- 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.