August 9th Technical Analysis: Bitcoin, Ethereum & Dogecoin

Bitcoin below $44,000, ether, dogecoin also fall

Bitcoin prices fall today after surging to $45,000 level on Sunday, its highest level in more than two months

Cryptocurrency prices today were lower with the world’s largest cryptocurrency Bitcoin was trading below the $44,000 mark after surging over $45,000 level on Sunday, its highest since May 18. Bitcoin and Ether reached their highest levels in more than two months during the weekend after a major Ethereum upgrade and even in the face of uncertainty over crypto rules in the U.S. infrastructure plan.

As per CoinDesk, Bitcoin prices were trading at $43,446, down 1.5% whereas ether snapped its five-day winning streak by falling nearly 5% to $2,947. Dogecoin, on the other hand, plunged over 6% to $0.24. Other digital coins like XRP, Litecoin, Uniswap, Cardano, Stellar also declined more than 5% over the last 24 hours.

Cryptocurrencies are showing signs of life again after pulling back significantly from record highs in recent months, a setback blamed on concerns about China’s crackdown and Elon Musk-fueled questions about Bitcoin’s energy usage.

Supportive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood, as well as speculation over Amazon.com Inc.’s possible involvement in the cryptocurrency sector, had helped Bitcoin rally in recent days, it has retreated since as it comes into greater focus for regulators.

One factor still creating uncertainty: The U.S. infrastructure bill making its way through Congress, which has dueling amendments that address reporting requirements for crypto transactions and tax collection. The bipartisan group that drew up the legislation was counting on the extra tax revenue generated to help pay for some of the bill’s costs, reported Bloomberg.

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