Beijing Strengthens Prohibitive Stance on Crypto Speculation as Risks Grow

Bitcoin's price has stabilized around $91,453, showing resilience after a significant sell-off, with analysts noting reclaimed support and a filled fair value gap, indicating potential for further upward movement. This price level is crucial as it reflects the market's response to recent volatility and bears guarding key resistance levels.

The People's Bank of China (PBOC) has reaffirmed its ban on cryptocurrency trading, responding to a resurgence in market speculation. The central bank is urging government institutions to intensify their crackdown on activities related to virtual currencies to mitigate illegal operations.

The G20 has been discussing the establishment of global cryptocurrency standards, reflecting the growing importance of digital assets in the financial landscape. This week, the focus was on the future of Digital Asset Tokens (DATs) and the implications for regulatory frameworks worldwide.

Bitcoin miners are facing a challenging December as the network's mining difficulty is set to increase from 149 trillion to nearly 150 trillion, while hashprice remains low at around $38.3 PH/s, just above the break-even point for many operations. This situation is exacerbated by a recent decline in Bitcoin's price, which has raised concerns among miners about the sustainability of their operations.

Visa has partnered with Aquanow to expand stablecoin settlement across the CEMEA region, aiming to enhance transaction efficiency and reduce costs associated with cross-border payments. This initiative reflects Visa's ongoing commitment to integrating digital currencies into its operations.

Publicly traded bitcoin miners have experienced a significant uptick in performance, rebounding from previous declines and capitalizing on favorable market conditions. This resurgence is marked by a notable increase in bitcoin prices, which have recently shown momentum as they approach recent highs, indicating a recovery in investor confidence.

Bitcoin's price has shown signs of recovery, trading around $91,000 after a significant sell-off, although trading volume has decreased. Analysts are monitoring key resistance levels, particularly around $90,000, as the market sentiment shifts cautiously optimistic.

A new broker, Mortgage On Chain, has emerged in Australia, specifically targeting cryptocurrency investors interested in property ownership. This initiative aims to bridge the gap between digital assets and real estate, providing a unique opportunity for crypto holders to invest in the Australian property market.