- Cryptocurrencies suffered acute declines on Sunday before finding credible support.
- US Senate committee to hold hearings on the framework cryptocurrency regulations.
The cryptocurrency market is largely in the red on the first day of the week’s trading. Bears ravaged thought key support levels with most digital currencies unable to find balance on Sunday. The correction from the highs posted on Saturday is having the majority of investor question if the market is manipulated. However, one apparent thing is that volatility is extremely high at the moment.
As reported by FXStreet, the US Senate Committee On Banking, Housing, And Urban Affairs is expected to hold hearing starting tomorrow to discuss the regulation from for digital assets. The hearings comes a couple of weeks after holding hearings for Facebook’s Libra crypto project. We will keep our readers update on the events of the hearings.
Bitcoin market update
Bitcoin flash dropped from highs above $10,200 to a devastating low at around $9,300. An immediate bounce occurred towards $9,800. However, a high formed at $9,721 on Monday. As discussed earlier today, Bitcoin is relatively oversold and could soon be correcting higher. There is a considerable distribution of support areas starting with $9,400, $9,300 and $9,000.
Ethereum market update
Ethereum, a crypto that is gradually establishing itself independent of Bitcoin was caught up in the tailwind. The crypto plunged from highs around $222 taking a pit stop pat $202. However, the sellers continued to milk the bullish well dry forcing declines under $198. The reliable support at $197 gave ETH a boost. ETH/USD touched at $215 but dived back to $206. For now, Ethereum is struggling to shake off the bear pressure at $209.
Ripple market update
Ripple in an open letter told the US Congress not to paint all cryptocurrency projects with one brush. This follows the hearings for Facebook’s Libra that revived a fresh look into crypto regulation.
Meanwhile, XRP is trading at $0.3083 after failing to make headway above $0.3200. Besides, the buyers are fighting to correct the 1% loss on the day. Over the weekend, XRP/USD dipped under $0.30 as reported by FXStreet. With the recovery hampered, the best the bulls can do is defend $0.30 support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin rebounds as South Korea martial law proves short-lived
Bitcoin recovers slightly, trading above $96,000 on Wednesday, after its recent dip on Tuesday due to the political strife in South Korea. With the crisis seeming to be mostly over, BTC recovered more as the reversal of the martial law restored confidence in crypto markets.
Curve DAO price surges above $1, highest level since April 2023
Curve DAO extends gains by more than 30% on Wednesday, rallying 70% so far this week and reaching levels not seen since April 2023. On Tuesday, the announcement of CRV’s scrvUSD stablecoin launch on the Spectra ecosystem fueled the ongoing rally.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptomarket stabilizes after South Korea reverses martial law
Bitcoin hovers near $95,700 on Wednesday, signaling potential weakness as technical indicators suggest a decline, while Ethereum and Ripple stabilize near key levels, hinting at a possible rally following South Korea's reversal of martial law.
Ripple's XRP sees over $4 billion in profit-taking following surge in whale activity
Ripple's XRP is down 5% on Tuesday after news of South Korea declaring martial law sparked a surge in selling activity and significant profit-taking among investors. However, whales have stepped up buying pressure as the remittance-based token looks to stage a recovery.
Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.