DOGE and BTC recover after a short Sunday sell-off while traders seem to now be buying more as we can see more in our latest altcoin news today.
DOGE and BTC recover after they lost over 5% each Sunday night after the brief sell-off on the market and they regained most of the losses at press time but futures traders were left nursing millions of dollars in the losses. BTC dropped by $2000 in a few hours from $41,500 to under $39,2000 closing under its 34-period exponential moving average and primed for a continued downtrend but it was aggressively brought up these levels and regained the $40k this morning but the move saw a sell-off in other large-cap cryptocurrencies. DOGE dropped nearly 6% while ADA, XRP, and LINK dropped a couple of percent each. ETH and BCH on the other hand remained stable and falls barely over a percent before getting bought up.
The spot movements were followed by the over-leveraged futures traders succumbing to the tame carnage and the data from market tool byBt showed $400 million were lost to the liquidations in the past 24 hours with BTC traders losing more than $178 million of the amount alone. $122 million were lost in the ETH trades, $22 million in XRP, $6 million DOT, $4.61 million of DOGE followed by their own liquidation figures. The downward price moves came after the reports of regulation involving crypto in the US went around a day ago. This invovle possible taxation of crypto trades and businesses to raise the tax revenue and help fund the new Infrastructure Deal and bringing the market under more scrutiny from the IRS. An analyst at Beacon Policy Advisors noted:
“Lawmakers and regulators are taking cryptocurrency concerns seriously and seem poised to make sustained efforts on multiple fronts to bring it out of the shadows. Regulation is coming for the industry.”
In the meantime, the industry saw some untoward comments from US officials over the past week. Senator Sherrod Brown who is a Democrat of Ohio noted:
“There’s nothing ‘democratic’ or ‘transparent’ about a shady, diffuse network of online funny money. After a decade of experience with these technologies, it seems safe to say that the vast majority haven’t been good for anyone but their creators.”
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