Bitcoin, Binance Coin, Solana and Chainlink Daily Price Analysis – December 16 Morning Prediction

by James · December 16, 2022

The global crypto market has seen a negative trend in recent hours. The performance of Bitcoin, Binance Coin and others shows that there has been no improvement. Instead, the market has faced a continuous negative change that has affected capital inflows. There has been a significant influx of capital due to the reduced gains. Since the market has faced a bearish trend, there is a likely chance of further losses.

The chairman of the House Financial Services Committee wants to expand crypto tax reforms. The chairman of the HFSC, a leading Republican, has asked the Treasury Department to delay enforcement of crypto tax provisions in the Infrastructure Investment and Jobs Act. He has asked for a postponement until there is clear information about who is covered by this legislation. Rep. Patrick McHenry has published a letter asking for a delay in the implementation of the tax provisions.

He is currently the committee’s ranking member and will soon be its leader when the GOP takes control of the US House of Representatives. The change will take place in the new Congress during the coming month. He believes that taxpayers should be informed in advance before implementation. McHenry stated that there are some doubts that need to be addressed.

Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin and others.

Table of Contents

BTC is trading at $17K

Bitcoin miner Core Scientific is in profit as a result of the new announcements. The share price of the aforementioned company has doubled as a result of $72M funding. The aforementioned exchange struggled for life as the value of Bitcoin continued to fall.

BTCUSD 2022 12 16 17 37 08 — Source: TradingView

The latest changes for Bitcoin show the continuation of the losses. The latest data shows that it has gone down 3.94% in the last 24 hours. The seven-day data for Bitcoin shows a loss of 1.32%.

The negative trend has brought the BTC price value to the $17,019.43 area. The market value of Bitcoin is estimated to be $327,375,949,110. The 24 hour trading volume for Bitcoin is approximately $23,321,325,063.

BNB remains bearish

Although there have been rumors about the collapse of Binance, FUD has come to an end. CryptoQuant has verified Binance’s reserves and reported no FTX-like behavior. The news has come as a breath of fresh air for Binance, which faced heavy pressure.

BNBUSDT 2022 12 16 17 37 30 — Source: TradingView

Binance Coin has also been at its lowest level as a result of the recent losses. The latest data shows that it has fallen 5.30% in the last 24 hours. The seven-day data shows that it has declined by 13.66%.

The price value of BNB is currently in the area of $251.19. The market cap of this coin is estimated at $40,181,552,591. The 24-hour trading volume for the same coin is approximately $874,468,982.

SOL fails to regain momentum

The performance of Solana has also shown a regressive trend. The latest data shows that it has gone down 4.61% in the last 24 hours. The weekly data shows that it has decreased by 3.21%. The price value of SOL is currently in the range of $13.44.

SOLUSDT 2022 12 16 17 37 46 — Source: TradingView

The market value of Solana is estimated to be $4,926,524,755. The 24-hour trading volume for this coin is approximately $252,420,788. The same amount in its original currency is approximately SOL 18,790,385.

LINK sees downward trend

Chainlink has seen a downward trend as the market remains unfavorable. The latest data shows that it has declined by 5.52%. The weekly performance shows a loss of 11.17%. As negative changes continue, the price value of LINK has dropped to the $6.25 area.

LINKUSDT 2022 12 16 17 39 03 — Source: TradingView

The market cap of Chainlink is estimated at $3,173,689,661. The 24 hour trading volume for this coin is approximately $220,914,375. The circulating supply of the same coin is approximately 507,999,970 LINK.

Final thoughts

The global crypto market has seen a trend of losses in recent hours. The performance of Bitcoin, Binance Coin and others shows a continuous decline. As the negative trend has continued, the market has struggled with capital inflows. The increase in outflows has affected the global market value. The latest data shows that it is estimated at 837.34 billion dollars.