Bitcoin Consolidates, Mining Revenue Drops to Lowest in Two Years
Over the last week or two, Bitcoin has been trading in a tight range, failing to show any major signs of recovery. This has led to analysts predicting super-bearish targets (as low as $6,000).
Bitcoin consolidated for most of last week, trading between $15,600 and $16,750. If there is to be a relief rally, stiff resistance is expected to be encountered near the 20-day EMA (around $17,000). The overhead zone between $17,000 and $17,800 is the range to overcome if Bitcoin wants sustained upside.
However, if the overhead zone rejects any potential upside, a case that looks more likely at this moment in time, Bitcoin could drop below $15,600 and the downtrend may resume again, extending up to $13,500 or lower.
Due to poor market performance and rising mining difficulty (37 trillion), total Bitcoin mining revenue fell to $11.67 million last week, the lowest since Nov. 2, 2020, when BTC traded around $13,500.
Here’s How You Can Win Big This Week
DOWNLOAD XFUN WALLET
CRYPTO NEWS WEEKLY ROUND UP:
Japan, India to Trial CBDCs
Nikkei reported last week that the Bank of Japan is set to collaborate with three major private banks and other regional banks to conduct a CBDC pilot. Starting in spring 2023, the pilot aims to detect and solve issues related to deposits, withdrawals, and offline functionality.
This experimental phase is expected to last for two years before Japan decides whether to issue a digital currency by 2026.
Meanwhile, the Reserve Bank of India is preparing to conduct a retail pilot of the ”digital rupee.” Major Indian banks are participating in the pilot, with each bank to test the CBDC among 10,000 to 50,000 users.
The pilot is expected to launch within a month; the infrastructure will be governed by the National Payments Corporation of India, and it will require customers and merchants to download special wallets.
Dogecoin Surges 20% After Elon Musk Reveals Twitter 2.0 Plans
In a Nov. 27 tweet, Elon Musk outlined his plans for Twitter 2.0, sharing several slides from a recent ”company talk.” Data from the slides highlighted that new user signups and user active minutes were up by 86% and 30%, respectively over the last week, compared to the same week in 2021.
Other slides branded Twitter 2.0 as ”The Everything App,” mentioning plans such as ”Advertising as Entertainment,” ”Long Form Tweets,” and ”Relaunch Blue Verified.”
Also, a ”Payments” section was left blank, leading people to speculate and push Dogecoin upwards by 20% to $0.107.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up