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A House-originated stablecoin regulatory framework bill has also stalled after passing the Financial Services Committee in July 2023.
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The House passed the crypto regulatory-defining Financial Innovation and Technology for the 21st Century Act (FIT21) in May, but it stalled in the Senate banking committee, which Scott will now chair.
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In October, Hill said he was optimistic that a crypto regulation bill and a stablecoin bill could move forward in Congress before the end of this year. If that doesn’t happen, he and Scott now hold more sway to push them through in 2025.
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Hill formerly chaired the committee’s digital assets subcommittee and now takes over from the staunchly pro-crypto McHenry, who announced in December 2023 that he wouldn’t seek reelection after 20 years in office.
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“Now Alts is getting slammed while $BTC chops,” the trader said, adding that the funding rate is getting healthier across the board.
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Similarly, Reetika, an anonymous trader, indicated that the current altcoin dump is a delayed reaction to BTC’s leverage flush last week when the altcoin managed to avoid a correction.
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Jacob Canfield, an independent trader, retained an optimistic outlook about the current situation and highlighted that the funding rate for ETH is coming down to “near neutral.”
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Felix Hartman, managing partner at Hartmann Capital, said earlier last week,
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In light of the liquidations, one of the major reasons for the current drawdown is a marketwide funding rate reset for altcoins. Last week, Bitcoin’s flash crash to $90,800 reset its funding rate by 80%, but most altcoins continued to display high funding rates.
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Data from CoinGlass highlighted that Ether’s bearish drawdown was coupled with significant liquidations. Over the past 18 hours, over $44 million in leveraged positions have been liquidated, with $42 million in long positions swept out.
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Alternatively, a break and close below the 20-day EMA will suggest that the bulls are losing their grip. The pair may then slump to $38.
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If sellers sustain the price below $51, the AVAX/USDT pair could drop to the 20-day EMA ($46.18). A strong bounce off the 20-day EMA will signal buying on dips. The bulls will then make one more attempt to push the pair above $56. If they do that, the pair may climb to $60 and subsequently to $65.
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On the downside, sellers will have to sink the price below the 20-day EMA ($1.05) to gain the upper hand. The pair could then plunge to $0.87. Such a deep fall could delay the start of the next leg of the uptrend.
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Buyers will have to drive the ADA/USDT pair above the $1.25 to $1.33 resistance zone to signal the resumption of the uptrend. The pair could surge to $1.64, which is expected to act as a stiff resistance.
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