Cryptocurrency Prices Make Bullish Pivot as US Regulators Signal Cautious Approach to Markets

Cryptocurrency costs began to creep back to positive territory after 2 high United States market regulators signaled a cautious approach to cryptocurrency regulation during Tuesday’s high-profile Senate hearing.

Securities and Exchange Commission (SEC) Chairman Jay Clayton and trade goods Futures commercialism Commission (CFTC) Chairman J. patron saint Giancarlo spoke before the Senate Committee on Banking, Housing, and concrete Affairs for quite 2 hours, delivering ready remarks and respondent pointed queries from regulators.

As CCN reported, Clayton and Giancarlo mostly stuck to the script throughout the hearing, line of work for “carefully tailored” regulation of cryptocurrency exchanges at the federal level, however cautioning legislators against acting too quickly — or with a significant hand.

Giancarlo, specially, sent associate degree optimistic outlook toward the potential applications of each cryptocurrencies and blockchain technology, even going up to inform legislators that “if there was no Bitcoin, there would be no blockchain,” a degree that's usually forgotten in such discussions.

Traders reacted absolutely to the hearing, and also the markets were characterised by rising cryptocurrency costs after the hearing and following its completion.

By the time of writing, the 24-hour charts for many major coins had turned positive, causing the markets to emerge from what had been a multi-day plunge into an ocean of red.

The Bitcoin price and Cardano price had all gained over 100% for the day, rising to $7,168 and $0.33, severally.

Ethereum, meanwhile, dived the highest 5 with a 5% gain to $723, whereas Ripple added 2%.