned a cryptocurrency bill, Paraguay will no longer be a haven for cryptocurrency miners. The country was expected to pass cryptocurrency regulations. However, after careful consideration, it decided against it on December 5.
The massive impact of the backtrack is that miners will be unable to use the country’s cheap electricity. The news is not good for the BTC/USD price.
Strike and Bitnob Enable African Cross-border Payments
Strike, a Bitcoin payment network, has officially arrived in Africa, allowing users to send money there instantly and cheaply via its brand-new “Send Globally” option. For the time being, the tool will be available to all American Strike users in Ghana, Kenya, and Nigeria.
Strike announced on December 6 that the feature had been developed in collaboration with the African Bitcoin company Bitnob. Users of the Strike app in the United States can send money to an African recipient instantly. 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 the two continents by connecting local financial institutions to the global Lighting network, Bitcoin’s overlay protocol for cheap and fast payments.
One of the new service’s primary goals 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 by utilizing Bitcoin’s off-chain scaling solution, the lightning network. As a result, the news is also beneficial to BTC/USD.
The current Bitcoin price is $16,856, and the 24-hour trading volume is $21 billion. The BTC price is down just over 1% today, along with the second-leading cryptocurrency Ethereum.
Given the strong US dollar, the BTC/USD pair has broken down below the $16,900 support level, which is now acting as resistance. In this scenario, BTC could fall to the next support level of $16,500 or even $16,000.
Alternatively, a bullish breakout above $16,900 could expose the BTC price to $17,200 or $17,350.
Massive Upside Potential Coins
Despite the bearish price action, the coins below are going from strength to strength catching the attention of crypto whales.
IMPT – Presale Ends In 4 Days
IMPT is a carbon-credit marketplace that will reward consumers for shopping with eco-friendly merchants. These rewards will arrive in the form of its IMPT token, which can be used to buy NFT-based carbon offsets that can be traded or retired.
The project is getting attention as it will start trading on the decentralized exchange (DEX) Uniswap on December 14. Two centralized exchanges, LBank and Changelly Pro, will list IMPT shortly after its DEX launch.
IMPT has raised more than $15 million in its presale so far with 1 IMPT currently selling for $0.023.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data, all of which can help them arrive at informed trading decisions.
The sale of its D2T token has raised just under $9 million, and has recently entered its fourth and final stage. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
RobotEra (TARO) 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 bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale.
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