Samantha Foss in an entrepreneur and technology contributor. Like many others, Samantha Foss takes in interest in the cryptocurrency market – and in the article below, she discusses what’s happening in the industry.
Cryptocurrency has been at (or near) the top of investors' minds for a while now — and that doesn't appear to be changing any time soon. But with the crypto world recently under a lot of fire, concerns surrounding Binance are only growing.
Understanding the latest cryptocurrency happenings and listening to the future predictions of industry experts can allow investors to make beneficial, well-informed decisions during their trading exploits.
Samantha Foss: Ethereum and Bitcoin Endure Bearish Rejection
Tuesday, December 20, 2022, saw
Bitcoin (BTC) close 3% higher. But since then, it has tried and failed to crawl back to the $17,000 barrier. B
The opening hours of Wednesday came and took half a percent from the benchmark cryptocurrency, causing the BTC/USDT pair to retreat to $16,800. There's bullish support over $16,700, staring down a sell wall at $16,880.
As for Ethereum, it gained over 4% by the end of Tuesday's trading day. However, the bullish momentum was cut off as it reversed to $1,210 on Wednesday morning, experiencing a 0.5% decrease.
Samantha Foss says that should the bears keep their upper hand, the ETH/USDT pairing may decline further in the near term to $1,205.
Significant altcoins, such as Polygon (MATIC), Cardano (ADA), and Ripple (XRP), have followed in Bitcoin's and Ethereum's footsteps. However, the BNB token from Binance is outperforming the rest, showcasing a 4.5% increase at the beginning of Tuesday's trading day.
Samantha Foss says that all markets are slowly coming to terms with the fact that Core Scientific, a key miner, recently filed for Chapter 11 bankruptcy protection amid months of assumptions.
Even though the news wasn't unexpected, investors are gearing that Core will capitulate on the remaining BTC reserves, causing downward pressure on all open markets.
Overall, the past week has seen cryptocurrencies fall roughly 7%, and investors expect more downturns in the short- and mid-term.
New York State Bas Certain Kinds of Crypto Mining
With the end of November 2022 came the state of New York's decision to ban particular cryptocurrency mining types in response to the environmental concerns surrounding the energy-zapping process explains Samantha Foss.
Governor Kathy Hochul signed the new legislation into law on November 22, saying that she will ensure the state continues to be the financial innovation center while prioritizing environmental protection.
Samantha Foss explains that the new law affects companies that have turned several of New York's oldest fossil fuel plants into hubs of cryptocurrency mining. It temporarily prevents the renewal and issuance of air permits to such firms. However, it doesn't impact individual miners.
On top of that, it requires the state's Department of Environmental Conservation to investigate the impact crypto mining has on the environment during a two-year moratorium.
The legislation was necessitated by the upshot of companies flocking to the state after China tightened its mining belts in 2021. As firms swarmed the area, climate advocates rang the alarm over the potential environmental damages.
SBF Arrested and No Bail Granted
Mid-December saw Sam Bankman-Fried, the ex-CEO of FTX, arrested after prosecutors in the United States of America told the Royal Bahamas Police Force about the sealed indictment.
Samantha Foss reports that the country's magistrate judge, Joyann Ferguson-Pratt, denied Bankman-Fried bail even though he claimed to need medication like Adderall and Zyrtec and vegan food.
On February 8, 2023, SBF will face an extradition hearing. And the USA Attorney's Office for the Southern District of New York unsealed the indictment against the disgraced chief executive officer last Tuesday.
A Predictive Look at the 2023 Crypto World
Many crypto experts believe that stablecoins will become a type of payment that will rival all other electronic forms in 2023. Plus, they think that market leaders will start emerging from non-crypto-first entities like social media and banks — two kinds of companies that have the financial strength to turn a somewhat niche market into a global enterprise.
Samantha Foss says that next year is also set to be the year that cryptocurrency users wake up to privacy.
In the United States, crypto has managed to dodge the KYC laws on private wallets. However, the industry still faces massive privacy threats. After all, the Treasury Department sanctioned just one tool, Tornado Cash, for complete privacy. So, there's a long way to go.
Finally, the US may compete with Europe on crypto development in 2023, provided they can craft better rules for centralized crypto entities.
