Bitcoin Price Prediction as BTC Falls Below $17,000 – Here’s Where It’s Heading Next
Bitcoin is maintaining a bullish outlook during the UK session, as it has once again crossed above the $17,000 mark. Ulrich Bindseil, director general of the European Central Bank (ECB), and analyst Jürgen Schaff published a blog article titled “Bitcoin’s Last Stand” on November 30. The European Central Bank (ECB) took a hard stance against Bitcoin.
According to Ulrich Bindseil, the ECB’s director general of market infrastructure and payments, Bitcoin was created about 15 years ago to supplement or replace the current monetary system.
Bitcoin, according to Bindseil and Schaff, was neither an appropriate investment nor a payment method. They claim that Bitcoin’s market capitalization, which surpassed $1 trillion last year, is based on “pure speculation.”
Furthermore, central bank officials stated that bitcoin has “repeatedly benefited from waves of new investors” as well as “manipulations by individual exchanges or stablecoin providers.” These strategies, however, are incapable of acting as stabilizing forces.
The ECB officials’ comments come at a time when FTX’s collapse has left the crypto sector in one of its worst slumps in recent memory. Because it supervises eurozone banks and controls EU financial regulations, the ECB’s statements are significant.
Even if it makes false claims, the ECB’s latest blog post demonstrates its commitment to criticizing Bitcoin and blockchain technology in general. The price of BTC/USD fell after the blog post was published.
Kraken Fires Over 1,000 Employees as Crypto Winter Casualties Rise
Kraken co-founder and CEO Jesse Powell announced in a blog post on November 30 that the company is laying off nearly 1,100 employees, or 30% of its workforce, in order to “adapt to current market conditions.”
Powell attributed the poor result of slower growth to “macroeconomic and geopolitical factors.” He mentioned how the recent market downturn reduced trade volumes, sign-ups, and customer demand.
Kraken claimed it was forced to make mass layoffs despite already reducing employment and marketing expenses. Furthermore, Kraken’s job cuts coincide with staff reductions at other cryptocurrency companies this month as a result of the bear market.
Unchained Capital, which laid off 600 employees, and Coinbase, which cut 60 jobs, are among them. BlockFi declared bankruptcy earlier this week, and the sector is still reeling from the fallout from FTX, the most high-profile example of market turmoil this year. Because of the collapse, the price of the largest cryptocurrency, BTC/USD, has fallen to a two-year low.
Bitcoin’s Miner Protection Plan
Compass Mining, a company that primarily provides bitcoin mining equipment and hosting services to retail users, announced on December 1 that it is launching its first protection plan to assist customers in securing their bitcoin mining machines. The “Compass Mining Protection Plan” is the first ASIC Bitcoin miner protection product.
Customers can access the recently introduced product through partner sites in Texas, South Carolina, Nebraska, and Oklahoma. Compass will expand it to more sites after completing the initial distribution to its core clients.
Compass Mining was the first company to offer direct purchasing and hosting packages in the Bitcoin mining industry, paving the way for retail exposure. As its product line expands, the company is developing a full suite protection package that will be available to clients for each ASIC hosted at a legitimate Compass Mining facility partner.
Mining with ASICs is a viable way to get started in the Bitcoin mining industry. However, no device was available to protect Bitcoin miners from natural disasters, hosting incidents, or equipment theft.
For a small fee, Compass Mining’s protection plan protects miners from unexpected events. As a result, the value of BTC/USD may rise with a result of this protection plan.
The current Bitcoin price is $17,058, with a 24-hour trading volume of $21 billion. The BTC/USD pair has dropped over 0.50% in the last 24 hours. Additionally, its value has increased by around 3% in the past week.
The BTC/USD pair has struggled to break through the $17,250 level, and the closing of doji and spinning top candles suggests a bearish correction. On the downside, Bitcoin has completed a 23.6% Fibonacci retracement at $16,900, and closing candles below $16,950 may prompt additional selling until the $16,750 level is reached.
Further down, Bitcoin can target the $16,600 level, which is a 50% Fib extension, and a break below this can expose BTC to the $16,450 level, which is a 61.8% Fib extension.
On the upside, a bullish breakout of the $17,250 level could expose BTC to levels as high as 17,650 and $18,100.
3 Coins with 20X Potential
Despite the market downturn, these coins have performed exceptionally well, attracting the attention of crypto whales.
Dash 2 Trade
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides real-time analytics and social trading data to help investors of all levels make more informed trading decisions. It is set to go live next year, with its D2T token being used to pay for monthly platform subscription fees (there are two subscription tiers).
The presale for Dash 2 Trade has already raised more than $7.6 million and is about to enter its fourth stage, which will end after the fifth. It has also announced BitMart and LBANK Exchange listings for early next year, giving early investors a good chance to make some decent returns.
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RobotEra (TARO) is a Sandbox-style Metaverse that will allow players to play as robots and help build its virtual world, which will include NFT-based land, buildings, and other in-game items. It plans to launch an alpha version in the first quarter of next year, as well as connect players to other metaverses, creating a multiverse where NFTs from different platforms can interact.
1 TARO is currently being sold for 0.020 USDT (it can be purchased with either USDT or ETH), but this price will rise to $0.025 in the second stage of its presale. It has so far raised over $317,600 and is still going strong.
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Calvaria (RIA) is an NFT-based card game in which players can collect, trade, and battle. Aside from having play-to-earn features, it will also allow users to play it without having any cryptocurrency, which may make it more popular than other blockchain-based titles.
RIA will be used within its ecosystem for in-game item purchases and staking, giving it a strong use case. The token presale has raised $2.1 million and is now in its fifth stage, with 1 USDT purchasing 30.77 RIA.
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