Bitcoin Price Prediction as BTC Volume Surges to $22 Billion – Here’s Where BTC is Headed Next
On December 10, the BTC/USD pair continued to consolidate in a narrow range of $16,000 to 17,350. Stronger-than-expected US PPI figures from the Bureau of Labor Statistics have kept Bitcoin's uptrend limited.
The producer price index rose 0.3% from October to November, exceeding the 0.2% estimate, while the October figure was revised up to 0.3% from 0.2%. The unstable price of food and energy exacerbated the situation; without those two components, the producer price index's "core" increased by 0.4%, the most since June.
The cryptocurrency market reacted negatively to the report, which was interpreted as making it more difficult for the Federal Reserve to pause and eventually stop raising interest rates this year. BTC/USD is also falling as a result of the announcement.
This week, two cryptocurrency exchanges made proof-of-reserves available to demonstrate that their trading platforms support customer assets 1:1. Binance published a report on December 7 that included information on the audit's global auditor, Mazars Group.
On December 9, Crypto.com revealed proof-of-reserves documents, which were also verified by Mazars. Since the demise of FTX in November, the cryptocurrency community has been keeping a close eye on centralized exchanges. Following the promises made by exchange officials following the FTX incident, crypto exchanges issued proof-of-reserves (POR) evidence.
Binance has made a detailed analysis of the assets held on the Bitcoin, Ethereum, Binance Smart Chain, and BTCB networks, including BTC, BTCB, and BBTC, available on the Mazars Group website. Throughout the process, "Binance was 101% collateralized," according to Mazars.
Following the fallout from FTX, Crypto.com temporarily suspended withdrawals on the
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