Bitcoin, Ethereum and Ripple Raise Over 20% as Cryptocurrency Market Recovers
Originally published on: CoinSpeaker
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February 07, 2018
Crypto markets recovers from the heavy blows and woes as CFTC and SEC chairpersons express some confidence in digital currencies.
Crypto enthusiasts, its time to cheer up and make some noise as finally after a heavy correction and meltdown, the crypto markets have posted a solid recovery. After having seen the markets making sideways movement over the past couple of days, today’s charts on CoinMarketCap are giving a major sigh of relief to investors.
The chart shows that each of the top 15 cryptocurrencies by their market cap has surged by over 20% in the past 24 hours. At the press time, Bitcoin shows a 25% gain after it slipped close to $6000 levels a day back after China banning local investors to participate in the crypto markets. Bitcoin is currently trading above $8000, to be precise at $8109.10.
The overall cryptocurrency market valuations have surged by $100 billion in just a day’s time as other altcoins are also seen posing solid recovery. Ethereum has added nearly $200 to its value and is 30% up from yesterdays levels. Ethereum started the year of 2018 on a very great note and above $1000 slipped by more than 50% just over the last week.
Ripple too closed the year 2017 on a very exciting note with its price above $3. However, in the last one month, this altcoin has significantly corrected and now trades at $0.77 with a $30 billion in market cap.
One of the key reasons that the crypto market has shown such a strong recovery is that just yesterday the chairpersons of regulatory agencies like the SEC and the CFTC have said that it is not completely possible to ignore cryptocurrencies and have acknowledged the fact that they too play a crucial role in the establishment of modern day financial system. However, both the heads have asked for a measured regulatory approach while dealing with digital assets.
CFTC Chairman Christopher Giancarlo said, “We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one.” He further added that “It’s important to remember that if there were no Bitcoin, there would be no distributed ledger technology.”
Since the beginning, a lot of factors have contributed in spoiling the crypto party for the investors. One of Asia’s strongest crypto markets, South Korea, witnessed a major meltdown in the crypto buying after the Korean government introduced several regulatory policies. This created a lot of fear and unrest in the global markets as rumors about South Korea putting a China-like ban on crypto trading, emerged.
Later, one of the biggest hacks hit the crypto markets which arrived from yet another Asian major, Japan. One of the biggest exchanges in Japan – Coincheck was hit with a $500 million theft after attackers managed to stole the investor money. Global investors sentiments were drastically hit as the news arrived from Japan which is the largest global market for crypto trading. Although the regulatory bodies have taken swift action and the exchange has also assured investors to return their money, it still will take time for the global crypto community to recover out of this.
While all this was not enough, earlier this week, China in its yet another crackdown decided to ban its local investors from making any sort of crypto purchases or indulging in crypto buying even from foreign exchanges.
All said and done, its good to see the crypto markets back on a positive trajectory after a long time.