During the UK session, Bitcoin once again breached the $17,000 mark and maintains a bullish outlook. However, European Central Bank (ECB) CEO Ulrich Bindseil and analyst Jürgen Schaff are taking a hard line against Bitcoin, as demonstrated by a blog post titled “Bitcoin’s Last Stand.”
According to Ulrich Bindseil, Bitcoin was created about 15 years ago to complement or replace the existing monetary system. However, Bindseil and others have argued that Bitcoin is not a viable investment or payment method and that its market capitalization, which surpassed $1 trillion last year, is purely speculative.
In addition, central bank officials noted that Bitcoin has repeatedly attracted new investors and been manipulated by individual exchanges or stablecoin providers, but these strategies do not ensure stability.
ECB officials’ comments on Bitcoin come at a time when the cryptocurrency sector is experiencing one of its worst declines in recent memory due to the collapse of FTX. Because the ECB oversees eurozone banks and oversees EU financial regulations, its pronouncements on the subject carry significant weight.
The ECB’s recent blog post, even if it contains inaccurate claims, demonstrates the institution’s commitment to criticizing Bitcoin and blockchain technology in general. The BTC/USD price fell after the blog post was published.
Kraken fires more than 1,000 employees as crypto winter losses mount
Cryptocurrency exchange Kraken is laying off about 1,100 employees, or 30% of its workforce, to “accommodate current market conditions,” according to a blog post by company co-founder and CEO Jesse Powell. The news comes as the cryptocurrency industry continues to suffer from the effects of the ongoing “crypto winter.”
Powell attributed the company’s slower growth to “macroeconomic and geopolitical factors.” He explained that the recent market downturn has reduced trading volume, enrollments and customer demand for the company’s services.
Unchained Capital and Coinbase are also among the companies making significant layoffs. The sector is still reeling from the fallout from the FTX crash, which sent BTC/USD, the largest cryptocurrency, to a two-year low.
Bitcoin’s Miner Protection Plan
Compass Mining, a company that offers bitcoin mining hardware and hosting services to retail users, has announced the launch of its first security plan to help customers secure their mining machines. Compass Mining Protection Plan is the first protection product designed specifically for ASIC Bitcoin miners.
Compass Mining has launched the first protection plan for bitcoin mining machines called “Compass Mining Protection Plan”. The plan is currently available to customers through partner sites in Texas, South Carolina, Nebraska and Oklahoma, and the company plans to expand it to more sites once it completes initial distribution to its core customers.
Compass Mining was the first company in the Bitcoin mining industry to offer direct purchase and hosting packages, and it is now developing a full suite of security products to be made available to customers for each ASIC deployed at a legitimate Compass Mining founding partner.
Mining with ASICs is a viable way to start the Bitcoin mining industry. However, there were no devices in place to protect Bitcoin miners from natural disasters, hosting incidents, or equipment theft.
For a small fee, Compass Mining’s protection plan protects miners from the unexpected. As a result, the value of BTC/USD may rise as a result of this protection plan.
Bitcoin Price
The current price of Bitcoin is $17,058, with a 24-hour trading volume of $21 billion. The BTC/USD pair is down more than 0.50% in the last 24 hours. In addition, its value has increased by about 3% in the past week.
The BTC/USD pair failed to break the $17,250 level and the appearance of doji and rotating top candles indicates a potential bearish correction. If the price breaks below $16,950, it could lead to further selling until reaching the $16,750 level. This move would represent a 23.6% Fibonacci retracement from the recent high.
If Bitcoin falls further, it could target the $16,600 level, which represents the 50% Fibonacci extension, and a break below this level could expose the cryptocurrency to a drop to the $16,450 level, which represents the 61.8% Fibonacci extension.
On the other hand, a move above the $17,250 level could lead to a move towards $17,650 and $18,100.
3 coins with 20X potential
Despite the market decline, these coins have performed quite well, attracting the attention of cryptocurrencies.
Dash 2 Trade (D2T)
Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that offers investors real-time analytics and social trading data, helping them make more informed trading decisions. It will be launched in early 2023, the D2T token will be used to pay for the monthly subscription to the platform (there are two subscription levels).
Dash 2 Trade Presale has already raised more than $7.7 million and after reaching $8,757,000 it should enter its fourth and final stage. It also announced listings on BitMart and LBANK Exchange for early next year, giving early investors a good opportunity to make decent returns.
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RobotEra (TARO)
Using Ethereum to host its token, RobotEra (TARO) is a Sandbox-style Metaverse that will allow players to play as robots and participate in the creation of their virtual world. This includes NFT-based land, buildings and other in-game items, the game also plans to allow players to connect with other metaverses and create interoperable multi-verses.
1 TARO is currently sold for $0.020 USDT (which can be purchased using USDT or ETH), although this price will rise to $0.025 in the second phase of its presale.
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IMPT (IMPT)
Another Ethereum-based platform, IMPT is a carbon credit marketplace that will reward consumers for shopping with eco-friendly merchants. These rewards will come in the form of its IMPT token, which can be used or traded to purchase NFT-based carbon offsets.
After opening sales in October, IMPT It has collected more than 13.4 million dollars1 IMPT is currently sold at $0.023.
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