- Crypto markets rally as US SEC states it will not regulate ETH as a security.
- Top cryptocurrencies have increased with about 10 percent.
The crypto markets have been struggling with declines since past month and the recent Coinrail hack caused a big drop in the value of cryptocurrencies and subsequently a $46 Bln selloff in the general crypto markets.
However, data from Coinmarketcap yesterday Thursday 14th June showed that about 98 of the top 100 digital currencies by market cap are on the gain, with some coin rising by more than 10%. These gains in the crypto markets are possibly connected to the positive news that the US SEC will not regulate ETH as a security.
Currently, BTC has gained about 5.9% with trading vol. rising from $3.8 to $5.1 Bln within the period of 24hours, and trades at about $6,688. BTC began to witness this gain on Thursday afternoon, rising from its intraday low of about $6,356, according to Coinmarketcap.
Among the Bitcoin enthusiasts who would really enjoy the rally is Steve Bannon, the former Chief Strategist for the Trump administration, who according to reports is holding BTC in “good stake.” It was reported that Bannon proposed launching his own digital currency, called the “deplorable coin.”
Ether experienced a 10% increase within the 24-hour period, and trade currently at about $518. Ether supposedly rose in response to the statement made by the US SEC yesterday that Ether is considered to be sufficiently decentralized and would not regulate the cryptocurrency as a security under the US law.
According to William Hinman, director of the SEC Corporation Finance:
“Based on my understanding of the present state of ether, the Ethereum network, and its decentralized structure, current offers and sales of ether are not securities transactions.”
Last week, Jay Clayton, chairperson of the US SEC said that he believes that BTC is also not a security, given that BTC has been mined since it was launched, but a replacement for fiat currencies. It was also reported that the Thailand SEC has approved 5 ICOs to operate within the country.
The market cap of all digital currencies is now about $290 Bln, a notable rise from its intra-weekly low of about $271 Bln.
Do you consider this positive change to be lasting one? Tell us in the comment box below.