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The correlation between Bitcoin price action and the stock market has continued to widen amid ongoing crypto regulatory pressures in the United States.
Since the beginning of November, Bitcoin (BTC) price has teased $38,000 severally in attempts to rally above $40K. The flagship cryptocurrency has been consolidating in an ascending triangle with high speculation of an uptrend continuation. However, Bitcoin price has been signaling short-term weaknesses following the regulatory crackdown in the United States. Moreover, the US government has been pushing to regulate the crypto industry to tame the high inflation since the high interest rates have not entirely been effective.
Despite the daily golden cross between the 50 and 200 Moving Averages (MA), Bitcoin price is likely to revisit the support range between $31k and $32k in the short term to sweep more buyers. Moreover, the flagship crypto asset has been forming a bearish daily Relative Strength Index (RSI) in the past three weeks. Nonetheless, the speculation of imminent approval of spot Bitcoin exchange-traded funds (ETFs) in the US by early January could see the instrument rally without warning signs.
Bitcoin Price Action Looks Even Better with Improving US Economy
Bitcoin price has significantly benefited from the rising interest rates in the United States in the past year. The epitome of flight to Bitcoin by institutional investors and retail traders was highlighted by the banking crisis earlier this year. However, the Biden administration has tightened its monetary policies to control the crazy speculation in the cryptocurrency, in a bid to bolster the gross domestic product (GDP).
According to the latest data from the United States Bureau of Economic Analysis (BEA), the real gross domestic product (GDP) increased at an annual rate of 5.2 percent during the third quarter.
The GDP spike during the third quarter was a significant uptick compared to the 2.1 percent in the second quarter, thus signaling an upward revision from the advance estimate of 4.9 percent issued last month. Consequently, the country’s real GDP is almost regaining the prior high recorded in the fourth quarter of 2021. Moreover, the third quarter real GDP outperformed the 5 percent forecasts issued by economists polled by the Dow Jones.
Market Picture
With five weeks to the end of 2023, the cryptocurrency market is expected to record higher volatility as more options and open futures trade close before end-of-year festivals. Cash inflow to crypto investment products is, however, expected to increase as the fourth halving, which is anticipated to trigger the macro bull run, happens during the first half of 2024. Additionally, gold is on the cusp of a historical breakout, which will expedite the flight to quality in the coming quarters. Moreover, market pundits believe the US dollar is in the last phase of global dominance as the world reserve currency amid the rise of the BRICS alliance and Bitcoin adoption.
Renq Finance (RENQ) Price Grew 5x Better Than Polygon (MATIC … Analytics Insight
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Cardano’s Stablecoins Market Cap Grew by 486% In the Last 6 … BanklessTimes
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Polkadot provides interoperability among several blockchains for users while maintaining high scalability and speed in processing transactions. Also known as a multichain network, Polkadot supports many parachains, enabling developers to build their blockchains seamlessly.
Several blockchain projects exist in the decentralized finance (DeFi) sector. These platforms usually emerge with different products and services related to cryptocurrency and blockchain technology. Subsequently, users became intrigued with the full potential packed in the DeFi space.
However, there was the challenge of how a user could access more than one blockchain and DeFi application through a single platform. This is where the value proposition of the Polkadot became prominent.
The last few months in 2022 were tough in the crypto market as most crypto assets and projects saw a drastic drop in performance. In addition, the unexpected collapse of the FTX crypto exchange brought a devastating condition that created losses in the crypto space.
However, DOT has a positive story to tell. The multichain network reports massive growth in its ecosystem during Q4 2022.
1/ The Polkadot 2022 Roundup is here
Despite the difficult year for the industry, the Polkadot and Kusama community were busy building the largest, & most diverse ecosystem of use case specific layer-1 blockchains in the world, making huge strides toward building a better web. pic.twitter.com/sGZDz0zHIW
— Polkadot (@Polkadot) December 31, 2022
The recent achievement cuts across several landmarks and aspects. Notably, the protocol and its projects progressed technically with many collaborative deals and more technological adoption.
Parachain Migration From Kusama To Polkadot
On Oct 3, 2022, Polkadot recorded its first successful parachain migration from its canary network, Kusama. KILT Protocol completed a full migration from the Kusama Relay Chain to Polkadot Relay Chain.
This milestone showcases Kusama as a suitable platform to stress-test digital applications in a real-life environment. Hence, the developers could curb associated risks before all the relevant upgrades to ensure stability and security.
By using Kusama before its migration, KILT Protocol achieved decentralization. Also, the protocol included new functionalities in its upgrade, spiking its utility and efficiency. Through its collaboration with Polkadot, KILT integrated digital identities through decentralized identifiers (DIDs).
Partnerships And Launch of Pools Distinguished Polkadot (DOT) in Q4 2022
Polkadot’s official Twitter page revealed its success for the last quarter of 2022. The multichain network consists of 74 parachains, over 550 projects, 300 decentralized applications, and more than 2,500 active developers in its ecosystem. The growth for the DOT and Kusama communities has been great since the launch of the parachains.
Polkadot staking system received striking updates through the launch of nomination pools and the staking dashboard. This encouraged native staking holders to stake as low as 1 DOT to receive rewards.
In line with its vision to enhance decentralization, it launched its OpenGov, a new-generation governance system on the Kusama network. The system is the most sophisticated and advanced blockchain governance system. It is proposed to kick off on the mainnet subsequently.
Through Web3 opportunities, the DeFi protocol bagged several partnerships with different companies. These include Astra Network, KILT Protocol, Efinity, T-System MMS, and others.
For over three years, it has been engaging the U.S. Securities and Exchange Commission (SEC) regarding the status of its native token, DOT.
Finally, the Polkadot broke the barrier with its high achievement as DOT ceased to be classified as a security. It was announced on November 2022 that DOT is now considered as software. This is a feat that placed it higher in Web3 adoption.
Also, 2022 marked extensive movement through the Polkadot Ambassador Program. Over 1,600 new ambassadors joined the program signifying more growth for the multichain network.
Cover image from Pixabay, Polkadot chart from Tradingview.