Bitcoin and the broader digital currency market are on a steady rally after a crazy week of declines, with the price of the Bitcoin crossing above $ 8,000 in today's trading.
Yesterday's Bitcoin gains maintained this momentum in early trading on Wednesday, with gains of 25% in value over the past 24 hours, from the time of publication. After falling below $ 6,000 (on the Bitfinex platform) early Tuesday, the currency rebounded to $ 8,238 at 11:00 GMT.
For many, the improvement came as a result of discussions at the US meeting on Tuesday that raised the possibility of digital currency regulation. The discussions, which publicly publicized the intention of SEC Chairman Jay Clayton and CFTC Chairman Christopher Giancarlo, to focus supervisory efforts on the currency support operations (ICO) and the regulation of trading platforms on Federal level, rather than current laws at the state level only.
Quite frankly, the digital currency community sees this as a development that could hurt the digital currency markets. Instead, the observations made at the hearing proved to be encouraging in such a way as not to hamper regulatory scrutiny at all, and that it would not inhibit the development of digital or blockbuster technology. The Chairman of the Commodity Futures Commission, Christopher Giancarlo, took a step forward in educating the Commission by highlighting the inseparable nature of the Bitcoin and the technology of the blockchain, saying:
In addition to Bitcoin, a large part of the broader digital currency market is showing much satisfaction with price hikes, as the market capitalization is approaching $ 400 billion after a drop of $ 275 billion on Tuesday.