Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Cryptocurrencies Make A Comeback After Optimistic U.S. Regulatory Hearing

Published 02/06/2018, 11:33 PM
Updated 07/09/2023, 06:31 AM

We might finally be seeing a Cryptocurrency comeback! Just as the US stocks erased almost all of Monday’s losses, the major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin started a comeback.

This was after the US Senate cryptocurrency hearing struck a cautiously optimistic tone on Tuesday. Most cryptocurrencies had already reached their respective key support levels.

Fundamentals of Recent Cryptocurrency Comeback

The SEC Chairman Jay Clayton and the Commodity Futures Trading Commission Chairman Christopher Giancarlo took a "do no harm" approach to the cryptocurrency market. However, they 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 from US regulators who appear to see the transformative potential within blockchain technology and cryptocurrency.

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.

On the less optimistic note, they also see a need for closer monitoring. This could temporarily slow down the cryptocurrency comeback.

Cryptocurrencies Mostly Bullish After Reaching Support

Most cryptocurrencies turned bullish on Tuesday and continued the sentiment during Wednesday's early trading hours. While Bitcoin's rally slowed down a bit, others such as NEM's XEM continued up.

XEM/USD was supported at 0.3854. However, it remains below the daily Ichimoku cloud. The future cloud appears bearish.

This time around, the cryptocurrency comeback might not be as rapid as the December rallies. More investors are becoming cautious of the volatility, and there is a good chance they'll take it nice and slow.

This article was originally published here

Latest comments

I love u
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.