Cryptocurrencies on December 16

Bitcoin is the number one cryptocurrency in terms of market capitalization. Cryptocurrencies are becoming more popular around the globe.

Recently, Bitcoin was unable to strengthen its position. The price declined below the $7,200 resistance level. Moreover, Bitcoin’s price fell below $7,080 support area against the U.S. dollar. This trend continued as the price reached the lowest level since the beginning of the month when the price fell to $7,008.

Hopefully, Bitcoin started to recover, and right now, Bitcoin’s price is $7.065. However, it is struggling to remain above the $7,000 support area. It is worth mentioning that Bitcoin has to overcome the resistance level above $7,200. Otherwise, there is a risk that price might decline below $7,000 support area.

Mark Cuban and cryptocurrencies

As mentioned above, Bitcoin is the world’s biggest cryptocurrency. Its price doubled over the last 12 months. However, Bitcoin has to deal with a lot of problems. As in the case of other cryptocurrencies, gaining recognition from the regulators remain one of the most important problems.

Technology Billionaire and the owner of Dallas Mavericks mentioned the major issue, which is the crypto adoption. According to Cuban, it is possible to overcome all of the problems but to accomplish this goal people should start using this technology.

The gift from the Venezuelan government

President of Venezuela Nicolas Maduro announced that Venezuelan citizens would receive 0.50 Petro token from the government.

Everyone who would like to receive the giveaway amount, which is equivalent to $30, must register on the platform called PetroApp. This platform is a digital wallet; it is possible to buy and sell Petro and other cryptocurrencies by using PetroApp.

It is worth mentioning that it is not the first time when the government of Venezuela decided to use the national cryptocurrency. Maduro used Petro to make pension payments instead of the fiat currency through the Patria system.