Bitcoin price booms as US senate cryptocurrency hearing reassures market and boosts value of Ethereum, Ripple, Litecoin and alt-coins.
Bitcoin is booming today after the US Senate discussed the possible introduction of new laws to combat the volatility of cryptocurrency and stop digital currencies from being used by scammers and terrorists.
This morning, the price of Bitcoin soared by almost a third and all the other major cryptocurrencies also showed price growth too.
The price of one Bitcoin is now sitting at just under $8,000 (£5,744) after skyrocketing from a low yesterday of just over $6,000 (£4,308).
The surge may have been prompted by a US Senate hearing on virtual currencies in which Jay Clayton, chairman at the Securities and Exchange Commission (SEC), said: ‘We may be back with our friends from Treasury and the Fed to ask for additional legislation.’
If America imposes strict new rules on the trading of Bitcoin – but doesn’t ban it outright – it would make the notoriously wild and unruly cryptocurrency markets more stable.
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China has effectively banned citizens from using cryptocurrencies – which could help America to gain dominance in this emerging market.
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