Cryptocurrencies Began Trading Green After The US Senate Committee Hearing
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On 6th February, the US Senate Committee hearing took place and the point of contention was around the regulation of cryptocurrencies. It was a period when bitcoin was experiencing its biggest hit, trading below the $7k mark, since November last year. Any positive news from the hearing would have been good not only for bitcoin, but also for the entire crypto market. The lawmakers in the Senate Committee hearing pitched their ideas and views about cryptocurrencies and agreed that regulation is necessary.
Cryptocurrency technology is here to stay
The positive remarks and approach by both senators and regulators highlighted the outcome of the hearing. Due to this, the cryptocurrencies reacted positively to the news, by trading green. The prices of major coins in the top 100 began to go up, where bitcoin was trading above $8k in less than 24 hours.
Most major coins have gained double digits
Bitcoin, ethereum, bitcoin cash, and litecoin are just some of the top coins that gained double digits after the US Senate Committee hearing. It could be a sign of things to come which could see the coins improve week-on-week basis, after the high volatility experienced in the last 7 days.
Bitcoin sell-off at its limit
It was time for the market to correct itself, after a long period of bitcoin sell-off. It had attained its limit and it was only a matter of time that the market correction mechanism would kick in. Since bitcoin is the major pairing coin in most crypto exchanges, when the sell-off attained its limit, the price of bitcoin and altcoins was destined to start moving up.
Bitcoin is influencing other coins
Bitcoin is the largest among the cryptocurrencies in market capital. Any news that affect bitcoin positively or negatively will also trickle down to other cryptocurrencies. In short, they will follow the trend that bitcoin is taking and that is what has been happening all along.
With the soft remarks from the US Senate Committee hearing on ICOs, cryptocurrencies and the blockchain technology, it serves as a sigh of relief for investors. The only hope is that more regulators and lawmakers from other major regions will follow suit.