Veterans to the space have seen the bitcoin price periodically crash down to severe levels, only to surge back up. Now, less-steeled newcomers to the cryptoverse are hoping the bleeding is over in the current crash as double digit price gains are pushing the top cryptocurrencies into less oversold ranges.
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Back to Green … For Now
It’s best not to count your chickens before your eggs hatch. At the end of the day, there’s no telling whether the historic cryptoeconomy market crash that’s rocked the ecosystem over the past few days is officially over.
But the bulls are starting to peak their heads out again on February 7th, as buying pressure is starting to return to exchanges. Accordingly, the bitcoin price surged up approximately $2,500 USD at press time after bottoming just below $6,000 only one day prior.
The bitcoin price is now hovering around $8,300.
Looking at the other top cryptocurrencies per market cap beyond bitcoin, everything’s fairing similarly well acutely. Between ether and litecoin, everything is up double digit percents except Cardano (ADA), which is tracking closely behind.
U.S. Senate Hearing Warms Investors
Things had become a bit dreary in the cryptocurrency ecosystem over the past several days, as calls of “doom” and “bubbles bursting” reached a fever pitch in the bearish downturn.
But yesterday’s first official hearing on cryptocurrencies in the U.S. Senate seemed to be a smashing success, relatively speaking. Commodities Futures Trading Commission (CFTC) Chairman became a darling of crypto enthusiasts in repeatedly defending cryptocurrencies and in saying his children all own bitcoin.
Virginia Senator Mark Warner also noted his belief that the overall cryptoeconomy’s market cap could surge into the trillions of dollars.
It’s bullish comments like these that have sidelined investors all over the world feeling better about buying back in.
What’s your take? Do you think the crash is over, or is there more short-term choppiness ahead? Sound off in the comments below.
Images via CoinMarketCap, The Verge