Bitcoin and other cryptocurrencies on the rise after recent slump

Posted 07 February, 2018

After the recent slump bitcoin is regaining grounds on Wednesday in light of the better situation in the US stock markets.

On the Bitfinex bitcoin was seen at $7,845.50 today. Yesterday, the price moved below $6,000 posting the bottom from the end of last year. However, the February weakening is some 23%. Ethereum reached $791, while Ripple coin changed hands at $0.75.

The reason behind better cryptocurrency price is the report by the US financial regulators to the US Senate Committee on Banking. The statement was connected with the regulation of crypto trading and less negative that investors forecast.

The Head of US Security and Exchange Commission and Head of Commodity Futures Trading Commission followed modest policy highlighting a need to protect customers, though without blocking further technological implementation. These reports followed the ban on crypto platforms in China and South Korea.

As it was reported, bitcoin and other cryptocurrencies started plunging in early January given that a number of countries banned crypto trading and the key US banks prohibited cryptocurrency buying via credit cards.

Additional pressure came from the ongoing investigation into the possible connection of the Bitfinex and Teather coin that could be used to propel bitcoin price.

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