In Tuesday trade, the cryptocurrency market was uneven due to profit booking in the major crypto assets. Bitcoin, Ethereum, Solana, Cardano, and Tron were down, while BNB, XRP, Dogecoin, Chainlink, and Toncoin were up.

Bitcoin traders were selling their positions because they were unable to match the margin requirements when the Bitcoin process rose and then fell in a short period of time after Bitcoin ETF listings. Because of the macroeconomic conditions, the market is projected to remain volatile in the next weeks.

Bitcoin (BTC) was down 0.6% at $42,667, while Ethereum (ETH) was down 1.6% at $2,513 at the time of writing. Altcoins such as Toncoin and BNB, on the other hand, increased by 13.2% and 4.5%, respectively.

The price of Bitcoin fell to surprising lows following the approval of the spot ETF, but the bullish performance of altcoins may indicate an early reversal. The excitement surrounding spot Bitcoin exchange-traded funds was palpable, but the lack of a dramatic upward surge may have led traders to take profits. As a result, the price fell sharply to $41,500.

Bitcoin’s price action has been turbulent recently, and the struggle to sustain prices over $48,000 may have encouraged short-term traders to book profits, resulting in a significant drop on January 16. The 20-day exponential moving average ($43,933) is beginning to fall, and the RSI is just below the midway, indicating that bears are trying to make a comeback.

The crypto market was calm during the weekend, with modest trade volume. From a technical standpoint, BTC fell to $42,000 levels after achieving a new high of $49,000. As it trades below the 20 EMA Daily, it appears bearish to neutral. The current level, as well as the $41,000 level, must be maintained for BTC to avoid a negative scenario.

Following a significant gain, ETH has demonstrated relative strength over BTC in recent days. ETH is currently consolidating, which is considered a positive pattern. The important level for ETH is $2,450, and it must remain above it. ETH’s local resistance level is $2,660.

In the latest 24 hours of trading on Tuesday, the global cryptocurrency market cap declined 0.32% to roughly $1.68 trillion.

Bitcoin presently has a 49.78% market share. BTC volume increased 17.5% in the last 24 hours to $19.84 billion.

The Financial Intelligence Unit has issued a show cause notice to nine offshore cryptocurrency exchanges for allegedly operating unlawfully in India by failing to comply with the country’s anti-money laundering statute.

In Short

• The FIU has served notice on nine offshore cryptocurrency exchanges.
• MeitY has been advised by the FIU to block the URLs of the nine bitcoin exchanges.
• The nine cryptocurrency exchanges were shut down for failing to comply with India’s anti-money laundering legislation.

The Indian Finance Ministry’s Financial Intelligence Unit (FIU) has issued a show cause notice to nine offshore cryptocurrency exchanges and asked the Ministry of Electronics and Information Technology (MeitY) to block their URLs in India. The action was taken due to apparent noncompliance with Indian anti-money laundering legislation. According to the FIU notification, these nine cryptocurrency exchanges, which include Binance and Kucoin, have been operating unlawfully in India. Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex are among the nine exchanges that have received the show cause notice.

“As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA),” according to the show cause notice.

Quick take on the cryptocurrency price on December 6: The worldwide market capitalization increased to $1.58 trillion.

Despite small losses for top coins, Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, remained above the $42,000 mark early Monday. Popular altcoins suffered slight drops across the board, including Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE). According to CoinMarketCap statistics, the market fear and greed index was at 80 (extreme greed), indicating a positive attitude towards crypto coins as everyone seemed to be cashing in on the festive season surge. Helium (HNT) was the biggest winner, while Flow (FLOW) was the biggest loser.

At the time of writing, the worldwide crypto market cap was $1.58 trillion, representing a 3.40 percent drop in a 24-hour period.

Bitcoin Price Today
According to CoinMarketCap, the price of bitcoin was $42,444.70 after a 3.14 percent drop in the previous 24 hours.

Ethereum Price Today
At the time of writing, the price of ETH was $2,253.64, representing a 4.13 percent 24-hour loss.

Dogecoin Price Today
DOGE fell 1.10 percent in a 24-hour period, according to CoinMarketCap data, and is now worth $0.09886.

Litecoin Price Today
Litecoin fell 4% in a 24-hour period. It was trading at $74.07 at the time of writing.

Ripple Price Today
The price of XRP was $0.6297 after a 5.32 percent decline in 24 hours.

Solana Price Today
The price of solana was $71.82, a 1.40 percent drop in a 24-hour period.

A new survey by digital asset management company Bakkt has revealed that 50% of gig workers are comfortable with receiving part of their pay in cryptocurrency, while 38% said they might consider earning their entire paycheck in digital assets.

Bakkt Chief Product Officer Nicolas Cabrera commented on the survey results, which clearly showed that cryptocurrencies are attractive among gig workers, saying:

“While this group could benefit from a better understanding of how cryptocurrencies can be used, ride-hailing drivers, food delivery drivers and other gig workers are citing crypto as the next generation of currency and are attracted by the potential increase in the value of their pay.”

The study asked 1,018 gig workers from across the US during June and July 2022. The aim of these questions was to reveal the acceptance of cryptocurrencies, the sentiments and opinions of the participants towards payments through cryptocurrencies.

Cryptocurrency Preferences
Among the 50% who said they would be willing to take part of their salary in cryptocurrency, freelancers (writers, developers, designers, etc.) have the highest willingness rate at 62%. Passengers (52%) and grocery shoppers (55%) follow.

Participants gave different answers to the question about the part of the salary paid in cryptocurrencies. 31% of gig workers said they would prefer 20% or less of their paycheck to be paid in cryptocurrency. 34% said they would be comfortable with 20-40%, while 21% said they would prefer to receive 40-60% of their income in cryptocurrencies.

Crypto appeal
The survey also explored why participants preferred crypto payments. Almost half of participants (49%) said the potential increase in salary value is the most compelling reason to get paid in cryptocurrency, despite the current bear market.

Another 26% said they preferred crypto payments because they were issued instantly. On the other hand, almost one in ten (11%) said they see cryptocurrencies as a long-term investment plan for retirement.

According to the numbers, more than half of gig workers said their income was sufficient to meet their living needs, as opposed to a “nice to have” income. Given how they perceive their gig work, their willingness to be paid in cryptocurrency indicates a significant level of acceptance among gig workers.

Crypto barriers
The most significant barrier against crypto payments appeared in education, at 48%. Only 33% of participants rated their knowledge of cryptocurrencies as above average or very high, while almost a quarter (26%) said they were more familiar with traditional investment tools.

Another significantly highly rated barrier emerged with 34% of participants reporting that they still had to pay bills in USD. Another 33% said cryptocurrencies are too volatile and they don’t want to risk having their payout cut.

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