Bitcoin Price Prediction as BTC Stabilizes at $16,500 – Time to Buy?
Bitcoin price prediction for December 17 is likely to reverse as BTC stabilizes above the $16,500 support zone. Major cryptocurrencies were trading in the negative early during the Asian session, with the global crypto market worth falling 6.11% to $797.45 billion on the previous day.
Over the last 24 hours, the overall crypto market volume has increased by 38.50% to $47.36 billion. DeFi’s total volume is currently $2.67 billion, accounting for 5.63% of the overall crypto market 24-hour volume.
The overall volume of all stablecoins is now $43.54 billion, accounting for 91.92% of the total 24-hour volume of the crypto market.
Japanese Government Reduces 30% Crypto Tax: Good Move?
Regardless of whether or not they generated a profit in 2018, Japanese crypto companies must pay a flat corporate tax rate of 30% on their assets. Some local crypto enterprises apparently decided to relocate their operations as a result of the increasingly onerous tax rules over the previous few years.
The Japanese government is set to ease tax requirements for local crypto firms, as it pushes to stimulate growth in the domestic finance and tech sectors.#Japan #cryptocurrency #CryptoNews #taxes #Metaverse pic.twitter.com/nImcVMi5GV— BR Group (@BRgroupcompany) December 16, 2022
The LDP has made correcting this situation a top priority because of the damage it has done to the country’s economic progress. The Japanese Liberal Democratic Party (LDP) works with the United States on defense and international policy and prioritizes administrative reform.
In various contexts across the country, the term “administrative reform” might mean different things. Such ideas include implementing reforms like taxation to withstand the test of time and economic stress.
NEWS: Japan to remove 30% tax on crypto— Cryptoforce India (@cryptoforce_in) December 16, 2022
The #Japanese government plans to lower tax restrictions for domestic crypto companies as part of its efforts to foster growth in the domestic financial and technology industries.
The Japanese governing party (LDP) tax committee met on December 15 to discuss ways to speed up economic growth. Agenda items included a discussion of potential tax code changes.
At the same time, they passed a proposal that had been introduced back in August. The plan aims to eliminate paper gains taxes on token issuance or custody by crypto businesses. The Japanese government wants to encourage the development of the IT and financial industries by reducing the tax burden on local crypto companies.
The more forgiving crypto tax legislation will begin being introduced to parliament in January, with implementation in the next fiscal year starting in April.
Bitcoin Price Prediction
Bitcoin’s current price is $16,742, and the 24-hour trading volume is $26 billion. Bitcoin’s price has dropped nearly 4% since yesterday. On Friday, the BTC/USD pair gained support at $17,250, which was extended by the 50-day moving average. Increased negative pressure, on the other hand, produced a bearish crossover below $17,200, causing the BTC/USD pair to plummet toward $16,570.
Traders typically employ technical indicators such as the relative strength index (RSI) and moving average convergence divergence (MACD) to assess an asset’s price movement and forecast future trends. These indicators are currently indicating a bearish trend for Bitcoin, however, these have entered the oversold zone, implying we may see a slight bullish correction in Bitcoin.
This is further supported by the fact that the BTC/USD has closed Doji candles above the $16,550 level, indicating that a bullish correction to $17,000 and even higher to $17,250 is possible.
A bearish breakout below the $16,555 support level, on the other hand, could extend the selling trend to $16,200 or $16,000.
Alternative Coins with High Profitability
The crypto market has been trading bearish for several weeks, prompting some traders to consider alternatives with greater short-term potential.
The following are some of the market’s leading presales, allowing investors to get in on the ground floor.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness app and gym chain that aims to bring the fitness lifestyle to web3, has opened its pre-sale, and investors believe the project has the potential to transform the existing web3 M2E landscape.
While existing M2E apps like StepN only track steps and require expensive non-fungible token (NFT) buy-ins to participate, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity and does not require any expensive buy-ins.
FightOut’s FGHT tokens are currently selling for 60.06 USDT per 1 USDT, and interested investors are encouraged to act quickly to secure their tokens, with the pre-sale raising over $2.8 million in just a few days. The FightOut crypto ecosystem will be powered by the FGHT token.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those looking to invest in a promising crypto trading platform startup should consider Dash 2 Trade. With its unique features, the up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm.
Trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system, and a strategy back-testing tool are among the features. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users must purchase and keep in order to use the platform’s features.
Dash 2 Trade is currently holding a token pre-sale at heavily discounted prices, with sales recently reaching $10 million. The pre-sale dashboard will be available on Friday, with the development team currently ahead of schedule. Tokens are currently being sold for $0.0533 per token and will be listed on multiple centralized exchanges within the next month.
Calvaria (RIA) – Final Presale Stage Now
In 2022, major blockchain-based games such as Axie Infinity lost significant traction. As a result, many investors interested in the cryptocurrency gaming space are looking for other options.
Calvaria, a new play-to-earn battle card crypto game, could be a viable option. Calvaria aims to increase crypto adoption by building a bridge between the real world and crypto, in the form of a fun and accessible crypto game.
Calvaria’s RIA token pre-sale should be considered by investors. Calvaria has now raised $2.47 million and it’s nearing the end, with only 20% of tokens remaining.