Bitcoin news daily: Data and price analysis for December 8, 2021

Bitcoin (BTC) is seeking to continue its recovery by breaking over the psychological level of $50,000, although numerous prominent analysts predict that BTC will stay range-bound for several weeks or even months.

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On-chain analytics firm CryptoQuant said that Bitcoin “whales are still depositing BTC to exchanges.” This simply indicates that whales are setting themselves up to react at short notice depending on which path the price elects to take. Some believe the current fall looks similar to the March 2020 crash.

Bitcoin fell below the uptrend line and psychological support level of $50,000, potentially resulting in panic selling by traders. Although bulls eagerly purchased the dip, they are finding it tough to drive the price over $50,000.

Also Read| Crypto Fear and Greed Index on December 8, 2021

Bitcoin fear and greed index on Wednesday, December 08, 2021, went from the fear level of 25 to the level of 28 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

Bitcoin is currently trading around $50,498.48, down 0.88%. In the last 24 hours, the highest it touched was $51,934.78 and the lowest was $50,170.68. Bitcoin has a current market cap of $953,897,060,082. It has a circulating supply of 18,894,637.00 BTC coins and a maximum supply of 21,000,000 coins.

Australia set to implement new regulatory laws and licensing frameworks for cryptocurrency firms

Australian lawmakers will soon create a licensing framework for cryptocurrency exchanges. Australian Treasurer Josh Frydenberg has recently welcomed this move saying that Bitcoin and other digital assets would emerge under a financial licensing scheme for crypto trading platforms. The Australian Treasurer said that he will begin talks on the licensing framework of crypto from early 2022. Besides, they will also be regulating crypto custodians i.e. businesses who hold digital assets on behalf of their consumers. Crypto businesses in Australia are also supporting this move. BTC Markets chief executive Caroline Bowler said: “It would be a crushing shame to not have our regulation keep pace with international peers such as Singapore, Canada, and Britain”.

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Following community backlash, OpenSea’s CFO clarifies that they are “not planning an IPO”

The world’s largest NFT marketplace OpenSea has been facing a sort of community backlash after news broke out that the company is planning for an IPO. The news was that Ethereum-based OpenSea shall be raising funds through an Initial Public Offering (IPO) after the company appointed its new CFO Brian Roberts. However, a day later after facing massive community backlash, OpenSea CFO has issued a clarification. In his recent tweet, Roberts wrote: “There was inaccurate reporting about @OpenSea‘s plans. Let me set the record straight: there is a big gap between thinking about what an IPO might eventually look like & actively planning one. We are not planning an IPO, and if we ever did, we would look to involve the community.”

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Visa launches crypto consultancy services to increase mainstream acceptance

Visa is introducing new consultancy and advisory services to assist its customers in navigating the world of cryptocurrency. The payments processor announced Wednesday that it’s crypto advisory practice, housed within its consulting and analytics division, will provide guidance to financial institutions, retailers, and other businesses on topics ranging from implementing crypto features to exploring non-fungible tokens. Visa has recognized UMB, an American bank, as a client that is already utilizing its crypto advising services. The move is Visa’s latest attempt to expand its presence in the cryptocurrency market. According to Nikola Plecas, Visa’s European crypto head, the business handled $3.5 billion in digital currency transactions through its crypto-linked card schemes between Oct. 1, 2020, and Sept. 30, 2021.

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The CIA Confirms Rumors: It Is Working on Cryptocurrency Projects

During the Wall Street Journal’s CEO Summit yesterday, Central Intelligence Agency Director William Burns admitted that the CIA has multiple projects to keep track of cryptocurrencies. Responding to a question about whether the intelligence agency was able to constrain ransomware attacks emanating from abroad, Burns said his predecessor “had set in motion a number of different projects focused on cryptocurrency and trying to look at second-and third-order consequences as well and helping with our colleagues in other parts of the U.S. government to provide solid intelligence on what we’re seeing.”

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New York lawmaker explains why she doesn’t own any cryptocurrency and encourages her colleagues to do the same 

Popular New York lawmaker Alexandria Ocasio-Cortez, also known as AOC, has revealed that she doesn’t own or hold Bitcoin. Well known for her somewhat unique political beliefs and stances, the Democrat has shared her opinion about members of the U.S Congress owning cryptocurrencies. According to her, it is “absolutely wild” and unethical for U.S. representatives to be able to buy and trade popular stocks, while also being at the helms of affairs of policy-making.