BTC has traded around $16,800 as of December 20, and has seen a slight increase of 0.21% over the past 24 hours. The value of BTC has decreased by about 2.5% over the last week. Over the past week, the price has fluctuated between a high of $16,858 and a low of $16,413.
The Bitcoin Wallet Maker Foundation raises $7 million to promote self-control
In response to rising demand for self-custody solutions, Foundation Devices, a Bitcoin-focused company, announced on December 19 that a $7 million initial fundraising round had been completed. Under the “digital sovereignty” branding, the Boston-based company plans to continue developing hardware and software wallets for cryptocurrencies.
Polychain Capital led the round, which also included Greenfield Capital, Lightning Ventures, Unpopular Ventures, Warburg Serres, and Bolt.
The Foundation’s primary product is Passport, a Bitcoin hardware wallet that does not allow external USB or wireless communication and uses “air-gapped security.” The passport has a built-in color display, a camera, and QR codes for interaction. Additionally, Foundation offers a mobile wallet called Envoy. In the past 18 months, the company has sold thousands of passport wallets.
Hardware wallets and physical storage options for Bitcoin and other cryptocurrencies enable users to disconnect their private keys from the internet and store them offline. There are more and more companies working on improving the usability and appeal of hardware wallets.
Global censorship, privacy violations, and irresponsible monetary and banking policies make it more important than ever to protect freedom and privacy. Because of this, hardware wallets are encouraging investors to trust their crypto holdings, which may boost BTC/USD prices.
Regulations for Bitcoin mining increase in Kazakhstan
Earlier this week, the Kazakh parliament approved a bill that will impose national energy use limits on Bitcoin miners as well as a corporation tax. The bill, titled “On Regulating Digital Assets in Kazakhstan,” was one of three crypto-related legislation approved by Kazakhstan’s lower house, known as the Mazhilis, on Thursday.
The law, according to current negotiations, will give miners access to approximately 500 MW. Moreover, government-registered miners will not be allowed to purchase electricity from the grid until there is an oversupply. The bill will now be sent to the Senate for review and a second vote session. The president must sign the bill into law if it is approved by the Senate as well.
According to Didar Bekbau, founder of the local mining company Xive.io, the new law may discourage investment if the Senate votes on amendments.
Despite the bill and power rationing, miners remain bullish about Kazakhstan’s future in the crypto sector and the BTC/USD, despite Bekbau’s claims that trust has already been eroded, many investors have fled Kazakhstan, and development plans have been scrapped.
Price of Bitcoin
Currently, Bitcoin’s price is $16,810, and its 24-hour trading volume is $22 billion. Over the last 24 hours, the BTC/USD pair has gained nearly 0.30%.
Having dropped to $16,300, Bitcoin’s price has rebounded to $16,700. At the moment, Bitcoin’s immediate resistance is above $16,800, and any closing prices below this level may suggest a bearish trend.
BTC’s immediate support is $16,250 or $16,100, and a bearish break of this level might expose BTC to $15,650.
Indicators such as MACD and RSI indicate a mixed bias in the market at the moment. The RSI indicates that the market is oversold, whereas the MACD indicates that there may be an upward trend. These conflicting signals may make it difficult to predict the direction of the market trend.
Last but not least, candles that close below the 50-day simple moving average suggest that the downturn may continue.
