Bitcoin Price Prediction – When Will the Next Bull Market Start?
The Bitcoin market turned bearish on November 7, as the price of Bitcoin broke below a major support level of $16,900. This breach of the upward trendline has increased selling pressure on Bitcoin, potentially leading to a drop to $16,500.
It is important to consider the market's fundamentals in order to understand the potential implications of this development.
Let's take a quick look at the market's fundamentals.
The Paraguayan legislature failed to pass legislation to regulate cryptocurrency mining in the country. A veto from President Mario Abdo Bentez prevented Paraguay's lower house from passing a bill to promote cryptocurrency mining through the use of excess power. The bill was archived by Paraguay's lower house of parliament, the Chamber of Deputies. The bill received 36 votes, five less than the required 41 votes.
Members of Paraguay's Chamber of Deputies debated the benefits and drawbacks of capping power prices to encourage cryptocurrency miners to operate in the country. They did, however, vote against the measures.
The potential benefits of crypto mining in Paraguay, the volatility of cryptocurrencies like Bitcoin, and how a lack of regulation surrounding crypto-related activities had contributed to events like the collapse of FTX were all discussed.
After lawmakers abandoned a cryptocurrency bill, Paraguay will no longer be a haven for cryptocurrency miners. The country was expected to pass cryptocurrency regulations. However, after careful consideration, it decided against it on December 5.
The massive impact of the backtrack is that miners will be unable to use the country's cheap electricity. The news is not good for the BTC/USD price.
Strike, a bitcoin payment network, has officially arrived in Africa,
Read more on cryptonews.com
