On December 11, the Bitcoin price prediction remains mixed as BTC consolidates in a tight range of $17,000 to 17,350 despite trading volume skyrocketing to $15 billion. New Jersey has set itself the goal of becoming the most crypto state in the United States.
This is the reason why the the state proposes the โBlockchain and Digital Assets Regulationโ Law, which will allow DAOs to incorporate within its limits, offer tax breaks for digital currency companies, and grant share certificates to their investors.
Republican Sen. Robert Singer introduced the bill in hopes it would make the state more accommodating to companies operating in the emerging field of digital assets. He expressed his desire to see New Jersey as an antithesis to New York, which he claimed was "extremely restrictive" for cryptographic innovation.
This is what he said in a recent interview:
We want to be more industry friendly. I don't want to be restrictive. I want to be open-minded, but I also want to protect the consumer.
This is good news for cryptocurrencies entering the US markets and may increase the popularity of cryptocurrencies.
Top Bloomberg Analyst Says Bitcoin Will Outperform Gold
Bloomberg commodities expert Mike McGlone predicts 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 "main challenger" for Bitcoin, says McGlone, who also suggests that Bitcoin is evolving into a higher beta version of gold and bonds.
In addition, he also expressed concern about the Fed's hawkish policy decisions, saying:
โThe most aggressive Fed tightening in 40 years is a good reason for the macroeconomic ebb tide, but 2023 may be about which assets will come out ahead as central banks pivot. If they don't ease, the world may tip deeper into recession, with repercussions for all risk assets. Our base case is for an elongated deflationary period, with the crypto market, as measured by the Bloomberg Galaxy Crypto Index, gaining.โ
BTC Halving to Positively Impact Bitcoin
If the next Bitcoin halving happens in 2024, it may be beneficial for Bitcoin holders. Messari claims in a new analysis that a Bitcoin halving event can cause a price surge for BTC.
When the incentive to mine Bitcoin transactions is cut in half, this is known as a "halving." As can be seen in the tweet below, price increases and brief rallies followed each halving.
This halving may have a similar effect on future BTC values, but may have consequences for miners. Cutting Bitcoin payments in half will severely damage the already suffering mining business.
Glassnode reported that miner earnings had fallen to a monthly low just prior to publication. Glassnode also reported that fees paid to miners had fallen to a new monthly low.
Before the halving, miners may face great danger from falling profits and fees. A significant increase in the price of Bitcoin is required to maintain the economic viability of mining.
Let us now look at the technical aspects of Bitcoin.
bitcoin price
Bitcoin current price is $17,159 and the 24 hour trading volume is $15 billion. The 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 timescale, Bitcoin has formed an ascending channel, which supports the uptrend. BTC may face resistance around $17,400.
A bullish break above $17,400 could trigger a price of $17,650, and a bullish cross above this level could trigger a price of $18,150.
A bearish cross below $17,000, a level encompassed by the 50-day simple moving average, can trigger a selling trend that could extend as far as $16,650.
Coins with huge upside potential
Some coins below are gaining ground despite the lousy market trend, and are garnering the attention of the biggest cryptocurrency investors.
IMPT (IMPT) โ 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, and users will be able to purchase such NFT-based offsets using the IMPT tokens they receive as rewards for shopping on the platform.
IMPT has raised more than $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) โ Presale in the final stage
dash 2 trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data to help them make better trading decisions. It will be launched in early 2023 and your D2T token will be used to pay the monthly subscription fees to the platform (there are two subscription levels).
The Dash 2 Trade pre-sale, which is now in its fourth and final stage, has already raised over $9.4 million. It has also announced listings on Uniswap, BitMart, and the LBANK Exchange for early next year, implying that early investors may soon be able to turn in some profit.
Find the best price to buy/sell cryptocurrencies
