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Bitcoin price prediction turned bearish on November 7, following the bearish breakout of a major support level of $16,900. The breach of the upward trendline has increased selling pressure on Bitcoin, potentially leading to a drop to $16,500.
Let’s take a quick look at the market’s fundamentals.
Bitcoin Mining Bill Fails In Paraguay
The Paraguayan legislature failed to pass legislation to regulate cryptocurrency mining in the country. A veto from President Mario Abdo Bentez prevented Paraguay’s lower house from passing a bill to promote cryptocurrency mining through the use of excess power. The bill was archived by Paraguay’s lower house of parliament, the Chamber of Deputies. The bill received 36 votes, five less than the required 41 votes.
Members of Paraguay’s Chamber of Deputies debated the benefits and drawbacks of capping power prices to encourage cryptocurrency miners to operate in the country. They did, however, vote against the measures.
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.
Bitcoin Price
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. Under 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
Given the cryptocurrency market’s bearish reversal, some coins are making headlines and are worth keeping an eye on.
IMPT – Presale Ends in a less than a week
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.
Currently, IMPT has raised more than $15 million since its initial public offering in October, with 1 IMPT currently selling for $0.023.
Buy IMPT Now
Dash 2 Trade (D2T)
Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that offers investors 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 the monthly subscription fees to its platform (there are two subscription tiers).
Dash 2 Trade’s presale has already raised more than $8.9 million, with the fourth stage nearly sold out. Listings on BitMart and LBANK Exchange have already been confirmed giving early investors a good opportunity to make some decent returns.
Visit Dash 2 Trade Now
RobotEra (TARO)
RobotEra (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 bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale.
Visit RobotEra Now
Find The Best Price to Buy/Sell Cryptocurrency
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