The turmoil on the global stock markets has eased, and many assets managed to offset yesterday’s losses. The cryptocurrency market also recovers.
Today bitcoin quotes rebounded from the levels near 7 200 dollars and reached as high as 8 000 dollars per coin. Remarkably, several factors contributed to a rally on the cryptocurrency market.
First of all, the news from the United States provided support to virtual money. The official of the Securities and Exchange Commission spoke before the US Senate, discussing prospects of cryptocurrency trading.
Chairman of the Securities and Exchange Commission Jay Clayton was quite optimistic about the blockchain technology but he did not support the idea of tokens. Mr. Clayton said that special attention should be paid to the problem of a lack of control on Initial Coin Offerings that are conducted in disregard of laws.
Meanwhile, Christopher Giancarlo spoke about the necessity to define the mandate of financial regulators. The Chairman of the Commodity Futures Trading Commission said that the global central banks are not eligible to regulate the cryptocurrency trading. The officials gave their comments after China banned the work of cryptocurrency exchanges, and South Korea imposed certain restrictions on it.
Additionally, the cryptocurrency market suffered a massive selloff after the news about trial proceedings regarding the connection between the Bitfnex cryptocurrency exchange and Tether coins. However, today the digital money retreat from the recent lows. Thus, Ether, the cryptocurrency with the second-largest capitalization, is trading near the level of 830 dollars.
However, most analysts still expect that most cryptocurrencies are doomed to fail by the end of 2018.
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