Bitcoin Hovers Below $50,000 After CEO Testimonials and More Issues That Will Move the Crypto Market Today

Bitcoin and the cryptocurrency market as a whole are down again this Thursday (9) after breathing in at the end of yesterday amid a US Congressional hearing on digital asset regulation.

Circle CEOs Jeremy Allaire, Sam Bankman-Fried of FTX, Brian Brooks of Bitfury, Charles Cascarilla of Paxos, Alicia Haas of Coinbase, and Denelle Dixon of the Stellar Development Foundation responded for nearly five hours to questions from 40 members of the US Congress about Stablecoin weights and crypto use cases.

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The letters, especially those that include calls for greater regulatory clarity, were initially viewed as positive because they indicated that US regulators were willing to set specific rules for the sector, without adopting existing rules for banks and financial markets.

However, prices fell again at the opening of the Asian markets. 7:04 a.m. bitcoin (BTC) fluctuates back below $50,000 after flirting with $51,000 yesterday, trading at $49,181, down 2% from today.

On the other hand, technical indicators of a digital asset point to the highest oversold level since September this year, when the cryptocurrency rebounded from $43,000 to $67,000 in 20 days. The Fear and Greed Index, which measures market sentiment, is at its lowest level since its July low, when BTC was valued at $30,000. According to analysts, the important thing at the moment is to keep the price above $46,000.

Most of the cryptocurrencies with the highest market capitalization are following the same trend as Bitcoin, but at a lower rate of decline. ethereum (ETH) gives 0.6% to $4,316 and for Cardano (There is) increased by another 0.9% and operates at $1.37 – however, their losses have already exceeded 11% in their cumulative result for the week.

Earth (Luna), a rival to Cardano and Ethereum, is on the rise and ranks 10th in the global ranking of cryptocurrencies by market capitalization, ahead of Dogecoin (dog), Shiba Inu (graying) and avalanchefax). The asset with its own stablecoin, UST, is up 10% today and has accumulated 35% in the last month.

Among the top 100 cryptocurrencies, the highlight today is the Near Protocol (near), which rose by 18% after it was launched on the MoonPay platform, which has more than five million users. Crypt of Gala Metaverse (expensive(Advances 12.5% ​​and Celo)brow) follows the same path, rising 11.6% today after being chosen by the virtual service Kickstarter to serve as the basis for creating a decentralized blockchain version.

On the negative end, today’s worst results are from Bittorrent (BTT) and Spell Token (SPELL), which corrected between 11% and 12% after yesterday’s rally. Bitcoin SV (BSV) lost 10.4% even after its founder, Craig Wright, won a court battle in the US over the true identity of Satoshi Nakamoto, the inventor of Bitcoin.

Check out the performance of the major cryptocurrencies at 7:04 AM:

Cryptocurrencies with their highest levels in the last 24 hours:

Cryptocurrencies with the highest losses in the last 24 hours:

Check out how the cryptocurrency ETFs closed in the last trading session:

Check out the main news from the cryptocurrency market this Thursday (9):

Kickstater announces blockchain decentralization plan

service crowdfunding Kickstarter has announced the creation of a new company focused on creating a decentralized platform using the Celo blockchain.

The goal is to create an open source protocol that leads to a decentralized version of the virtual Kitty function so that as many people as possible can vent to their creative projects, the company said in a statement on Wednesday (8).

The Celo Blockchain was chosen for its “efforts to reduce environmental impact (and focus on global accessibility through mobile access to the blockchain).”

According to Bloomberg, development of the new protocol will begin in the first quarter of 2022. Later next year, once the new platform is ready, Kickstarter plans to migrate its existing website to the new platform.

Bitcoin mining recovers from Chinese ban

Bitcoin’s hash rate, the rate that measures the computing power assigned to the cryptocurrency network, has almost fully recovered from levels in May, before China banned mining in the country and forced a mass exodus of companies operating in the sector.

At the time, there was strong skepticism in the crypto industry about how to restructure the mining network, considering that more than 70% of the computing power securing the blockchain came from Chinese miners. According to data from BTC.com, the global average halved between May and June, but recovered from there.

Since then, countries like Kazakhstan and the United States have become alternative locations for miners, the former with cheap energy, and the latter with renewable energy and other business incentives. This week, the hash rate finally approached its May peak, registering 182.83 EH/s, just below the 190.55 EH/s seen seven months ago.

The increase in the number also indicates greater interest by companies in bitcoin mining, an activity that is rewarded with 6.25 bitcoins every 10 minutes. Meanwhile, weekly reports from analysis house Glassnode indicate that miners are among the holders of the cryptocurrency that has reduced the liquidation of assets in the market. Historically, the behavior indicated a bullish price outlook.

Cryptocurrency CEOs Call for Lax US Regulation

Active crypto executives called for the adoption of lenient regulation during a hearing at the US Congressional Financial Services Committee yesterday.

Executives from Circle, FTX, Bitfury, Paxos, Coinbase and the Stellar Development Foundation were invited to give their opinion on creating a regulatory framework for the sector. For nearly five hours, they answered questions from 40 US lawmakers about stablecoin support and crypto use cases, as well as the effectiveness of proof-of-stake.

Former head of the OCC (Office of the Comptroller of the Currency) and current Bitfury CEO Brian Brooks said he advocated creating a pro-crypto environment in the US and blamed the US Securities and Exchange Commission (SEC) for blocking approval. For crypto-based financial products, such as the Bitcoin spot ETF.

The testimonials were considered positive and indicated that the cryptocurrency industry should not be forced to follow the same rules as the financial market and banking.

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