On Friday, the leading cryptocurrency Bitcoin, recently witnessed a minor retreat, touching the $43,500 mark, down by over 1% on Friday. The dip comes amidst a backdrop of significant developments, including the closure of an $18 million fundraising round by Babylon Chain aimed at bolstering Bitcoin staking initiatives.
Meanwhile, Hive Digital’s analysis suggests that early December Bitcoin purchasers are now seeing a return on investment.
Amidst these market movements, financial pundit Robert Kiyosaki has sounded a note of caution, forewarning that the next market downturn could spiral into a depression, casting a shadow on future price trajectories.
Babylon Chain Secures $18M for Bitcoin Staking
Babylon Chain has triumphantly closed an $18 million Series-A funding round, spearheaded by Polychain Capital and Hack VC. Announced on December 7, this influx of capital is earmarked for the advancement of Babylon’s trailblazing Bitcoin Staking protocol.
This innovative protocol is set to revolutionize the DeFi landscape by enabling proof-of-stake networks to leverage Bitcoin, bolstering security and liquidity for burgeoning chains.
Babylon’s pioneering approach marries the robustness of proof-of-work with the efficiency of proof-of-stake systems, potentially easing inflationary pressures on PoS networks.
BREAKING: #BITCOIN STAKING PROTOCOL, BABYLON, RAISES $18 MILLION
— BSCN Headlines (@BSCNheadlines) December 7, 2023
This significant leap forward promises to augment Bitcoin’s allure by channeling investments and talent into its network and addressing long-standing constraints of the original blockchain.
Garnering support from prominent investors like Castle Island Ventures, Framework Ventures, and Polygon Ventures, Babylon’s latest stride underscores the burgeoning appetite for solutions that bridge dynamic blockchain platforms with Bitcoin’s stability. Despite the enthusiasm surrounding this venture, Bitcoin is witnessing a temporary dip in today’s trading activity.
December Bitcoin Buyers See Investments Mature
Hive Digital Technologies’ strategic acquisition of 3,750 Bitmain S19J mining rigs in December 2022 is reaping rewards, following the recent surge in Bitcoin prices. Capitalizing on the November 2022 FTX collapse, Hive Digital secured 29,000 ASICs at a cost-efficient average of $13.70/TH.
This strategic move positions the company advantageously for the anticipated Bitcoin halving in April 2024. By December 2023, Hive Digital’s operational hash rate is expected to reach an impressive 4.8 EH/s, enhancing its global fleet efficiency to 28.9 J/TH.
𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟯 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗨𝗽𝗱𝗮𝘁𝗲
276.3 Bitcoin produced from ASIC and GPU mining operations, representing an average of 66.7 Bitcoin Per Exahash
Produced an average of 9.2 BTC per day
Ended the month with 4.18 EH/s of mining capacity,… pic.twitter.com/4pWYah2NfD
— HIVE Digital Technologies (@HIVEDigitalTech) December 7, 2023
In November 2023 alone, Hive Digital reported the production of 276.3 Bitcoins, averaging 66.7 Bitcoins per Exahash. Since the start of 2023, Bitcoin has witnessed a remarkable 160% increase in value, hinting at a favorable trend for miners amidst the cryptocurrency’s growth.
However, despite these encouraging developments, Bitcoin is currently experiencing a downturn due to prevailing market selling pressures.
Kiyosaki’s Grim Forecast: A Crash Becoming Depression
Renowned author Robert Kiyosaki, best known for his book “Rich Dad Poor Dad,” has expressed worries once again on the state of the American economy. He rejects the idea of a soft landing and emphasizes the likelihood of a crash landing that might result in a depression.
In his 2012 book “Rich Dad’s Prophecy,” Kiyosaki issued a warning about a major crash. Now, he indicates that the impending decline might turn into a depression. He reaffirmed his advice to buy gold, silver, and bitcoin as a hedge during difficult times, citing the Israel-Hamas conflict as encouragement to buy an electric car owing to worries about rising oil costs negatively damaging the economy.
ISRAEL HAMAS war motivated me to buy an EV. The war is about Oil. Higher gas prices is what Biden & Marxists want. Higher gas prices will make the poor poorer & liberal woke Greenies happier. Don’t be a pawn of Biden and woke greenies. Fight back. Buy gold, silver, Bitcoin. Don’t…
— Robert Kiyosaki (@theRealKiyosaki) December 4, 2023
This updated economic caution may help explain why more people are beginning to view bitcoin favorably as a safe investment in the face of economic uncertainty. However, this warning from Kiyosaki was also not enough to spark positive trend in Bitcoin prices today as profit taking is at its peak.
Bitcoin Price Prediction
The four-hour chart for Bitcoin illustrates a distinct upward trajectory within an ascending channel, currently placing the price around $43,717. This positive trend has seen Bitcoin reach and slightly surpass the $45,000 mark before experiencing a minor retracement.
Key support levels at $42,429 and $41,190 are in place, potentially providing stability against any downturns and offering viable buying opportunities.
Bitcoin Price Chart – Source: Tradingview
The Relative Strength Index (RSI) hovers near 78, bordering on overbought territory, hinting at a possible brief consolidation or downturn before the price climbs again.
Should Bitcoin maintain its upward momentum, it might challenge the channel’s upper limit, targeting the resistance near $45,926.
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