On November 25 in Chennai, the minister gave a speech at a meeting called “TN Web3 – Build Ahead.” The Electronics Development Corporation of Tamil Nadu (Elcot) and the industry put on the forum.

Any new business will need people who are good at what they do and a government that is open to everyone. The minister said that Tamil Nadu has both and that the government is ready to help the state become the Web3 capital of the world in any way that is needed.

“The government is trying to get all big companies to join the Web3 space. We are leading the way toward a new kind of data-driven, open, and effective government. He said, “We want everyone in the ecosystem to be a part of it, and the government will support all good ideas and work.”

The meet-up was planned as a thought leadership event to help set up Web3 hubs that are healthy and sustainable and could hire more than 10,000 people each year. Aside from that, it was supposed to look at the rapidly changing technologies and projects in blockchain and decentralized financial systems.

The managing director of ELCOT, Ajay Yadav, thinks the colloquium is the first step in making something big happen. It’s a good idea to make it easier for the private sector and the government to talk to each other. Also, doing this will help keep an atmosphere that encourages new ideas alive.

The CEO of Giottus, Vikram Subburaj, explained what was going on and how the Internet got to where it is now, Web3. Web3 is the next generation of the Internet, and many big companies are already investing in related projects.

During the different parts of the event, speakers with a lot of knowledge talked about various subjects. Both Madhan Karky, a lyricist, and Pradeep Kumar, a singer, spoke about how they use Web3 and the metaverse in their work as artists.

What exactly does that mean?

People thought on Sunday that the BTC/USD pair would quickly find support near $16,560. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are in the oversold zone. This means that the price of Bitcoin could shoot up to $17,000, which is the 23.6% Fibonacci retracement level. Many people on the market think that the BTC/USD pair will hit a new low of $12,000 or less during this cycle. On the other hand, only some people are pessimistic about Bitcoin’s future.

Even though Bitcoin is down more than 70% from its all-time high, people who have been holding it for a long time are fighting the urge to sell. At the same time, “short-term speculators” are suffering a lot because of what has been happening with market prices. In light of this, Pull said that “positive” things about the economy as a whole would help it get better.

Others have also told people to be patient because the BTC price has recently changed. For example, the MVRV-z score of Bitcoin showed that it was a real currency. It shows, in standard deviations, the ratio of the market capitalization to the realized capitalization.

At first, Dilution-proof called this measurement “Market-Value-to-Realized-Value Temperature” (MVRVT). When this article was written, the charts that went with it showed signs of a traditional bear market bottom. Along with this is Dilution-proof, which indicates that Bitcoin “is just doing what it does at this post-halving date almost every cycle.”

“Bitcoin miner capitulation” is when miners turn off ASICs that aren’t making money and sell some of their Bitcoin reserves to pay for expenses. Capriole Investments says that a floor price happens when miners stop mining just as the hash rate starts to improve. More miners gave up on November 28. If the analysis is correct, this will put Bitcoin’s bottom at about $16,915. This is because, since November 28, the hash rate has been going up.bitcoin trader is the official trading website for Bitcoin and other cryptocurrencies.

Conclusion

Even though there are technical signs of a bull market, it will only move into a classic bull market once it gets a critical on-chain signal. Bitcoin and other cryptocurrencies are getting more and more pressure because of the constant panic in the market. Several pieces of information suggest that Bitcoin may be nearing the end of the process of bottoming. Even though the needs are still very tied to stocks and affected by changes in the macroeconomic environment, this is still the case.