Bitcoin (CRYPTO: BTC) traded above the psychologically vital $50,000 stage on Tuesday night time as the worldwide cryptocurrency market capitalization rose 3.2% to $2.22 trillion.
What Occurred: The apex cryptocurrency rose 3.44% over 24 hours to $51,295.07 at press time. Over a seven-day trailing interval, BTC has risen 23.33%.
See Additionally: How To Buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) gained 3.29% over 24 hours to $3,522.44. For the week, ETH has appreciated 23.76%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) was up 1.95% at $0.25 over 24 hours. Over a seven-day interval, DOGE has risen 25.77%.
Siacoin was the highest 24-hour gainer on Tuesday night time, adopted by Shiba Inu.
SC shot up 35.85% to $0.022 over 24 hours, whereas SHIB rose 30.44% to $$0.000017 in an analogous timeframe. SC and SHIB have risen 65.29% and 140.7% over the week.
Why It Issues: In response to a query by a lawmaker at a Congressional listening to the U.S. Securities and Change Fee Chair Gary Gensler stated {that a} China-like cryptocurrency ban was not on the desk in the US, Bloomberg reported.
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“Our method is admittedly fairly totally different,” Gensler reportedly stated. Such a ban must be legislated by Congress, as per the SEC chair.
In his testimony earlier than the U.S. Home of Representatives Committee on Monetary Providers, Gensler stated, “Frankly, presently, it’s extra just like the Wild West or the outdated world of “purchaser beware” that existed earlier than the securities legal guidelines had been enacted. This asset class is rife with fraud, scams, and abuse in sure purposes. We will do higher.”
The SEC chair stated the regulator was engaged on two tracks: one on the right way to work with different monetary regulators below present authorities to deliver investor safety to cryptocurrency markets. Second on figuring out gaps that SEC can fill with Congress’ help.
In the meantime, market sentiment is bettering as bulls return to the BTC market. The Concern and Greed Index is now signaling “Greed”, which is a exceptional turnaround from final week when it indicated “Excessive Concern.”
The bullish sentiment was famous by some analysts.
#Bitcoin persevering with the run, that is nice.
Strongly above $50K.
— Michaël van de Poppe (@CryptoMichNL) October 5, 2021
“We count on short-term overbought situations to be weathered lengthy sufficient for a take a look at of minor resistance close to $52.9K, a breakout above which might goal the all-time excessive,” stated Katie Stockton, managing director of the technical analysis agency Fairlead Methods, CoinDesk reported.
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