Cryptos still down after a bad January, but losses restrained

• Bitcoin treads water following bounce from lows.
• SEC, CFTC hearing gave cryptos some breathing room for now.

Cryptocurrencies have middled lately, with Bitcoin trading close to the 8,300.00 handle for most of last week. Ethereum has mirrored Bitcoin, trading close to 900.00, while Ripple managed to peak near 1.2200 before settling back down to the 1.000 level.

Cryptos suffered heavily in January, shedding over half of their market caps in a matter of weeks, but the downwards tumble may have been halted for now by the most unlikely of saviours, the SEC and the CFTC. At a joint hearing featuring the two securities organizations, the operational leadership of the respective regulatory bodies voiced surprisingly positive stances towards cryptocurrencies and the future of blockchain technology in general, helping to pump the brakes on the broad decline in the crypto markets that saw Bitcoin reach a low of 6,000.00 on February 5th.

Despite this, cryptocurrencies remain a new frontier, and the lawless nature of the budding market has seen clashes between regulatory agencies around the world and shady exchange practices, with China 'closing the door' on cryptocurrencies, banning Bitcoin within their borders. More time is needed to develop regulatory frameworks that can include cryptocurrencies, and the clock is ticking on blockchains with downward pressure mounting on the charts.

Crypto Technicals

Bitcoin is currently capped by resistance at the recent swing high of 9,074.90 while the 200, 100, and 50 hour EMAs are all consolidating near price, showing a middling market. A continuation of the downward trend is still possible, but will have to contend with support at the recent swing low of 7,875.00.