Bitcoin Price Prediction as BTC Volume Surges to $22 Billion – Here’s Where BTC is Headed Next

On December 10, the BTC/USD pair continued to consolidate in a slender vary of $16,000 to 17,350. Stronger-than-expected US PPI figures from the Bureau of Labor Statistics have stored Bitcoin’s uptrend restricted.

US PPI Accelerated Unexpectedly in November

The producer value index rose 0.3% from October to November, exceeding the 0.2% estimate, whereas the October determine was revised up to 0.3% from 0.2%. The unstable value of meals and vitality exacerbated the state of affairs; with out these two parts, the producer value index’s “core” elevated by 0.4%, probably the most since June.

The cryptocurrency market reacted negatively to the report, which was interpreted as making it tougher for the Federal Reserve to pause and ultimately cease elevating rates of interest this 12 months. BTC/USD is additionally falling as a results of the announcement.

Binance and Publish Proof-of-Reserve Audits

This week, two cryptocurrency exchanges made proof-of-reserves obtainable to exhibit that their buying and selling platforms help buyer property 1:1. Binance revealed a report on December 7 that included info on the audit’s world auditor, Mazars Group. 

On December 9, revealed proof-of-reserves paperwork, which have been additionally verified by Mazars. Since the demise of FTX in November, the cryptocurrency group has been holding an in depth eye on centralized exchanges. Following the guarantees made by trade officers following the FTX incident, crypto exchanges issued proof-of-reserves (POR) proof.

Binance has made an in depth evaluation of the property held on the Bitcoin, Ethereum, Binance Smart Chain, and BTCB networks, together with BTC, BTCB, and BBTC, obtainable on the Mazars Group web site. Throughout the method, “Binance was 101% collateralized,” in accordance to Mazars. 

Following the fallout from FTX, quickly suspended withdrawals on the Solana community. It positioned the trade within the midst of the disaster. 

The staff acknowledged that it intends to exhibit its duty as a cryptocurrency custodian by disclosing its proof of reserves. It additionally demonstrated that prospects’ funds may very well be trusted to deal with any withdrawals. The information is good for crypto property as a result of it demonstrates the transparency of centralized exchanges. It is additionally advantageous to the BTC/USD.

US Lawmakers Propose Cryptocurrency Mining Environmental Monitoring Legislation

The Environmental Protection Agency (EPA) has been required to present knowledge on the vitality necessities and environmental results of cryptocurrency mining below a invoice proposed by US lawmakers. On December 8, Massachusetts Senator Ed Markey and California Representative Jared Huffman claimed that Bitcoin miners consumed roughly 1.4% of the nation’s electrical energy. 

Furthermore, they acknowledged that they have been “sounding the alarm” in regards to the vitality consumption related to cryptocurrency mining within the nation. Senator Jeff Merkley co-sponsored the Crypto-Asset Environmental Transparency Act (EPA). 

The Environmental Protection Agency could be directed to monitor crypto mining exercise that consumes greater than 5 megawatts. The invoice consists of allegations of miner-caused “noise and water air pollution.” Concerns about local weather change have been cited by Markey and Huffman as one of many causes for transferring shortly to regulate the crypto trade.

Bitcoin Price 

Bitcoin’s current price is $17,177, and the 24-hour buying and selling quantity is $23 billion. The BTC value is has gained over 0.5% since yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD pair is buying and selling with a optimistic bias after breaking above the $16,750 barrier. Bitcoin has shaped an upward channel on the 4-hour timescale, which is supporting the bullish development. BTC might encounter resistance close to $17,400.

Bitcoin Price Chart – Source: Tradingview

A bullish breakout above $17,400 might take Bitcoin to $17,650, and a bullish crossover above this stage might take Bitcoin to $18,150. A bearish crossover under $17,000, a stage stretched by the 50-day easy transferring common, can provoke a promoting development that might prolong all the best way to $16,650.

Coins with Massive Upside Potential 

Despite the bearish value motion, the cash under are going from power to power, catching the eye of crypto whales.

IMPT (IMPT) – Only 1 day left in presale

IMPT is a carbon-credit market that can reward prospects for purchasing with environmentally pleasant companies. It will subject carbon offsets as NFTs on the Ethereum blockchain when it launches subsequent 12 months, with customers ready to buy such NFT-based offsets utilizing the IMPT tokens they obtain as a reward for purchasing on the platform.

Since its preliminary public providing in October, IMPT has raised greater than $17.8 million, with 1 IMPT at present buying and selling at $0.023. The sale is set to finish in lower than two days, with listings on Uniswap, LBANK Exchange, and Changelly Pro following shortly after.

Visit IMPT Now

Dash 2 Trade (D2T) – Presale within the last stage

Dash 2 Trade is an Ethereum-based buying and selling intelligence platform that gives traders with real-time analytics and social buying and selling knowledge to ensure that them to make higher buying and selling selections. It will go reside in early 2023, with its D2T token getting used to pay for month-to-month platform subscription charges (there are two subscription tiers).

Dash 2 Trade’s presale, which is now in its fourth and last stage, has already raised more than $9.3 million. It has additionally introduced early subsequent 12 months listings on Uniswap, BitMart, and LBANK Exchange, implying that early traders will quickly have the opportunity to lock in some income.

Visit Dash 2 Trade Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

Recommended For You

About the Author: Daniel