Cryptocurrency Prices Rebound Over the Past 24 Hours; Bitcoin Stabilizes Near $9,300
Cryptocurrencies recovered nearly $11 billion in market cap on Tuesday, with Ethereum and the lesser-known altcoins leading the way higher. Bitcoin prices also stabilized after reaching a high near $9,460.
The total market capitalization for all cryptocurrencies in circulation reached a high of $448.3 billion on Tuesday, according to data provider CoinMarketCap. At the time of writing, the total market was valued at $441.5 billion, having gained nearly 3% over the past 24 hours.
Ethereum prices stabilized following a 30% correction at the beginning of the week. The cryptocurrency hit a swing low price of around $691 on the major exchanges but has since recovered to trade at $742. That represents a 24-hour gain of 3.6%.
Ether peaked at $835 last week, its highest since early March.
Bitcoin values held above $9,300 for most of the overnight session but have since fallen to around $9,282. The most valuable cryptocurrency peaked near $10,000 over the weekend.
As Hacked reported earlier, lesser-known altcoins 0x, Bytom and Populous were among the biggest overnight gainers, each rising at least 12%.
Demand for assets like 0x are growing as regulators impose stricter rules on domestic cryptocurrency exchanges. Japan is the latest country to adopt stricter rules in the wake of a $530 million heist of one of its biggest cryptocurrency exchanges earlier this year. New rules have proven to be a double-edged sword with multiple exchanges leaving the Asian region entirely.
U.S. Congress Talks Blockchain
Lawmakers in U.S. Congress on Tuesday are planning to resume talks on blockchain technology, although the discussions are expected to steer clear of cryptocurrency regulation. In particular, the House Committee on Science, Space and Technology will focus on blockchain applications for supply chain management, according to information obtained from CoinDesk.
As we’ve seen repeatedly in the past, regulators are keen on exploring blockchain technology but less thrilled about decentralized crypto assets. In February, a House Financial Services subcommittee held a heading entitled “Examining Cryptocurrencies and ICO Markets,” which involved the heads of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).
Since the hearing took place, the SEC has reportedly widened its investigation into ICOs and cryptocurrencies themselves. Lawmakers appear to be targeting Ethereum in their investigation probably for its role in facilitating hundreds of ICO projects.
The CFTC defines cryptocurrencies as commodities, whereas the SEC has placed them under the umbrella of securities.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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