The 20-day exponential moving average (EMA) ($58,712) is providing resistance to Bitcoin’s relief surge. This implies that sentiment is still negative, and bears are aiming to sell on rallies to the overhead resistance level. Although the 20-day EMA is still sloping downward, the RSI has moved above 46, indicating that the negative trend may be waning.

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To signify that the corrective phase is ended, the bulls must push the price above the 50-day simple moving average (SMA) ($60,805). The rally might then test the overhead resistance zone between $67,000 and $69,000. If the market falls drastically from the 20-day EMA, the bears will attempt to break through the solid support at the 100-day SMA ($54,184). If this occurs, the BTC/USDT pair may fall to the psychologically important level of $50,000.

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The Bitcoin fear and greed index on Wednesday, December 01, 2021, went from the fear level of 40 to the level of 34 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 $56,984.37, up 1.51%. In the last 24 hours, the highest it touched was $58,879.67 and the lowest was $56,375.16. Bitcoin has a current market cap of $1,077,354,285,444. It has a circulating supply of 18,887,743.00 BTC coins and a maximum supply of 21,000,000 coins.

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Indian Finance Minister confirms the new crypto bill to be different from the one proposed in February

The latest update in the Indian Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 saw the Finance Minister, Nirmala Sitharaman ascertain that the crypto bill which is to be introduced in the Parliament this winter, will most definitely differ from the one drafted in February 2021. As of now, the government is waiting on approval from the Cabinet to finally present the bill in the Parliament house. However, this exclusive update has provided the Indian community with much clarity, given the former concern, around the similar wordings of both the bills.

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Softbank to invest $150 million in Metaverse project Zepeto

Softbank, a Japanese multinational conglomerate holding company is reportedly the latest to join the Metaverse mania. The firm is reportedly in talks to invest $150 million in the South Korean Metaverse platform Zepeto, as per a report in WSJ. Zepeto is considered one of the fastest-growing Metaverse platforms in South Asia boasting 2 million daily users. The platform allows users to build a digital avatar by simply scanning a photo and roaming in the metaverse while interacting with other users. 70% of the platform users are female between the age of 13-24 years, making it one of the rare platforms dominated by female users.

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Grayscale Investments firebacks at SEC over spot bitcoin ETF issue

Grayscale Investments has fired back at the U.S. Securities and Exchange Commission (SEC) over the recent rejection of VanEck’s spot Bitcoin ETF application. The operator of the Grayscale Bitcoin Trust (GBTC) issued a letter to Secretary of the SEC, Vanessa Countryman, on Nov. 29 to argue the SEC is wrong to reject spot Bitcoin ETFs since it has now approved three Bitcoin futures ETFs, one each from VanEck, Valkyrie, and ProShares. Grayscale argues that the SEC has “no basis for the position that investing in the derivatives market for an asset is acceptable for investors while investing in the asset itself is not.” It claims the SEC violated the Administrative Protections Act (APA) by failing to treat the two Bitcoin ETF products the same.

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David Marcus, the head of Meta’s cryptocurrency and fintech unit Novi to step down at end of year

David Marcus, the head of Meta’s cryptocurrency and fintech unit Novi, will step down from his role by the end of 2021. Taking over from Marcus will be Stephane Kasriel, the former CEO of Upwork who has been at Meta, formerly known as Facebook, since August 2020. Marcus announced the decision via a Dec. 1 tweet, noting that he had made the “difficult decision” to leave the firm by the end of this year. The exec didn’t go into detail about what his next move would be, but hinted that it may be something “new and exciting”.

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Grayscale Solana Trust debuts with $9.5M under management

Grayscale Investments launched its Grayscale Solana Trust this morning, offering investors passive exposure to the proof-of-history and proof-of-stake hybrid Solana network’s SOL cryptocurrency. The Solana Trust had $9.5 million under management when it launched publicly this morning. Grayscale CEO Michael Sonnenshein said there’s been growing interest among the firm’s clients in expanding their exposure to different types of digital assets. 

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