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Bitcoin prices today continued slipped below the $50,000 level as the world's largest and most popular cryptocurrency was trading more than 1% lower at $49,951. Meanwhile, global crypto market cap slipped slightly to $2.5 trillion, as per CoinGecko.

On the other hand, ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, surged nearly 2% to $4,410. Dogecoin prices declined 0.8% to $0.17 whereas Shiba Inu plunged 0.4% to $0.000036. Other digital tokens such as XRP, Cardano, Solana, Binance Coin, Stellar, Uniswap gained over the last 24 hours whereas Polkadot, Litecoin prices slipped.

Cryptocurrency executives went to Capitol Hill Wednesday as leaders from major crypto exchanges, mining and other related businesses testified for four-and-a-half hours before the financial services committee of the House of Representatives, which wanted to learn more about how the industry works as it wrangles with how to regulate it.

Cryptocurrencies have, following the weekend bruising, attempted to make a comeback. Bitcoin and other cryptocurrencies dove this weekend amid a greater risk-off sentiment that also encompassed selloffs in many areas of the US stock market.

Bitcoin, famed for its volatility, has shed more than $21,000 since hitting a record in early November, but it’s still up more than 72% this year (year-to-date or YTD) so far. The fall in Bitcoin prices for three straight weeks hints at a rally in the offing, according to an analysis of data compiled by Bloomberg.

(With inputs from agencies)

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