Bitcoin Price Prediction as Bears Take Control – How Low Can BTC Go?
Bitcoin is trading bearishly on December 20, having breached a narrow range of $16,550 to $16,800 and falling to the 16,300 level. However, Bitcoin has returned to the same trading range as before. Investors are waiting for a solid fundamental reason to drive price action. Similarly, the overall cryptocurrency market is behaving sluggishly, possibly due to the upcoming holiday trading sessions.
Major altcoins traded in the red in early December 20 as the overall crypto market cap declined 1.45 percent to $800.17 billion over the prior day. Over the past 24 hours, the total volume of the cryptocurrency market has grown by 54.22% to $33.04 billion.
The overall volume in DeFi is currently $1.80 billion, or 5.44% of the total 24-hour crypto market volume. The overall volume of all stablecoins is now $30.60 billion, accounting for 92.62% of the total 24-hour volume of the crypto market.
On December 18, a local Nigerian newspaper reported that Babangida Ibrahim, the chairman of Nigeria's House of Representatives Committee on Capital Markets and Institutions, stated that the government will soon pass legislation making the use of bitcoin and cryptocurrencies legal. Ibrahim emphasized the importance of keeping Nigeria up to date on changes and developments in the capital markets.
According to reports, the Nigerian government will soon pass legislation recognizing the use of Bitcoin and other cryptocurrencies in order to comply with "global practices."
According to the article, if the Investments and Securities Act 2007 (Amendment) Bill passed into law, the Securities and Exchange Commission would be able to recognize bitcoin and other digital assets as capital for investment. The proposed bill would also define the SEC's and CBN's
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