Bitcoin price prediction as BTC volume surges to $22 billion – Here’s the next direction for BTC

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

US PPI unexpectedly accelerated in November

The PPI rose 0.3% from October to November, beating an estimate of 0.2%, while the October reading was revised to 0.3% from 0.2%. The unstable food and energy prices exacerbated the situation; Excluding those two components, the “core” PPI rose 0.4%, the strongest since June.

The cryptocurrency market reacted negatively to the report, which was interpreted as making it more difficult for the Federal Reserve to pause this year and eventually halt rate hikes. BTC/USD is also falling on the announcement.

Binance and Crypto.com Release Proof-of-Reserve Audits

This week, two cryptocurrency exchanges provided proof of reserve to show their trading platforms support client assets 1:1. Binance released a report on Dec. 7 that included information about the audit’s global auditor, Mazars Group.

On Dec. 9, Crypto.com unveiled documents proving the reserves, which were also verified by Mazars. Since FTX ended in November, the cryptocurrency community has kept a close eye on centralized exchanges. Following promises made by exchange officials following the FTX incident, crypto exchanges have issued Proof of Reserve (POR) evidence.

Binance has conducted a detailed analysis of 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% collateralized,” according to Mazars.

Following the impact of FTX, Crypto.com has temporarily suspended payouts on the Solana network. It positioned the stock exchange in the middle of the crisis.

The Crypto.com team stated that they intend to demonstrate their responsibility as a cryptocurrency custodian by disclosing their proof of reserve. It has also shown that customers’ funds can be relied upon to process all withdrawals. The news is good for crypto assets because it demonstrates the transparency of centralized exchanges. It is also beneficial for BTC/USD.

US lawmakers propose environmental surveillance laws for cryptocurrency mining

The Environmental Protection Agency (EPA) has been asked to provide data on the energy needs and environmental impact of cryptocurrency mining as part of a bill proposed by US lawmakers. On Dec. 8, Massachusetts Sen. Ed Markey and California Representative Jared Huffman claimed that bitcoin miners consumed approximately 1.4% of the country’s electricity.

In addition, they stated that they are “sounding the alarm” about the energy consumption related to cryptocurrency mining in the country. Senator Jeff Merkley was a co-sponsor of the Crypto-Asset Environmental Transparency Act (EPA).

The Environmental Protection Agency would be ordered to monitor crypto mining activities that consume more than five megawatts. The bill includes allegations of “noise and water pollution” caused by miners. Concerns about climate change have been cited by Markey and Huffman as one of the reasons behind the rapid regulation of the crypto industry.

bitcoin price

Bitcoin current price is $17,177 and 24-hour trading volume is $23 billion. BTC price is up over 0.5% since yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD pair is trading with a positive bias after surpassing $16,750. Bitcoin has formed an upward channel on the 4-hour timescale supporting the uptrend. BTC could face resistance near $17,400.

Bitcoin price chart – Source: Tradingview

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

Coins with massive upside potential

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

IMPT (IMPT) – Only 1 day left in presale

IMPT is a carbon credit marketplace that rewards customers for shopping with green companies. It will issue carbon offsets as NFTs on the Ethereum blockchain when it launches next year, with users able to purchase such NFT-based offsets using the IMPT tokens they receive as a reward for making purchases on the platform.

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

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Dash 2 Trade (D2T) – Presale in the final stages

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 go live in early 2023, using its D2T token to pay for monthly platform subscription fees (there are two subscription tiers).

The Dash 2 Trade pre-sale, now in its fourth and final phase, has already raised more than $9.3 million. It has also announced listings on Uniswap, BitMart, and LBANK Exchange early next year, meaning early investors will soon be able to snap some profits.

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Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: crypto news

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