Despite several warnings and intensifying regulatory actions, there is cryptocurrency excitement today as traders are vigorously capitalizing on the buying opportunities. Bitcoin (available on Coinbase) price moved to the range of $8,000 after hitting the new support level of $6,000; all this happened in only 24 hours.

Cryptocurrencies extended Tuesday’s rally today and the majority of digital currencies are up at a double-digit rate, while the total market capitalization rebounded to the level of $4 billion.

Source Image: coinmarketcap.com

At the time of writing:

 Ethereum (available on Coinbase) (ETH) trades above $800, sharply higher from Tuesday lows of below $600.
 Bitcoin (available on Coinbase) Cash (BCH), NEO (NEO), Litecoin (available on Coinbase) (LTC) and NEM (XEM) all are up at a double-digit rate.
 Ripple (available on Binance) (XRP), which lost 80% of value in the last month, gained almost 10% of the price on Wednesday.  

Cryptocurrency Excitement Began When U.S. Regulators Provided Relief

Bearish market sentiments and pessimistic reports from regulators crushed the cryptocurrency markets last month. The prices fell almost 70% on Tuesday from an all-time high that was hit just a month ago.

However, chairperson of Commodity Futures Trading Commission (CFTC) and the chairman of the Securities and Exchange Commission (SEC) provided some relief to cryptocurrency prices by commending blockchain technologies. The Chairman’s signaled a balanced approach for cryptocurrencies, contrary to the expectations of the strict stance. They also believe that the role of cryptocurrencies and blockchain technologies is difficult to ignore.

CFTC chairman, Mr. Christopher Giancarlo said, “It’s important to remember that if there were no Bitcoin (available on Coinbase), there would be no distributed ledger technology. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response.”