Bitcoin whipsaws back over $50K amid broader crypto rebound

The world's largest digital token, bitcoin (BTC-USD) +4.2% exceeds the key $50K level in mid-afternoon trading as the global crypto market cap gains more than 4% to nearly $2.4T, according to data from CoinMarketCap. Ethereum (ETH-USD) +3.6% also breaks out over $4K, but the two largest digital tokens are still trading in net negative territory on a M/M basis, as seen in the chart below. Meanwhile, U.S. Senator Cynthia Lummis, who is a regular BTC advocate, will propose Congress in 2022 to form a crypto regulatory unit as part of her digital asset policy bill, a senior aide told CoinDesk. Recall towards the end of June. Lummis encouraged people to buy bitcoin (BTC-USD) for retirement. Some other actively traded cryptos taking spotlight include: solana (SOL-USD +6.8%), ripple (XRP-USD +5.9%), terra (LUNA-USD +4.8%), avalanche (AVAX-USD +3.1%), dogecoin (DOGE-USD +5.6%) and polygon (MATIC-USD +4.2%). At the start of this week, bitcoin slipped below a key technical level.