11:25Bitcoin leaps as US official defends crypto – movers and shakers
Bitcoin (BTC) is up 10% in the last 24 hours to continue its recovery following a crypto crash at the start of the week.
At the time of writing (7am), the pioneering digital coin is approaching $37,000 after dropping below $33,000 by Tuesday morning. It remains 5% down on this time last Thursday.
The recovery continues as Hester Peirce, one of five commissioners at US financial regulator Securities and Exchange Commission, defended cryptocurrencies against her colleagues’ attempts to regulate them in the same way as other financial assets.
She told the Financial Times: “I am concerned that the initial reaction of a regulator is always to say ‘I want to grab hold of this and make it like the markets I already regulate’.
“I am not sure that’s going to be great for innovation.”
Following China’s decision to crack down on cryptocurrencies and former US President Donald Trump labelling Bitcoin a “scam… competing against the dollar”, the markets saw a massive sell-off from Monday into Tuesday morning.
The leading coins stabilised into Wednesday and are now showing signs of bouncing back as the overall market cap of cryptocurrencies climbed back above $1.5 trillion.
Ethereum (ETH), which set a record price of $4,300 just last month, is at $2,536 after climbing more than 2%. It remains 10% down on its price seven days ago.
Ripple’s XRP coin, which hit $1.91 recently, is up 3.5% to more than 88 cents but is down 15% in a week.
Dogecoin (DOGE), the coin created as a crypto parody and based on a meme, is closing on 34c thanks to a 4% rise. It is 23% below its valuation last Thursday.
Kusama (KSM) was the biggest winner among the top 100 coins, rising 19% to more than $500. It is 8% up in a week.
Theta Fuel (TFUEL), which has risen 11% and 27% in the two previous 24-hour periods, dropped 8% to 58c. It remains 59% up over seven days.
To see how the valuations of the biggest movers and shakers – and main coins – have changed over the last few days, click here.
For up-to-the-minute valuations of the top 100 coins by market cap, and the one-hour price change, see below.
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