Crypto currencies drop, with bitcoin slightly above $43,000

Bitcoin prices were trading at $43,446, down 1.5% whereas ether dropped nearly 5% to $2,947

Bitcoin is slightly lower Monday morning, trading slightly above the $43,000 level.

The price was hovering about $43,715 per coin early Monday, while rival crypto currencies Ethereum and Dogecoin were trading around $2,940 and 24 cents per coin, respectively, according to Coindesk.

In a note last weekend, Matt Maley, chief market strategist at Miller Tabak & Co., pointed to the 200-day moving average as bitcoin’s next key level, and said if it breaks that level it should be very bullish for bitcoin, shooting a lot higher rather quickly.

As per Fintech Zoom, 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.

On Saturday, bitcoin hit its highest point in nearly three months before paring back some of the weekend’s gains.

Prices have since cooled and are down around 3% on a 24-hour basis after reaching a top of $45,200 late Saturday night and into Sunday morning. Bitcoin is changing hands for around $43,695.

In other crypto news, on Thursday, President Biden distanced himself from a proposal by Finance Committee Chairman Sen. Ron Wyden and other senators aiming to loosen proposed regulations on certain cryptocurrency reporting requirements as part of the bipartisan infrastructure bill.

Wyden joined senators Pat Toomey and Cynthia Lummis opposing proposed language they said would stifle innovation and impose burdens on people like Bitcoin miners that would be difficult to comply with. The trio of senators offered an amendment on the issue.

But the authors of the bill Sens. Kyrsten Sinema Rob Portman and Mark Warner wrote a counter-amendment that was more in line with Biden’s plan, and he endorsed it.