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Bitcoin (CRYPTO: BTC) traded above the psychologically important level of $ 50,000 on Tuesday night as the global cryptocurrency market cap rose 3.2% to $ 2.22 trillion.
What happened: The apex cryptocurrency was up 3.44% on a 24-hour basis to $ 51,295.07 at the time of publication. Over a seven-day period, BTC rose 23.33%.
See also: How to buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) gained 3.29% over 24 hours to $ 3,522.44. Over the week, ETH appreciated 23.76%.
On the theme of Shiba Inu Dogecoin (CRYPTO: DOGE) rose 1.95% to $ 0.25 on a 24-hour basis. Over a seven day period, DOGE increased by 25.77%.
Siacoin was the top 24-hour winner on Tuesday night, followed by Shiba Inu.
SC jumped 35.85% to $ 0.022 on a 24-hour basis, while SHIB rose 30.44% to $ 0.000017 in a similar time frame. SC and SHIB rose 65.29% and 140.7% on the week.
Why is this important: In response to a question posed by a lawmaker during a congressional hearing, the Chairman of the United States Securities and Exchange Commission Gary Gensler said a Chinese-style cryptocurrency ban was not on the table in the United States, Bloomberg reported.
See also: Why is Dogecoin Rival Shiba Inu soaring today?
“Our approach is really very different,” Gensler reportedly said. Such a ban should be legislated by Congress, according to the SEC chairman.
In his testimony to the United States House of Representatives Financial Services Committee, Gensler said, “Frankly right now it looks more like the Wild West or the old world of ‘buyer beware. That existed before securities laws were enacted. This asset class is rife with frauds, scams and abuse in some applications. We can do better.
The SEC chairman said the regulator was working on two tracks: one on how to work with other financial regulators under current authorities to protect investors in the cryptocurrency markets. Second, on identifying gaps that the SEC can fill with help from Congress.
Meanwhile, market sentiment is improving as the bulls return to the BTC market. The fear and greed index now reports “greed”, which is a remarkable turnaround from last week when it reported “extreme fear”.
The bullish sentiment has been noted by some analysts.
#Bitcoin to continue the race, it’s great.
Highly above $ 50K.
– Michaël van de Poppe (@CryptoMichNL) October 5, 2021
“We expect the short-term overbought conditions to be overcome long enough for a minor stress test near $ 52.9,000, a break above which the all-time high would target,” Katie Stockton said. , managing director of tech research firm Fairlead Strategies, CoinDesk reported.
Read more : AMC begins accepting Dogecoin for digital gift cards
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