In late September, Bitcoin found significant support around the 100-day simple moving average ($54,496), making it a key level for the bulls to maintain.

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The bears, on the other hand, had different ideas. On December 3, they dragged the price below the 100-day simple moving average, which may have triggered many stop losses. As a result of the panic selling, the BTC/USDT pair fell to $42,000 on December 4. As seen by the extended tail on the day’s candlestick, the bulls purchased this collapse with enthusiasm.

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The bears have the upper hand, according to the downsloping 20-day exponential moving average ($56,219) and the relative strength index (RSI) towards the oversold zone. If the pair continues to fall from its present levels, the strong support near $40,000 might be the next barrier.

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If the price rises from its present level, the pair might reach the 100-day SMA, which could function as a powerful barrier. A break and closing above this level will be the first indication that a more robust rebound is on the way.

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Bitcoin fear and greed index on Monday, December 06, 2021, went from the fear level of 18 to the level of 16 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 $48,710.24, down 1.82%. In the last 24 hours, the highest it touched was $49,743.47 and the lowest was $47,857.50. Bitcoin has a current market cap of $916,230,468,213. It has a circulating supply of 18,892,656.00 BTC coins and a maximum supply of 21,000,000 coins.

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Following the FCA crackdown, Binance is looking to establish a dedicated U.K. arm

Binance, the world’s largest cryptocurrency exchange by trading volume, has been snubbed by worldwide regulators in 2021. It all started when the Financial Conduct Authority (FCA) of the United Kingdom (UK) issued the first ban on Binance activities in the nation. Binance CEO Changeoeng Zhao told The Telegraph that the exchange is currently striving to rebuild its U.K. business. Binance will now aim to become a registered crypto corporation in the United Kingdom over the next six to eighteen months, according to the executive.

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Bitmart has been hacked, with losses estimated at $196 million

Bitmart has lost $196 million in multiple cryptocurrencies in the latest centralized exchange breach, which may be among the most devastating to date. Saturday night, Peckshield, a security analysis business, tweeted about the alleged hack. One of Bitmart’s addresses is presently showing continuous withdrawals of whole token balances, some worth tens of millions of dollars, to an address labeled as the “Bitmart Hacker” by Etherscan. Peckshield assessed the damages to be $100 million in different cryptocurrencies on the Ethereum blockchain and $96 million on the Binance Smart Chain in a follow-up tweet.

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Singapore suspends Bitget’s exchange license due to the promotion of K-Pop coins

Singapore-headquartered digital asset platform, Bitget, has reportedly been suspended by the Monetary Authority of Singapore after getting into a dispute with an agency for the popular K-Pop boy band BTS. As reported by the Financial Times on Dec. 5, Bitget lost the Singapore license following the controversial listing of a new K-Pop-related cryptocurrency called Army Coin. However, the crypto exchange still claims to have licenses in other jurisdictions such as Australia, Canada, and the United States. The issue arose on Oct. 25, when the Bitget exchange shared a tweet promoting Army Coin, which is named after the South Korean boyband’s followers.

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