On December 24, the cryptocurrency market was quiet as shoppers began their holiday shopping. Bitcoin Price stayed flat on Saturday, hovering close to $16,750. Despite being able to trade Bitcoin during the holidays, price activity will likely be minimal.
The Hashrate Index reports that the total market capitalization of publically traded Bitcoin (BTC) mining companies is over $4 billion. A company statement reported that on September 30, Core Scientific’s liabilities were around $1.3 billion.
This bear market has seen Bitcoin mining’s value fluctuate greatly, as evidenced by Core Scientific’s bankruptcy. The Hashrate Index states that Core Scientific, the largest public BTC miner by hashrate, has been in debt for a few months and is unable to make monthly debt payments.
Binance To Invest In Indian Web3 Startups And Recruit Top College Grads
Rohit Wad, CTO of Binance, views India as a hub for web3 innovation and plans on recruiting staff from the most prestigious technical institutions in the country. In an interview with Businessline, Wad also mentioned organizing recruiting events in Mumbai.
Binance is also interested in investing in web 3.0 startups in India. Binance’s CTO suggested that the company may look into a few potential investments in the future by startups in Toronto, Vancouver, and Mumbai. Wad plans to hire new interns.
Binance’s focus on remote work makes it a great example for sourcing talent from top tech hubs around the world.
Binance will be recruiting graduates from these Indian universities and institutions with a concentration in the Mumbai area, which Wad sees as one of the most innovative digital incubators in the world.
These positive developments in the cryptocurrency market could help to support the price of Bitcoin and other altcoins.
Bitcoin Prices
The current daily trading volume of Bitcoin is $14 billion, and the BTC/USD exchange rate is nearly unchanged at $16,844. This indicates that the market is stuck in a volatile range between $16,930 and $16,600.
After a failed attempt at breaking above $17,000, BTC has pulled back and is stabilizing around $16,800. If the bulls want to make another attempt for higher prices, they must keep it above $16,587.
If the price breaks below $16,600, additional sales may occur, going as low as $16,250, $16,100, or $16,250; a bearish breakout of this level could push Bitcoin to $15,000. The MACD/RSI indicators show a mixed bias in the market.
The RSI signals that the market may be oversold, but the MACD shows that bullish momentum may be on the horizon. It can be difficult to predict market trends when there are multiple signals.