Cryptocurrencies Make a Comeback After Optimistic US Regulatory Hearing
|And… the cryptocurrencies are back! Just as the US stocks erased almost all of Monday’s losses, the major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin started a comeback after reaching their respective key support levels. This was after the US Senate cryptocurrency hearing struck a cautiously optimistic tone on Tuesday. The SEC Chairman Jay Clayton and the Commodity Futures Trading Commission Chairman Christopher Giancarlo took a "do no harm approach" to the cryptocurrency market, but will be monitoring activity in the ICO market closely. Bitcoin picked up around 8% while lesser known altcoins such as NEO and NEM rose over 21%. Almost all cryptocurrencies in top 100 are in the green territory at the time of filming. The market participants took cues of US regulators who appear to see the transformative potential within blockchain technology and cryptocurrency. On the less optimistic note, they also see a need for closer monitoring. This comes after major US credit card issuers announced they’ll be declining crypto purchases over the weekend, which added fuel to last week’s bearish market sentiment. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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