Why Did Prices Rebound Instantly?
Source Image: coinmarketcap.comPrices bounced back following fading concerns over the immediate crackdown on crypto markets in the U.S. Bitcoin price jumped back close to $8,000, while Ripple and Ethereum surged 5% and 10%, respectively. Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said: “the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but added that lawmakers might have to clarify and enhance regulatory powers.” It appears that regulators are in doldrums in an attempt to regulate cryptocurrency coin offerings. They need more powers and laws to regulate cryptocurrencies and avoid the illegal movement of cash. However, regulators told Congress that they are watching those who are raising ICOs: “Those who engage in semantic gymnastics or elaborate structuring exercises to avoid having a coin be a security, are squarely in the crosshairs of our enforcement provision.” The news of the further delay in regulating cryptocurrencies provided some relief for crypto traders. NEO (NEO) and NEM (XEM) coins were among the biggest winners; both rallied over 20%.