Several reasons, including more business adoption and increased demand from Bitcoin ETFs, promote rising Bitcoin prices. Market analysts anticipate that Bitcoin will reach $100,000 by the end of 2023, although numerous others believe it will happen in Q1 2022. Others are cautious to pick a precise date or year, predicting that Bitcoin would not be worth more than US$70,000 by the end of 2022.

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Bitcoin dipped below the 200-day simple moving average (SMA) ($47,259) on Dec. 17 but the bears could not build upon their advantage and extend the decline further. This shows that selling dried up at lower levels.

The bulls pushed the price back above the 200-day SMA on Dec. 21 but the recovery is facing resistance at the 20-day exponential moving average (EMA) ($49,517). This indicates that bears have not yet given up and are selling on rallies.

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If the price turns down from the current level, the bears will again try to sink the price below the 200-day SMA and extend the decline to the strong support zone at $42,000 to $39,600.

Conversely, if bulls drive the price above the 20-day EMA, the BTC/USDT pair could rise to $52,000. This level may act as a barrier but if bulls thrust the price above it, the rally could reach the next major hurdle at $60,000.

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Bitcoin fear and greed index on Tuesday, January 4, 2022, went from the fear level of 29 to the level of 23 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 $46,393.99, down 1.09%. In the last 24 hours, the highest it touched was $47,510.73 and the lowest was $45,835.96. Bitcoin has a current market cap of $878,754,216,831. It has a circulating supply of 18,919,400.00 BTC coins and a maximum supply of 21,000,000 coins.

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Polymarket a crypto predictions platform fined $1.4M by CTFC

New York-based crypto predictions platform Polymarket has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay a fine of $1.4 million. Polymarket is a decentralized platform that enables users to bet on the outcomes of event markets such as pro-sports games and political elections via binary options contracts. On Jan. 3, the CFTC announced that it had entered an order filing and simultaneously settling charges against Polymarket, with the platform found to have operated an “illegal unregistered or non-designated facility” since June 2020.

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The Estonian regulator says there are no plans to ban cryptocurrency

Estonia’s Ministry of Finance said on Sunday that new draft legislation for virtual asset service providers (VASPs) will not ban customers from owning or trading crypto, but the proposed requirements for VASPs could apply to decentralized wallet creators, including hefty capital requirements. Sunday’s statement came after news spread that the proposed bill would effectively ban decentralized finance (DeFi) and non-custodial wallets. A non-custodial wallet gives users full ownership of their crypto and private keys.

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The Boston Fed to hire a new director for its CBDC project

The Federal Reserve Bank of Boston is on the hunt for a new director of product management for Project Hamilton, its ongoing central bank digital currency (CBDC) pilot program. The new director will work to “forward the Federal Reserve System’s efforts to build, manage, and test software to further its understandings of digital currency…[and] continue our efforts to build a hypothetical general-purpose digital currency,” according to an online job posting. In partnership with the Massachusetts Institute of Technology’s (MIT) Digital Currency Initiative, the Boston Fed has been researching CBDC technology since August 2020. The project was initially slated to run for two to three years. In September, Boston Fed senior vice president Jim Cunha said the project’s initial stages were “basically done,” but the search for a new director signals that the work is far from over.