Bitcoin Struggles Around $50K After Crypto CEOs Took Center Stage
  The latest moves in crypto markets, in context Edited by Bradley Keoun December 9, 2021 Sponsored by  Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Lyllah Ledesma Bitcoin (BTC) failed to hold above the $50,000 mark in the last 24 hours and is down 13% on the week.
The largest cryptocurrency was looking weak on Thursday, a day after CEOs from six major crypto firms spoke before the U.S. House of Representatives Financial Services Committee.
The hearing, which clocked in as one of the longest Congressional hearings on crypto, lasted almost five hours. Nearly 40 lawmakers asked questions ranging from specific topics like stablecoin backing to broader areas like use cases in the crypto sector.
Bitcoin and Ethereum saw significant bids being stacked up following the hearing. However, this has since slowed down according to Matthew Dibb, Stack Funds' chief operating officer.  Bitcoin price chart over the past week shows how the cryptocurrency has struggled to regain momentum above $50,000. Ether (ETH), the second largest cryptocurrency by market capitalization, was trading in the green, around $4,295 at press time, down 0.31% over the past few hours.
All eyes are currently on the ETH/BTC trading pair, according to Dibb. That's the ratio between prices for ether and bitcoin, and it's used to track the relative strength between the two cryptocurrencies.
The ratio rose even when the market crashed last weekend, rising around 13%, reaching a 3 1/2-year high and registering its best weekly performance since May.
Analysts pointed to several factors to explain the upward trajectory, one of them being Ethereum blockchain's EIP-1559 upgrade implemented in August. That change has effectively reduced the net new supply of ether from the Ethereum blockchain, and it appeared to help ETH/BTC make gains in a risk-off environment.
"ETH/BTC is showing a huge amount of outperformance since the start of November," said Dibb.
Dibb said that if this strength continues, traders can expect the ETH/BTC ratio to hit 0.10 in Q1 of 2022. The ratio is currently at 0.8.
For altcoins, XRP was up 11% on the day, Terra's LUNA 3.7% and BNB 1.6% according to data source Messari.
In traditional markets, U.S. stock futures pointed to a lower open in New York and European equities edged down as investors took into account new restrictions to battle the spread of the Omicron Covid-19 variant.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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