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Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
Once again, the price of Bitcoin has crossed the $42,000 mark. There was an increase in the value of Ethereum and XRP, with the latter moving approaching a value of USD 0.75. LUNA and STX each gained more than 4% in one hour.
Before moving higher, Bitcoin's price remained in a bearish zone below the pivot level of USD 42,500 and traded as low as USD 41,500. The $42,000 degree is presently being screened once again at 11:57 UTC.
Most of the big altcoins are also trying to recover from their recent losses. The value of ETH has fluctuated between USD 3,050 and USD 3,120 in the last few days. XRP has recovered some of its losses and is currently aiming for a price of USD 0.750.
Before making a comeback, ADA traded as low as USD 1.40. After a small change, the total market capitalization cost of bitcoin began a new decline below USD 42,200. Even the USD 42,000 support level was breached by BTC.
A decline below USD 41,500 was evident, but the bulls were able to keep the price above USD 42,000 after it dropped below USD 41,000.
The next significant resistance level on the upside is about USD 42,500, above which the price might begin an upward trend. The price of Ethereum likewise followed a similar pattern, dropping below USD 3,120 before rising above USD 3,050.
When it breaks above USD 3,200, the price is likely to begin a continuous ascent. The price is now hovering around USD 3,120.
When Cardano (ADA) fell below USD 1.50, the rest of the major cryptocurrencies, including BNB, SOL, DOGE, and XRP, followed suit. Even though it has rebounded from the USD 1.40 level, it is still down more than 4%.
The price could go to as low as USD 1.32 if further losses occur. Even though BNB was descending towards the USD 450 support level, the bulls were able to protect this level, and the price is now nearing USD 465.
Prior to moving higher once more, Solana (SOL) fell below the USD 140 help area, even aiming at the USD 132 support level. However, the bears may continue to operate around USD 145, which is good news. The price of DOGE fell below the USD 0.165 resistance level.
USD 0.160 is the next critical level of support. If the price falls beneath USD 0.160, it could move down to the USD 0.150 level.
In spite of this, DOGE is striving to recover and is once again approaching the USD 0.165 level. Also, the XRP value is hovering around the USD 0.75 mark as it tries to recover.
Near the USD 0.720 degree, there will be the next big aid. Bears may potentially test the USD 0.700 level if they continue to behave. QNT, ICP, ONE, KDA, and UNI are among the several cryptocurrencies currently trading at a loss of over 6% in the market.
LUNA, on the other hand, rose by 5%, crossing the USD 80 level and increasing its weekly gains to 9%. As a result, STX surged 12 percent, breaking above the USD 2.20 milestone and also boosting its weekly gains to around 6 percent.
To sum up, the bitcoin rate is striving to recuperate above the USD 42,000 mark. If Bitcoin does not rise again and falls below USD 40,000, there is a risk of a more severe decline.
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