The price of Bitcoin is still on the up today having shot up in value by almost half over the past week. One Bitcoin is now worth about $11,500, but seven days ago it was valued at just over $8,000. Litecoin has also increased in price by more than 50% in the last week to reach a new price of more than $240, with Ethereum recording a smaller increase to hit $950. Ripple enjoyed a smaller rise in price and is now sitting at $1.14. The continued crypto-bounceback comes as US lawmakers consider new rules or laws to govern the notoriously volatile digital money markets. Both Republications and Democrats think action is needed to address the risks posed by virtual currencies to investors and the financial system. Even free-market Republican conservatives, normally wary of government red tape, said regulation could be needed if cryptocurrencies threaten the American economy.
‘There’s no question about the fact that there is a need for a regulatory framework,’ said Republican Senator Mike Rounds, a Senate Banking Committee member. Carolyn Maloney, a Democratic senior member of the House Financial Services Committee, is another lawmaker advocating for direct oversight of digital assets by the SEC. “A lot of people don’t realize there’s nothing backing these virtual currencies,’ she said. Virtual currencies have existed for years but speculation in them has recently ballooned, along with scams promising investors returns of over 1,000 percent in weeks. In a time of volatile markets, hackers are also active in the sector, stealing $530 million of digital currency from Japanese exchange Coincheck last month.