Cryptocurrencies Struggle After Initial Weekly Gains; Losses Seen After Congressional Hearing On Crypto

Cryptocurrencies which at the start of the week showed resilience after a brutal sell off seen over the last weekend wherein Bitcoin at one point in time lost close to 1/5th of its value has again been seen struggling today. At around 10:.33 pm (IST), bitcoin as per Coindesk quotes down by over 3 percent below $50 K at $48.67K.

Among other notable cryptos compiled as The Coindesk 20 by the platform all but Ripple and USD Coin traded in the green. The losses in the cryptos over the 24 hour period have been up to 11 percent as in the case of Polygon. This is after the token scaled up to a massive 40 percent on the previous day on resilience in the crypto segment as a whole.

Congressioal hearing on cryptocurrencies seen to be the dampener for cryptocurrencies

As per a Coindesk report, weakness in the most popular and largest token by m-cap persisted today after representatives from six leading crypto entities confronted the U.S. Congress' Financial Services Committee- the Committee overseeing all components of the nation's housing and financial services sectors.

In the hearing that is deemed as the longest till date congressional hearing concerning crypto, policymakers went on to ask questions on specific topics such as stablecoin backing , use cases of crypto etc.

Last, the Ethereum crypto that falls next to Bitcoin in m-cap and is seen to overpower Bitcoin in due time given its use cases also was weak by over 4 percent at $4223.

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