All coin are down with bitcoin brushing to 7700
Bitcoin (BTC) is comfortably holding above the $7,600 threshold and inching to a new price point of $7,700, trading at around $7,690 at press time. The leading cryptocurrency, up almost 2.3 percent over a 24-hour period, saw an intra-weekly low just above $7,400, but has since stemmed its losses.
Yesterday’s official clarification from the chair of the U.S. Securities and Exchange Commission (SEC) that Bitcoin is categorically not considered to be a security under U.S. law may have gone some way to bolster market confidence.
Bitcoin’s regulatory status is evidently more clear-cut than major altcoins Ethereum (ETH) and Ripple (XRP), both of whose representatives have emphatically rejected security classifications, although their regulatory status in the eyes of the SEC remains unclear.
Leading altcoin Ethereum (ETH) has seen a slightly lower gains of just over 1.3 percent on the day, trading around $606 to press time. Having recovered from its low of $571 earlier this week, the coin has for now reclaimed its ground above the psychological price point of $600.
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