Visa’s director of crypto disclosed that the payments giant has started working with roughly 60 leading crypto platforms to create card programs that make it easy for users to convert and spend digital currency at 80 million merchant locations across the world.
State government of Telangana (India) has announced the creation of the India Blockchain Accelerator program, which will support early-stage Web2 and Web3 firms as well as blockchain engineers who are working to solve real-world problems.
If a traditional trigger from the 2021 bull run repeats this week, Bitcoin (BTC) could witness a “huge bullish rise.” Bitcoin has already broken out of a long-term decline on the momentum indicator, which compares closing values to those from the past, while still trading around $50,000. This year has seen two such breakouts, both of which resulted in significant gains for BTC/USD. Further analysis shows that on daily timescales, both the momentum indicator and Bitcoin’s relative strength index (RSI) are imitating behavior from September, when the market formed a local bottom before surging to current all-time highs above $69,000.
The official documentation, which was published on Monday, includes a risk assessment for the Republic of Cyprus in relation to money laundering threats associated with virtual asset operations and virtual asset service providers (VASPs). The Ministry of Finance of Cyprus stressed that there is a “limited direct understanding or experience” regarding money laundering risks of crypto in the country. According to the statement, institutions such as the Cyprus Securities and Exchange Commission (CySEC) and local enforcement authorities have shown a “sophisticated level of expertise of the sector.” Local financial companies should “implement documented rules and processes to comply” with the wire transfer rule for virtual currencies, according to the ministry.
On Monday morning, one and a half years after the last Bitcoin halving, total circulating Bitcoin (BTC) reached a key milestone, with 90 percent of the maximum total quantity mined. According to Blockchain.com, the number of Bitcoins in circulation reached 18.899 million on Monday, leaving only 10% of the total supply to mine. While mining the first 90% of BTC took around 12 years, the remaining 10% will take a little longer. Satoshi Nakamoto, the anonymous creator of Bitcoin, established a hard cap of 21 million coins. This restriction is written into the source code of Bitcoin and enforced by network nodes. Bitcoin’s value proposition as a currency and an investment tool is dependent on its hard cap.
MicroStrategy, a business intelligence company, has added 1,434 Bitcoin to its bank account after purchasing the cryptocurrency at an average price of $57,477. MicroStrategy purchased 1,434 Bitcoin (BTC) for $82.4 million between Nov. 29 and Dec. 8, according to a Securities and Exchange Commission filing on Thursday, bringing its total holdings to 122,478 BTC. MicroStrategy’s holdings are now valued at more than $5.9 billion, indicating a gain of more than $2.2 billion. MicroStrategy has gone on to buy billions of dollars in Bitcoin in separate buys using the company’s cash on hand since its initial $250 million Bitcoin investment in August 2020, in addition to selling convertible senior notes in private offers to institutional investors.
On December 7, the cryptocurrency market is back in good spirits after the wider market recovered from the price drop in Bitcoin (BTC) on December 3. Bulls are currently attempting to push Bitcoin (BTC) over the $52,000 support/resistance level, while Ether (ETH) is attempting to reclaim $4,400, but both assets are hitting resistance at the above resistance level. Even while BTC and ETH have stabilized, traders’ shift in sentiment has benefited altcoins, with many seeing gains of more than 50% in the last 24 hours. The biggest gainers over the past 24 hours were SuperFarm (SUPER), PolkaBridge (PBR), and BitTorrent (BTT). After hitting a low of $1.02 on December 6, the price of SUPER soared 81% to a daily high of $1.81 on December 7, with a 500% increase in 24-hour trading volume to $323 million. PBR’s price soared 99.4% to a daily high of $1.71 on Dec. 7 after hitting a low of $0.85 on Dec. 6, with its 24-hour trading volume increasing by 80% to $10.2 million.
BTC/USD climbed to $49,777 on Bitstamp before stabilizing, according to data from Cointelegraph Markets Pro and TradingView. The pair stabilized after a drop below $41,900 early Saturday as the market digested the third massive deleveraging event to rock Bitcoin this year. For some, however, there was every reason to stay cautious and not discount another sweep of long-term lows. Meanwhile, Rekt Capital, a fellow trader, and analyst was eyeing the 200-day exponential moving average (EMA), a support line that had been held since August but was broken in Saturday’s fall, as a possible line in the sand.
Late September witnessed a test of the 200EMA, with BTC/USD the last trading at $42,000, and Rekt Capital remarked that the magnitude of the dip still pales in comparison to prior ones in history.
The price of Bitcoin (BTC) has fallen this week, and bears will constantly look for a reversal signal anytime the price rises, such as the 8% gain on Nov. 28. Technical analysis isn’t a precise science, so there’s room for interpretation, and most traders examine numerous periods to discover a story that fits their perspective. Bitcoin’s price is currently in a declining channel that began on Oct. 31, and if this pattern holds, Bitcoin might plummet to $50,000 in the near future. Concerns over a new COVID-19 variation spurred a global market sell-off on Nov. 26. Cryptocurrency markets crashed. Bears saw a $215 million potential profit on December 3’s options expiry as Bitcoin sank below $54,000, but that reversed once BTC price reclaimed the $57,000 support.
The price of Ether (ETH) momentarily exceeded $4,760 today, thrilling investors and reminding the rest of the world that the altcoin is only 2.2 percent off its all-time high of $4,870 set 20 days ago. While the spot price behavior is fascinating, let’s take a look at what’s going on in Ether’s futures markets. While it is possible to draw a descending channel that shows support at $3,960, today’s 5.4% positive move seems decoupled from Bitcoin’s (BTC) negative performance. Neutral markets have a positive financing rate of 0 to 0.03 percent, which is equivalent to 0.6 percent every week. Longs are paying, according to data, while retail traders have been mainly neutral since Nov. 4, with the latest rise above 0.07 percent being on Oct. 21.