Bitcoin news daily: Data and price analysis for December 3, 2021

Bitcoin’s (BTC) price momentum is improving, which could limit further downside between the $53,000-$55,000 support range. Buyers will need to make a decisive move above $60,000 resistance to yield an upside target toward the all-time price high of nearly $69,000.

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For now, BTC is trading in a tight range and has been roughly flat over the past week. The relative strength index (RSI) on the daily chart is rising from the oversold levels of last week, which typically precedes a price bounce. Support remains intact given the upward-sloping, 100-day moving average. This indicates a positive intermediate-term trend, which could encourage additional buying on pullbacks.

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Bitcoin fear and greed index on Friday, December 03, 2021, went from the fear level of 32 to the level of 31 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $56,503.21, down 0.54%. In the last 24 hours, the highest it touched was $57,349.23 and the lowest was $56,102.93. Bitcoin has a current market cap of $1,067,554,965,370. It has a circulating supply of 18,889,606.00 BTC coins and a maximum supply of 21,000,000 coins.

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All Private Cryptocurrency Will Be Regulated, Not Banned: NDTV

Despite numerous claims from various sources that India might outrightly ban crypto, the Indian Government has just confirmed otherwise. In fact, before now, there has been an air of anxiety in the Crypto industry as everyone had been eagerly waiting on a positive regulation, only to find out, that the wordings of the crypto bill was still the same as that of last year, repeating the plans of the government to ban private crypto.  However, according to new reports by NDTV, there will be a new crypto bill which is expected to be approved by the Cabinet by the end of next week.

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Fidelity Canada’s  Spot Bitcoin ETF and Mutual Funds trading begins

Fidelity Canada has succeeded in launching its Bitcoin exchange-traded fund (ETF) as well as the Fidelity Advantage Bitcoin ETF Fund (mutual fund) on December 2, thus becoming only the first of such to be available in the country. The funds will be trading on the Toronto Stock Exchange (TSX), under the tickers FBTC for the Canadian dollar and FBTC.U for the U.S dollar version.

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South Korean government delays plan to tax crypto to 2023

South Korean legislators delayed plans to tax virtual assets until 2023 at Thursday’s plenary session, CoinDesk Korea reported. The proposed tax would have levied a 20% tax on crypto gains made in a one-year period over KRW 2.5 million (US$2,122), starting Jan. 1, 2022.

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Lawmakers from both ruling and opposition parties are trying to appeal to voters in their 20s and 30s, who are more likely to be cryptocurrency investors and therefore against the proposed tax, ahead of the presidential election in March, local analysts have said.

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Binance Singapore may withdraw its permit application, according to reports.

According to a Business Times report, Binance has hinted at withdrawing its application with the Monetary Authority of Singapore (MAS), in lieu of the long-standing halt of seeking an operator’s permit. Furthermore, the withdrawal will depend upon whether or not the Nation’s regulatory authorities consider a change instance. Regardless, Binance is expected to declare its final decision by next year.

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Chile may be the next Latin American country to embrace Bitcoin

Lawmakers in Chile are currently working towards legislation that would legalize the use of Bitcoin as a means of payment, and the Chilean government is already warming up to the idea of developing its own central bank digital currency. Chile may be the next Latin American country to embrace Bitcoin and other cryptocurrencies in one form or another.

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