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Crypto News Today: Dogecoin Strikes $0.1063 on 10th Anniversary

By:
Bob Mason

On Wednesday, the crypto market reacted to a JPMorgan CEO Jamie Dimon rant on Capitol Hill. BTC-spot ETF optimism remains a tailwind.

Crypto News Today

In this article:

Key Insights:

  • BTC ended a five-day winning streak on Wednesday, falling by 0.71%.
  • Anti-crypto rhetoric on Capitol Hill left BTC and the broader market in negative territory.
  • DOGE bucked the trend, with DOGE hitting $0.10 for the first time since February 2023.

Bitcoin

On Wednesday, bitcoin (BTC) declined by 0.71%. After a 4.94% rally on Tuesday, BTC ended the session at $43,793. Significantly, BTC ended a five-day winning streak.

Anti-crypto rhetoric from Capitol Hill tested buyer appetite on Wednesday. JPMorgan Chase (JPM) CEO Jamie Dimon grabbed the news headlines after a tirade during a Senate Committee hearing. Addressing Senator Elizabeth Warren, the JPM CEO tirade revealed the fear level on Wall Street about the possible impact of crypto on the banking industry, saying,

“I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out that the only true use case for it is criminals, drug traffickers, anti-money laundering, and tax avoidance. That is a used case. Because it is somewhat anonymous, not fully, because you can move money instantaneously because it doesn’t go through, as you mentioned, all these systems built up over many years. Know Your Customer, Sanctions, OFAC, they can bypass all of that. If I was the government, I would close it down.”

While Jamie Dimon grabbed the news headlines, US House Committee on Financial Services Chair Patrick McHenry announced his retirement. The crypto advocate will step down at the end of his current term. Senator Cynthia Lummis responded to the announcement, saying,

“Patrick McHenry has honorably served the people of North Carolina’s 10th district and has been a champion of financial innovation as the chair of the Financial Services Committee. I appreciate the work we’ve done together on crypto and look forward to passing meaningful crypto legislation in 2024.”

Senators Cynthia Lummis and Kirsten Gillibrand filed the Lummis-Gillibrand Responsible Financial Innovation Act in June 2022. Progress toward legislation that drives innovation but protects investors could be a boon for BTC and the broader market.

DOGE Hit a Wednesday High of $0.1063

On Wednesday, dogecoin (DOGE) rose by 0.74%. Following a 2.61% gain on Tuesday, DOGE ended the session at $0.0950. Significantly, DOGE struck a Wednesday high of $0.1063 before easing back.

Dogecoin celebrated its 10th anniversary in style. Transaction news contributed to the positive session. According to Whale Alert, an investor transferred 72,620,166 DOGE, equivalent to $7,178,501, from Robinhood (HOOD) to an unknown wallet.

On Thursday, DOGE was up 1.79% to $0.0967.

DOGE hit $0.1063 on Wednesday.
DOGEUSD 071223 Daily Chart

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, with the EMAs affirming bullish price signals.

A BTC break above the Tuesday high of $44,529 would give the bulls a run at the $46,400 resistance level.

The crypto news wires and BTC-spot ETF-related updates will influence investor sentiment.

However, a break below the $42,900 support level would support a fall to the $41,585 support level.

The 14-Daily RSI reading, 79.75, shows BTC in overbought territory. Selling pressure may intensify at the Tuesday high of $44,529.

BTC Daily Chart EMAs send bullish price signals.
BTCUSD 071223 Daily Chart

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, with the EMAs reaffirming bullish price signals.

An ETH move through the $2,300 resistance level would bring the $2,500 handle into play.

However, a drop below the $2,200 handle would give the bears a run at the $2,143 support level.

The 14-period Daily RSI at 66.86 shows ETH in overbought territory. Selling pressure will likely intensify at the $2,300 resistance level.

ETH Daily Chart EMAs send bullish price signals.
ETHUSD 071223 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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