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BTC Below $19,000 as Sentiment in Crypto Remains Bearish – Market Updates Bitcoin News

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Bitcoin started the week trading below $19,000, as recent economic pressures continued to weigh on cryptocurrency markets. The token fell lower in today’s session, as market sentiment remained bearish following last week’s rate hikes by the US Federal Reserve. Ethereum was also lower, falling below $1,300.

Bitcoin

Bitcoin (BTC) slipped below $19,000 to start the week, as sentiment in the market remained bearish following last week’s interest rate hike by the US Federal Reserve.

Following a weekend of consolidation, BTC/USD fell to a low of $18,696.47 on Monday, less than 24 hours after trading at a peak of $19,274.87.

Today’s decline pushes bitcoin closer to its long-term support level of $18,300, which was last hit on Wednesday, following the United States FOMC meeting.

Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 as Sentiment in Crypto Remains BearishBTC/USD – Daily Chart

As of writing, BTC has marginally moved away from the aforementioned low, and is currently trading at $18,942.88

Bears look set to recapture this floor, and should this happen, we will likely see the world’s largest cryptocurrency trading at a three-month low.

In order for sentiment to shift, bulls will likely need to move beyond a ceiling of 44.00 on the 14-day relative strength index (RSI).

Ethereum

Ethereum (ETH) was trading lower on Monday, as the token continued to linger below the $1,300 level.

Following a high of $1,330.44 on Sunday, ETH/USD slipped to an intraday low of $1,275.63 earlier today.

This move comes as the RSI failed to break out of a key ceiling of 39.00, leading to an increase of bearish pressure.

Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 as Sentiment in Crypto Remains BearishETH/USD – Daily chart

The 10-day (red) moving average also continues to move downward versus its 25-day (blue) counterpart, which is yet another sign of bearish intent.

It appears that bears could be targeting the floor of $1,215, and should they succeed in hitting this point, may begin to slowly exit their positions.

As of writing, ETH is trading at $1,314.92, as bulls attempt to battle against the sell-off.

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Do you expect ethereum to climb higher this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Price and Ethereum Prediction; Fantom Rockets Over 35%

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Bitcoin, the leading cryptocurrency, struggled to break above the $17,250 level on December 2, and it is now heading lower to $16,900. Similarly, Ethereum, the second-most valuable cryptocurrency, has fallen after being rejected at the $1,300 level and is currently consolidating near $1,275.

Major cryptocurrencies were trading in the negative early on December 02, as the global cryptocurrency market value fell over 1.30% to $849.73 billion on the previous day. Over the last 24 hours, overall crypto market volume fell 14 percent to $42.61 billion.

The entire volume in DeFi was $2.99 ​​billion, accounting for 7% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $40.66 billion, accounting for 95% of the total 24-hour volume of the crypto market.

Let’s take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Gainers and Losers

Three of the top 100 coins that have gained value in the last 24 hours are EthereumPoW (ETHW), GMX (GMX), and Terra Classic (LUNC). The price of ETHW has increased by more than 20% to $4, the price of GMX has increased by more than 14% to $55, and the price of LUNC has increased by nearly 10%.

Top Altcoin Gainers and Losers – Source: Coin360

BinaryX (BNX), Curve DAO Token (CRV), and Dogecoin (DOGE) are three of the top 100 coins that have lost value in the last 24 hours. Whereas BNX has lost about 6% to trade at $130, CRV is down nearly 5% to trade at $0.6350. At the same time, the DOGE price is down over 5% to trade at $0.099.

Fed Chair Jerome Powell’s Dovish Remarks

The reason for its rise can be attributed to Fed Chair Jerome Powell’s dovish remarks, which were critical in supporting cryptocurrencies such as Bitcoin.

Jerome Powell, the chairman of the Federal Reserve, stated that the bank will slow the rate at which it raises interest rates at its upcoming meeting.

Furthermore, the US dollar’s drop to a three-month low was viewed as an important factor supporting higher Bitcoin prices, as BTC has a strong inverse relationship with the US Dollar Index.

Revenue from Bitcoin Mining Drops

In contrast, Block Research data show that revenue from Bitcoin mining fell by 19.9% ​​in November to approximately $472.64 million. This was seen as one of the key factors in keeping any additional gains in BTC gains under control.

Transaction fees accounted for only a small portion of bitcoin mining revenue ($12.32 million), with the block reward subsidy accounting for the majority of revenue ($460.32 million).

Bitcoin transaction fees now account for about 3% of total revenue, representing a marginal increase.

In terms of earnings, Bitcoin miners outpaced Ethereum investors by a factor of about 5.3. Moving on, traders appear wary of placing any strong bids ahead of US payroll data that is likely to influence monetary policy.

bitcoin price

The current Bitcoin price is $16,970, and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has gained above 0.50%, while CoinMarketCap currently ranks first with a live market cap of $358 billion, up from $323 billion yesterday.

It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,221,593 BTC coins.

Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD pair struggled to break through the $17,250 level, and the closing of doji and spinning top candles indicate the possibility of a bearish correction.

On the downside, Bitcoin has completed a 23.6% Fibonacci retracement at $16,900, and closing candles below $16,950 may trigger additional selling until the $16,750 level.

Bitcoin Price Chart – Source: Tradingview

Further down, Bitcoin can target the $16,600 level, which is extended by 50% Fib level, and a break below this can expose BTC to the $16,450 level, which is extended by 61.8% Fib level.

On the upside, a bullish breakout of the $17,250 level could expose BTC to 17,650 and $18,100 levels.

Ethereum Price

The current price of Ethereum is $1,274, with a 24-hour trading volume of $6 billion. In the last 24 hours, Ethereum has lost nearly 1%. CoinMarketCap currently ranks #2, with a live market cap of $155 billion. It has a circulating supply of 122,373,866 ETH coins.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, Ethereum traded bullishly but failed to break above the $1,310 resistance level, triggering a bearish correction.

The tweezers’ top pattern is weakening the bullish trend and may result in a bearish market correction.

On the downside, Ethereum’s immediate support is likely to be around $1,225, with a drop to $1,150 possible.

Ethereum Price Chart – Source: Tradingview

The MACD and RSI indicators are diverging because the MACD is in a selling zone while the RSI is still in a buying zone. In addition, the 50-day simple moving average (SMA) is still indicating a buying trend.

A bullish breakout of the $1,310 level, on the other hand, could expose the ETH price to the $1,354 level.

Fantom Rockets Over 35%

Fantom extended its upward momentum on December 02 despite rumors that the Fantom Foundation makes regular earnings and has 30 years of the runway without needing to sell any FTM tokens.

FTM price rose about 35% to hit $0.24, its highest level in three weeks. The rise comes as a part of a bigger rebound trend that started when it bottomed out at roughly $0.17 on Nov. 22. This translates to a 50% price rebound in the last eight days.

Interestingly, the rally took up momentum after the Fantom Foundation’s “Architect,” Andre Cronje, disclosed the firm’s financial documents on Nov. 28, disclosing that it had $340 million worth of digital assets and had been making over $10 million annually.

FTM Price Chart – Source: Tradingview

In terms of technical analysis, the FTM/USD has completed a 61.8% Fibonacci retracement at $0.2580. On the plus side, a break above $0.2580 could expose FTM to $0.2830 or $0.3100.

On the downside, FTM’s immediate support is at $0.2410, and the price can fall as low as $0.2235 and $0.2015.

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Dash 2 Trade has also been a success, with two exchanges (LBank and BitMart) promising to list the D2T token after the presale concludes. 1 D2T is currently worth 0.0513 USDT, but this will increase to $0.0533 at the end of the sale. D2T has raised far more than $7.7 million by selling more than 88% of its tokens.

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Cryptocurrency Price Tracker – Source: crypto news

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Green Cryptocurrency May Be the Future – This One Just Added Dyson and Samsung as Affiliate Partners

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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

The Impact project has added Samsung and Dyson as affiliate partners. This platform’s IMPT token is an ideal asset for value-seeking investors to have in their portfolios.

Samsung and Dyson Join the Impact Project’s Affiliate Network

This week, Impact Project expanded its affiliate network by adding two of the world’s biggest companies. Korean technology conglomerate Samsung and Singapore-based household appliances company Dyson has joined the platform’s network of partners, with both firms committing to a greener future by using the Impact Project as a channel.

With this new move, the Impact Project has continued to grow its ever-expanding affiliate network as it looks to bring the corporate landscape to a greater consciousness of the climate challenges faced by the world.

More than 25,000 companies worldwide have already signed deals to join the Impact Project’s network. In one way or another, these companies will integrate the platform into their operations, enabling their customers to shop, make payments for carbon credits, and offset their carbon footprint.

Of the 25,000-plus companies in the Impact Project’s affiliate network, over 10,000 are retailers. These companies will reward their customers with IMPT tokens for using the platform while also serving as an incentive for other companies to do the same.

Transforming the Carbon Credit Landscape

The Impact Project is a blockchain-based platform looking to make it easier for individuals and companies to purchase carbon credits. Built on the Ethereum blockchain, the initiative has gained massive buzz in the crypto market for its potential to transform the fight against climate change.

So far, Impact Project is operating in an untapped niche. For years, many have asked that the blockchain space be more active in the fight against global warming. And while there is still much to be desired, platforms like the Impact Project are leading the charge and showing that blockchain can be a force for good.

The Impact Project has recognized the need for blockchain to be at the center of the fight against climate change. The platform aims to optimize the trading process for these credits, improving efficiency and transparency in the process while taking industry players away from the old and antiquated processes that have been so far the standard.

Since the state-based credit issuance system has been prone to inefficiency and bureaucracy, interested buyers have found it more challenging to purchase these credits over time.

The Impact Project will also address the liquidity problem, with credits being offered as non-fungible tokens (NFTs) that would allow users to trade seamlessly and efficiently. Users can control the number of tokens in circulation while also choosing whether or not they’d like to sell or burn them entirely.

Buy IMPT & Create a Better World

IMPT, the native token for the Impact Project, is one of the most exciting coins on the market. The coin, available on presale, has been available on presale, has so far raised over $13.2 million in less than two months. And, even with the bearish forces on the market being strong, it is impressive how much IMPT has managed to capture the attention of value-seeking investors who would also like to create better work.

As each stage of the IMPT presale goes on, the asset’s value rises. This means that the token holds a lot of untapped potential for gains. The digital asset trades at $0.023 but will move to $0.028 in the next phase.

For investors looking for the perfect ESG investment, IMPT is a good coin to buy.

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IMF Seeks Stronger Regulation of Cryptocurrency in Africa as Adoption Takes Hold

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The collapse of the FTX cryptocurrency exchange has attracted the attention of global regulators, including the International Monetary Fund (IMF). Before its demise, FTX was the third-largest cryptocurrency exchange by trading volumes, and it had a significant presence in developing countries.

IMF calls for crypto regulations in Africa after FTX collapse

In a recent statement, the IMF said that the demise of FTX and the dropping prices of Bitcoin, Ethereum, and other cryptocurrencies, have necessitated better regulations in the industry and consumer protection measures.

The global financial institution noted that crypto assets were highly volatile, and their decentralized nature made it challenging for most governments to regulate the industry. Therefore, there was a need to balance lowering the risk posed by the industry and supporting innovation.

It further noted that only a quarter of the countries in sub-Saharan Africa regulated cryptocurrencies. Moreover, two-thirds of these countries had implemented some restrictions. In contrast, another six, including Cameroon, Ethiopia, Tanzania, Lesotho, Sierra Leone, and the Republic of Congo, had imposed a total ban on cryptocurrencies.

On the other hand, Zimbabwe has mandated all the banks licensed to operate in the country to halt processing cryptocurrency transactions. Additionally, Liberia instructed a crypto startup that had started offering services in the country to halt operations.

Africa has become a main hub for cryptocurrency activities. Data from Chainalysis shows that the number of crypto transactions in the country has increased over the years. However, the size of crypto transactions in the continent is smaller than in other regions, with the monthly transactions peaking at $20 billion in mid-2021.

The highest number of crypto users in the region are in Kenya, Nigeria and South Africa. The majority of people in the region use cryptocurrencies to make commercial payments. However, the volatility of these assets makes them unsuitable for use as a store of value.

Policymakers have raised concerns about whether crypto assets can be used to make illegal transactions outside the region and to avoid the rules put in place to avoid capital outflows. The high use of cryptocurrencies in the region could reduce the effectiveness of the monetary policy, which poses a danger to financial and macroeconomic stability.

IMF concerned about the adoption of crypto as a legal tender

The IMF has also said that the cryptocurrency sector’s risks were higher if these assets were adopted as a legal tender, citing an example of the Central African Republic. The country became the second globally to adopt Bitcoin as a legal tender. According to the IMF, holding crypto assets as a means of payment puts public finances at risk.

The IMF has also added that adopting BTC as a legal tender in the Central African Republic has caused conflict between the country and the Bank of Central Africa States (BEAC), as it violates the institution’s treaty. Central Africa’s Banking Commission, which oversees the BEAC banking sector, has banned using cryptocurrencies for financial transactions.

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Author: Ali Raza

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master’s degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, InsideBitcoins, BeinCrypto, and more. …

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