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Bitcoin and the Impact of the Senate Meeting

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Bitcoin surges again

Bitcoin had another day of gains, surging 3.4% over the past 24 hours. It was trading at $8,190 as of 5:00 AM EST on February 9, 2018. The RSI (relative strength index) level for Bitcoin and its market cap (capitalization) also rose. Bitcoin’s market cap was $138 billion, and the overall market cap of cryptocurrencies was $385 billion. Overall, the cryptocurrency market gathered $90 billion of fund flow.

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Ethereum also joined in the rally with Bitcoin and rose 2.2%, trading at $819.80. Ethereum has achieved almost a 30% recovery in price from its recent rout. Ripple, however, struggled for gains, falling a marginal 1% over the past 24 hours and trading at $0.76. However, February 7 was a green day for most digital coins.

The cryptocurrencies that were the top performers over the past day include DigixDAO, Revain, Emercoin, and Aeternity. They rose 32.2%, 24.8%, 22.1%, and 19.2%, respectively. The top losers for the day were XPlay, Populous, ICON, and WAX. They fell 20.6%, 11%, 8%, and 6.6%, respectively.

Cryptocurrencies and the Senate

Many investors believe that the recovery in cryptocurrencies could have been partially due to the Senate hearing on cryptocurrencies. SEC (U.S. Securities and Exchange Commission) chairman Jay Clayton and CFTC (Commodity Futures Trading Commission) chairman J. Christopher Giancarlo spoke on the near-term fate of cryptocurrencies. On the futures trading of Bitcoin, Giancarlo said, ”The CFTC can now obtain trading data and analyze it for fraud and manipulation….With Bitcoin futures we’re now having visibility into underlying markets and spot markets that we would not otherwise have.”

Both of them also expressed their concerns over the unregulated nature of cryptocurrency trading. However, the overall stance of the meeting left a positive impact on the cryptocurrency market (ARKW) (ARKK), and cryptocurrencies rose substantially.

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