In the ever-dynamic world of cryptocurrency, Bitcoin continues to be a focal point of market activity. As of Sunday, Bitcoin is trading at $42,270, marking a slight increase of 0.52 percent. Amidst this fluctuating landscape, Nigeria’s Yellow Card projects a significant boom in cryptocurrency once the country’s central bank relaxes its current restrictions.
Further stirring the market, Bitwise has revealed plans to seed a Bitcoin ETF with a substantial $200 million, as detailed in a recent SEC filing.
These developments hint at potential shifts in Bitcoin’s trajectory, sparking discussions and speculations about its future valuation.
Nigeria’s Anticipated Crypto Boom: Yellow Card’s Predictions Post-Restriction Lift
Following the easing of crypto transaction bans by the Central Bank of Nigeria (CBN), Yellow Card, a leading Nigerian crypto exchange, foresees a significant increase in cryptocurrency adoption.
Lasbery Oludimu, the Chief Data Protection Officer, views this development as a chance to enhance legitimacy and integration with the traditional financial system. He expects a surge in user adoption.
With the CBN providing regulatory clarity, the peer-to-peer market is likely to evolve, fostering heightened competition and innovation within Nigeria’s crypto landscape.
Africa’s Yellow Card will “immediately” apply for a license in Nigeria after the country’s central bank lifted a ban on cryptocurrencies https://t.co/QiHlBtLNos
— Bloomberg Crypto (@crypto) December 23, 2023
Yellow Card anticipates a dramatic rise in Bitcoin usage by 2024, as banks re-enter the scene, potentially enhancing competitiveness, efficiency, and collaboration between conventional finance and digital assets.
The CBN’s guidelines are designed to establish a regulated environment, thereby bolstering confidence and trust in the Nigerian crypto market. Additionally, Yellow Card plans to build strategic partnerships and expand its user base.
Bitwise’s Bold Move: Planning a $200 Million Bitcoin ETF as per SEC Filing
Bitwise Asset Management’s recent filing with the U.S. Securities and Exchange Commission (SEC) reveals a groundbreaking plan to seed its Bitcoin exchange-traded fund (ETF), listed under the ticker BITB, with a remarkable $200 million.
This ambitious move far surpasses BlackRock’s initial commitment of $10 million for its own Bitcoin ETF, slated to debut on January 3.
An anonymous investor has expressed interest in purchasing shares of Bitwise’s ETF worth up to $200 million, a figure that notably eclipses BlackRock’s seed investment, potentially providing robust early support for Bitwise’s offering.
Bitwise is going to seed its spot #Bitcoin ETF with $200 million.
And they’re just getting started pic.twitter.com/yWsuB73zvV
— Bitcoin Magazine (@BitcoinMagazine) December 30, 2023
However, it’s important to note that these expressions of interest are not legally binding agreements. This development underscores the escalating competition and growing institutional interest in Bitcoin ETFs.
Such a significant investment in Bitwise’s ETF could further solidify Bitcoin’s standing in the financial world and attract more institutional investors to the cryptocurrency sector.
Bitcoin Price Prediction
On December 31, Bitcoin finds itself at a crucial technical crossroads, currently priced at $42,450, marking an increase of +0.72%. The key level to watch is $42,965, which is pivotal for determining Bitcoin’s immediate trajectory. It encounters resistance at $43,857, $44,679, and $45,962, indicating potential obstacles in its path.
Support levels are observed at $41,683, $40,649, and $39,506, essential for maintaining its stability.
The Relative Strength Index (RSI) stands at 39, reflecting a bearish sentiment but still not in the oversold range, suggesting a cautious stance among market participants. With Bitcoin trading below its 50-Day Exponential Moving Average (EMA) of $42,983, this points to a short-term bearish trend.
Bitcoin Price Chart – Source: Tradingview
A bearish engulfing pattern near the 50 EMA, around $42,985, signals a potential downtrend. However, an upward trendline close to $41,750 could provide crucial support, potentially averting a sharp drop.
Overall, Bitcoin’s current direction appears bearish below the $42,985 level. Despite this, it’s at significant levels that might serve as a foundation against further declines. Investors and traders are closely watching these indicators to navigate the volatile cryptocurrency market.
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