Bitcoin price prediction as BTC falls

Bitcoin is holding a bullish outlook during the UK session as it once again broke above the €17,000 mark. European Central Bank (ECB) Managing Director Ulrich Bindseil and analyst Jürgen Schaff published a blog post titled “Bitcoin's Last Stand” on Nov. 30. The European Central Bank (ECB) has taken a tough stance against Bitcoin.

According to Ulrich Bindseil, Director General of Market Infrastructure and Payments at the ECB, Bitcoin was created about 15 years ago to complement or replace the current monetary system.

Bitcoin, according to Bindseil and Schaff, was neither a suitable investment nor a means of payment. They claim that Bitcoin's market capitalization, which surpassed $XNUMX trillion last year, is based on "pure speculation."

Additionally, central bank officials said that bitcoin "has repeatedly benefited from waves of new investors" as well as "manipulation by individual exchanges or stablecoin providers." These strategies, however, are unable to act as stabilizing forces.

The comments from ECB officials come at a time when the FTX crash has left the cryptocurrency sector in one of its worst collapses in recent memory. Because it supervises banks in the eurozone and oversees financial regulation in the EU, the ECB's statements are important.

Although misrepresenting, the ECB's latest blog post demonstrates its commitment to criticize Bitcoin and blockchain technology in general. BTC/USD price fell after the blog post was published.

Kraken Lays Off Over 1,000 Employees as Winter Crypto Lows Mount

Kraken co-founder and CEO Jesse Powell announced in a Nov. 30 blog post that the company will lay off nearly 1100 employees, or 30% of its workforce, to "adjust to the current market."

Powell attributed the poor result of slower growth to "macroeconomic and geopolitical factors." He mentioned how the recent market downturn has reduced trading volumes, quotes and client demand.

Kraken claimed it was forced into mass layoffs despite cutting spending on jobs and marketing. Additionally, Kraken's job cuts coincide with staff reductions at other cryptocurrency firms this month due to the bear market.

Unchained Capital, which laid off 600 employees, and Coinbase, which cut 60 jobs, are among them. BlockFi filed for bankruptcy earlier this week, and the industry is still reeling from the fallout from FTX, the most prominent example of market turmoil this year. Due to the crash, the price of the largest cryptocurrency, BTC/USD, fell to its lowest level in two years.

Protection plan for Bitcoin miners

Compass Mining, a company that primarily provides bitcoin mining equipment and hosting services to retail users, announced on December 1 that it will launch its first protection plan to help customers protect their bitcoin mining machines. The “Compass Mining Protection Plan” is the first protection product for ASIC Bitcoin miners.

Customers can access the newly introduced product through partner sites in Texas, South Carolina, Nebraska and Oklahoma. Compass will expand to other sites after completing initial distribution to key customers.

Compass Mining was the first company to offer hosting and direct purchase packages in the Bitcoin mining industry, paving the way for retail exposure. As its product line grows, the company is developing a comprehensive protection package that will be available to customers for every ASIC hosted by a legitimate Compass Mining partner.

ASIC mining is a viable way to get started in Bitcoin mining. However, there was no device available to protect Bitcoin miners from natural disasters, hosting incidents, or equipment theft.

For a small fee, the Compass Mining Protection Plan protects miners against unexpected events. As a result, the value of BTC/USD may increase due to this protection plan.

bitcoin price

The current price of Bitcoin is €17,058, with a trading volume of €21 billion in 24 hours. The BTC/USD pair has fallen by more than 0,50% in the last 24 hours. Also, its value has risen by around 3% over the past week.

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