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Cryptocurrencies head for the moon on SEC's and Fed's reassurance
The overall resurgence comes following Securities and Exchange Commission (SEC) Chairman Gary Gensler said he has no plans to ban cryptocurrency.
By Rony Abboud
0
- Cryptocurrencies
- United States
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Weeks after weathering the Chinese crackdown, cryptocurrencies continue to their ascent with the total crypto market cap rising more than $300 billion in the last 7 days. The top 3 cryptocurrencies by market cap Bitcoin, Ethereum and Binance Coin gained more than 20% each since last week, while the meme coin Shiba Inu exploded by +340% during the same period after Elon Musk tweeted a photo of his Shiba Inu dog "Floki".
The overall resurgence comes following Securities and Exchange Commission (SEC) Chairman Gary Gensler comments in a hearing of the House Financial Services Committee, saying he has no plans to ban cryptocurrency, and that a ban would be up to Congress. Gensler's crypto comments is the reiteration of Federal Reserve Chairman Jerome Powell statement, who said last Friday that a cryptocurrency ban is not on the table.
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In the Crypto ETF space, 21Shares Crypto Basket Index ETP, WisdomTree Bitcoin ETP (BTCW) and VanEck Vectors Ethereum ETN (VETH) gained more than 20% each since the beginning of October.
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