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Cryptos in Rebound Mode as Bitcoin Rallies

Cryptocurrency NewsJun 14, 2018 05:00PM ET
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Investing.com – Bitcoin's selloff came to an abrupt halt Thursday as the popular crypto clawed back some of its recent losses.

Bitcoin rose 5.91% to $6,650 on the Bitfinex exchange, after falling to a low of $6,125.70 the previous day.

Some cited positive comments from SEC chief Jay Clayton as one of the catalysts for bitcoin's move higher.

Clayton said that bitcoin and ether are not securities but many, if not all, initial coin offerings, or ICOs, are securities and would fall under the regulatory umbrella of the SEC.

Clayton's comments, however, did not offered any new insight on the regulatory front, as they were consistent with previous remarks made earlier in the year.

Prior to bitcoin's move higher, crypto observers had said that bitcoin's fall to near $6,000 would prove a crucial test of investor appetite, potentially fuelling key support – price levels that trigger buying.

The uptick in bitcoin lured crypto investors back into the crypto space as the total crypto market cap surged more than $20 billion in under 24 hours.

The total market cap of cryptocurrencies rose to about $291 billion, at the time of writing, from $268 billion on Wednesday, sparking a rebound in other large-cap cryptos.

Ripple XRP rose 8.99% to $0.56364 on the Poloniex exchange, while Ethereum rose 10.18% to $519.52.

Bitcoin Cash rose 8.14% to $895.40, while Litecoin rose 10.87% to $102.26.

Cryptos in Rebound Mode as Bitcoin Rallies
 

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