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.

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.

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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.

Bitcoin fear and greed index on Thursday, December 16, 2021, went from the fear level of 28 to the level of 29 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 $48,855.48, up 1.6%. In the last 24 hours, the highest it touched was $49,473.96 and the lowest was $46,671.97. Bitcoin has a current market cap of $923,099,263,098. It has a circulating supply of 18,902,237.00 BTC coins and a maximum supply of 21,000,000 coins.

Michael Jordan enters Web3 with the Solana App for Athletes

Michael Jordan, the six-time NBA champion and Chicago Bulls star, is the latest celebrity to realize the potential of crypto and Web3 technology in connecting sports and entertainers with fans. Jordan said that he intends to develop a fan engagement app platform based on Solana.

HEIR is a platform that connects professional athletes with their most enthusiastic admirers. It will include an HEIR token generated on the Solana blockchain, as well as NFT assets and community-building features such as allowing fans to join an athlete’s limited-capacity “huddle” for special access and rewards.

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UK ASA bans Coinbase, Papa John’s, eToro crypto ads

The United Kingdom’s Advertising Standards Authority (ASA) has banned seven cryptocurrency-related promotions as part of a wider focus on potentially harmful crypto ads, per the BBC. The ASA has targeted crypto promotions from Coinbase Europe, eToro, Papa John’s, Luno Money, Exmo Exchange, Payward, and Coinburp. All seven ads were “banned for irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment,” the ASA said. 

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Visa, Mastercard, and PayPal see crypto as an Opportunity not threat

Payment services giants Visa, Mastercard, and PayPal don’t see the rise of the crypto industry as a threat, and both will continue to invest across the crypto ecosystem, New York-based research firm MoffettNathanson told clients in a note Wednesday. The note underscores the growing acceptance of crypto among older payment services companies and highlights their efforts to adapt to a changing environment. The three companies spoke at MoffettNathanson’s crypto and blockchain event earlier this month.