Bitcoin, Ethereum, Dogecoin On A Bull Run As SEC Confirms It Has No China-Like Plans To Ban Crypto – Bitcoin – United States Dollar ($BTC)

Bitcoin (CRYPTO: BTC) traded above the psychologically vital $50,000 stage on Tuesday night time as the worldwide cryptocurrency market capitalization rose 3.2% to $2.22 trillion.

What Occurred: The apex cryptocurrency rose 3.44% over 24 hours to $51,295.07 at press time. Over a seven-day trailing interval, BTC has risen 23.33%.

See Additionally: How To Purchase Bitcoin (BTC)

Ethereum (CRYPTO: ETH) gained 3.29% over 24 hours to $3,522.44. For the week, ETH has appreciated 23.76%.

Shiba Inu-themed Dogecoin (CRYPTO: DOGE) was up 1.95% at $0.25 over 24 hours. Over a seven-day interval, DOGE has risen 25.77%.

Siacoin was the highest 24-hour gainer on Tuesday night time, adopted by Shiba Inu.

SC shot up 35.85% to $0.022 over 24 hours, whereas SHIB rose 30.44% to $$0.000017 in an analogous time-frame. SC and SHIB have risen 65.29% and 140.7% over the week.

Why It Issues: In response to a query by a lawmaker at a Congressional listening to the U.S. Securities and Trade Fee Chair Gary Gensler stated {that a} China-like cryptocurrency ban was not on the desk in the USA, Bloomberg reported.

See Additionally: Why Is Dogecoin Rival Shiba Inu Skyrocketing Immediately?

“Our method is actually fairly completely different,” Gensler reportedly stated. Such a ban must be legislated by Congress, as per the SEC chair.

In his testimony earlier than the U.S. Home of Representatives Committee on Monetary Companies, Gensler stated, “Frankly, at the moment, it’s extra just like the Wild West or the previous world of “purchaser beware” that existed earlier than the securities legal guidelines had been enacted. This asset class is rife with fraud, scams, and abuse in sure functions. We will do higher.”

The SEC chair stated the regulator was engaged on two tracks: one on how one can work with different monetary regulators beneath present authorities to carry investor safety to cryptocurrency markets. Second on figuring out gaps that SEC can fill with Congress’ help.

In the meantime, market sentiment is enhancing as bulls return to the BTC market. The Worry and Greed Index is now signaling “Greed”, which is a exceptional turnaround from final week when it indicated “Excessive Worry.”

The bullish sentiment was famous by some analysts. 

“We count on short-term overbought circumstances to be weathered lengthy sufficient for a check of minor resistance close to $52.9K, a breakout above which might goal the all-time excessive,” stated Katie Stockton, managing director of the technical analysis agency Fairlead Methods, CoinDesk reported.

Learn Subsequent: AMC Begins Accepting Dogecoin For Digital Present Playing cards


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