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Bitcoin, Ethereum, Dogecoin Witness Pullback After Strong Rally: Analyst Says Stablecoin Growth Key To Bitcoin Hitting New All-Time Highs



Bitcoin (BTC) Breaks Below $40K
The world's largest cryptocurrency, Bitcoin (BTC), broke below the key support level of $40,000 on Thursday, falling as low as $38,000 before recovering slightly. This decline came after a period of consolidation above $40,000, and many analysts believe it was a healthy correction after the recent rally from $30,000 to $42,000. However, some traders are still cautious, as the technical indicators show a potential for further downside.

Ethereum (ETH) Dips Below $2,800
The second-largest cryptocurrency, Ethereum (ETH), also saw a dip in price, falling below the $2,800 level on Thursday. This drop came after a strong rally from $2,000 to $3,000 in just a few weeks, and it could be viewed as a natural pullback. However, some investors are concerned about the upcoming Ethereum upgrade, which could potentially disrupt the network and lead to increased volatility.

Altcoins Follow Suit
Along with Bitcoin and Ethereum, altcoins also saw a correction on Thursday. Many of the top altcoins, such as Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE), saw double-digit percentage drops. This is not uncommon in the cryptocurrency market, as altcoins tend to follow the price movements of Bitcoin and Ethereum.

Twitter Buzzing with #Crypto and #Bitcoin
Despite the correction in prices, the cryptocurrency community on Twitter remained active and engaged. The hashtags #Crypto and #Bitcoin were trending throughout the day, with users discussing the latest market movements and sharing their opinions on the future of the industry. Some users saw the dip as a buying opportunity, while others saw it as a sign of a potential bear market.

Legislation Boosting Sentiment
While the market may have seen a correction, the overall sentiment in the cryptocurrency space remains positive. This is due in part to the passing of pro-crypto legislation in the House and Senate. The legislation, which is part of the larger infrastructure bill, includes provisions to clarify the tax reporting requirements for cryptocurrency transactions and to establish a framework for regulating the industry. This is seen as a major step forward for the mainstream adoption and acceptance of cryptocurrencies.


Sentiment Result : Neutral

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