Bitcoin Price Prediction as BTC Volume Hits $22 Billion Here’s Where BTC Heads Next

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On December 10, the BTC/USD pair continued to consolidate in a narrow range of $16,000 to $17,350. Stronger than expected US PPI numbers from the Bureau of Labor Statistics limited Bitcoin’s uptrend.

US PPI unexpectedly accelerated in November

The producer price index rose 0.3% from October to November, beating the estimate of 0.2%, while the October figure was revised to 0.3% from 0.2 %. Unstable food and energy prices have exacerbated the situation; without these two components, the “core” of the producer price index rose by 0.4%, the most since June.

The cryptocurrency market reacted negatively to the report, which was interpreted as making it harder for the Federal Reserve to pause and ultimately stop raising interest rates this year. BTC/USD is also down following the announcement.

Binance and Crypto.com Release Proof of Reserve Audits

This week, two cryptocurrency exchanges made available proof of reserves to demonstrate that their trading platforms support client assets 1:1. Binance published a report on December 7 containing information on the global audit auditor, Mazars Group.

On December 9, Crypto.com revealed proof of reserves documents, which were also verified by Mazars. Since the demise of FTX in November, the cryptocurrency community has been watching centralized exchanges closely. Following promises made by exchange officials in the wake of the FTX incident, crypto exchanges have issued Proof of Reserves (POR) proofs.

Binance has made a detailed analysis of the assets held on the Bitcoin, Ethereum, Binance Smart Chain and BTCB networks, including BTC, BTCB and BBTC, available on the Mazars Group website. Throughout the process, “Binance was 101% guaranteed,” according to Mazars.

Following the FTX fallout, Crypto.com temporarily suspended withdrawals on the Solana network. He positioned the stock market in the middle of the crisis.

The Crypto.com team said it intended to demonstrate its liability as a cryptocurrency custodian by disclosing its proof of reserves. It also demonstrated that customer funds could be relied upon to handle withdrawals. The news is good for crypto-assets as it demonstrates the transparency of centralized exchanges. It is also advantageous for BTC/USD.

US Lawmakers Propose Legislation on Environmental Monitoring of Cryptocurrency Mining

The Environmental Protection Agency (EPA) has been required to provide data on the energy needs and environmental effects of cryptocurrency mining under a bill proposed by US lawmakers. On December 8, Massachusetts Senator Ed Markey and California Rep. Jared Huffman claimed that Bitcoin miners consume about 1.4% of the nation’s electricity.

Additionally, they said they are “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 would be tasked with monitoring crypto-mining activity that consumes more than five megawatts. The bill includes allegations of “noise and water pollution” caused by miners. Concerns about climate change were cited by Markey and Huffman as one of the reasons for moving quickly to regulate the crypto industry.

bitcoin price

The current Bitcoin price is $17,177 and the 24-hour trading volume is $23 billion. BTC price has gained more than 0.5% since yesterday.

Bitcoin Price and Tokenomics – Source: coinmarketcap

The BTC/USD pair is trading with a positive bias after breaking above the $16,750 barrier. Bitcoin has formed an ascending channel on the 4-hour time frame, which supports the uptrend. BTC might encounter resistance near $17,400.

Bitcoin price chart – Source: Tradingview

A bullish break above $17,400 could take Bitcoin to $17,650, and a bullish cross above this level could take Bitcoin to $18,150. A bearish cross below $17,000, a level stretched by the 50-day simple moving average, can initiate a selling trend that could extend down to $16,650.

Coins with huge upside potential

Despite the bearish price action, the coins below are going from strength to strength, catching the attention of crypto whales.

IMPT (IMPT) – Only one day left in presale

IMPT is a carbon credit market that will reward customers for purchasing from environmentally friendly companies. It will issue carbon offsets as NFTs on the Ethereum blockchain when it launches next year, with users able to purchase these NFT-based offsets using the IMPT tokens they receive as rewards for their purchases on the platform. .

Since its October IPO, IMPT has raised over $17.8 million, with 1 IMPT currently trading at $0.023. The sale is expected to close in less than two days, with listings on Uniswap, LBANK Exchange and Changelly Pro soon after.

Visit IMPT now

Dash 2 Trade (D2T) – Final presale

Dash 2 Trade is an Ethereum-based trade intelligence platform that provides investors with real-time analytics and social trading data so they can make better trading decisions. It will go live in early 2023, with its D2T token used to pay monthly platform subscription fees (there are two subscription tiers).

The Dash 2 Trade presale, now in its fourth and final stage, has already raised over $9.3 million. It also announced listings early next year on Uniswap, BitMart and LBANK Exchange, implying that early investors will soon be able to lock in some profits.

Visit Dash 2 Trade now

Find the best price to buy/sell a cryptocurrencyCryptocurrency Price Tracker – Source: Cryptonews

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