Bitcoin, the pioneering cryptocurrency, has surged to $44,050, marking over 1.4% increase and signaling a buoyant phase for the crypto industry. This upswing coincides with Coinbase’s strategic expansion, as the company secures a crypto license in France, indicating a broader global outreach. Meanwhile, tech maverick Elon Musk has announced plans for ‘X’ to delve into financial services by mid-2024, potentially reshaping the fintech landscape.
In the political arena, Senator Warren’s proposed ‘Bitcoin Ban Bill’ is facing pushback, notably from John Lennon’s son, sparking a debate on the regulation and future of cryptocurrencies.
Coinbase’s Global Expansion: Secures Crypto License in France
On Thursday, Coinbase Global, a leading cryptocurrency exchange, successfully registered with the French markets regulator, AMF. This marks an important step in its global expansion strategy, termed “Go Deep, Go Broad.” With the approval as a Virtual Asset Service Provider (VASP), Coinbase can now offer its full range of retail, institutional, and ecosystem products and services to users in France.
Coinbase secures crypto license in France amid broader global push https://t.co/sE8CBxCElc pic.twitter.com/TtxhEago73
— Reuters (@Reuters) December 21, 2023
Daniel Seifert, Vice President and Regional Managing Director for EMEA at Coinbase, stressed the significance of VASP certification in facilitating global expansion while ensuring the security of consumers’ funds and emphasizing compliance.
Coinbase’s continued efforts to expand in European markets include recent initiatives in Italy, Spain, and France. The news of Coinbase’s regulatory approval may have contributed to the recent gains in BTC price.
Elon Musk’s Mid-2024 Financial Services Venture with ‘X
Elon Musk, CEO of ‘X’, has announced plans to launch X payments around mid-2024, in a recent conversation with Cathie Wood of ARK Invest. Musk anticipates that the payment services within the “everything app” will be fully functional by this time, pending approval of money transmitter license applications.
While cryptocurrency enthusiasts are hopeful for the integration of Musk’s preferred digital currencies, such as Dogecoin and Bitcoin, into the X payments system, there has been no confirmation from Musk regarding these plans.
BREAKING: Elon Musk says X will launch payment services by mid-2024 pic.twitter.com/Pcsfwu7neZ
— Pushpendra Singh Digital (@PushpendraTech) December 22, 2023
Despite his recent subdued interest in cryptocurrencies, Tesla, under Musk’s leadership, holds a substantial Bitcoin portfolio valued at $148 million. Musk’s continued engagement in crypto-related ventures and the potential introduction of new payment systems could further buoy sentiment in the bitcoin market.
John Lennon’s Son Critiques Senator Warren’s Proposed ‘Bitcoin Ban Bill
Sean Lennon, the son of legendary musician John Lennon, recently voiced his criticism of Senator Elizabeth Warren’s “Digital Asset Anti-Money Laundering Act” on Twitter. Reacting to a video where Senator Roger Marshall acknowledges seeking input from the American Bank Association for the bill, Lennon expressed skepticism about lawmakers’ understanding of cryptocurrencies.
Who could be so brazen as to write legislation that would effectively ban #crypto?
Senator @RogerMarshallMD, the GOP frontman of the crypto ban bill, revealed the American Bankers Association wrote it. #StopCryptoBan pic.twitter.com/dHufIaXB7i
— Chamber of Digital Commerce (@DigitalChamber) December 19, 2023
He implied that their limited knowledge could hinder effective regulation. A known advocate for cryptocurrencies, Lennon has previously endorsed Bitcoin and contributed to the Friend Tech initiative.
How do these 90 IQ clowns get to write Bills like wtf? https://t.co/OKgmxhhKQn
— Seán Ono Lennon (@seanonolennon) December 20, 2023
In contrast, Ripple’s CTO has shown support for some aspects of Warren’s anti-money laundering bill, citing concerns over illicit activities. The varying reactions within the crypto community to this proposed legislation highlight the ongoing debate about regulatory measures, potentially influencing sentiment and discussions in the wider cryptocurrency market, including Bitcoin.
Bitcoin Price Prediction
Recent trends in the cryptocurrency market have seen Bitcoin displaying robust performance, solidly holding above the critical level of $43,000. The strength of Bitcoin is highlighted by its significant support level at $43,000.
Above this key price point, it faces resistance at $43,512, $44,697, and $46,022. Conversely, if the price were to dip, support levels at $42,159, $41,457, and $40,518 could provide stability. The Relative Strength Index (RSI), currently at 64, suggests a bullish trend without reaching overbought territory, leaving room for further potential growth.
Bitcoin Price Chart – Source: Tradingview
Bitcoin’s price is consistently above the 50-Day Exponential Moving Average, which is currently around $42,300, reinforcing a short-term bullish outlook. Chart analysis reveals an ascending trendline beginning from a recent low point of $39,510, indicating ongoing upward momentum. Based on these technical factors, it is expected that Bitcoin will soon challenge the resistance at $43,512.
Should Bitcoin successfully move past this resistance level, it might then target and potentially exceed further resistance points in the short term.
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