Crypto Market Bounces Back: Ethereum and Bitcoin Surge Amid Regulatory Clarity

Crypto Markets Rejoice

June 14th has opened with a refreshing breeze for cryptocurrency investors! According to data from Coinmarketcap, nearly all of the top 100 cryptocurrencies are enjoying some well-deserved gains. With several coins rallying over 10%, this is precisely the kind of news we needed after the tumultuous month that just passed. And why the sudden happiness in the crypto space, you ask? Well, it appears that Ethereum (ETH) has dodged a huge bullet by being considered outside the realm of securities regulation in the U.S.

Bitcoin Takes a Breather

Leading the recovery charge, Bitcoin (BTC) has pumped up by 5.89% in just 24 hours. Currently trading around $6,688, Bitcoin has made a noteworthy recovery from the depths of despair, bouncing back from an intraday low of $6,356. Trading volume also saw an uptick, hitting $5.1 billion, up from a weekly low of $3.8 billion.

Celebrity Support and Controversy

And as if Bitcoin’s rebound needed any more drama, former Trump administration Chief Strategist Steve Bannon has thrown his support behind Bitcoin. Not just that, but he’s even suggested launching his own cryptocurrency—aptly named ‘deplorables coin.’ Who knew Bannon had a comedic side?

Ethereum’s Bright Horizon

Ethereum isn’t lagging behind either, boasting a 10% increase and trading at approximately $518. The enthusiasm around Ethereum stems from remarks made by SEC’s William Hinman, who declared that the decentralized nature of Ether prevents it from being classified as a security. This is a breath of fresh air for the $23 billion ecosystem met with intense scrutiny for years.

Regulatory Perspectives

Hinman’s statements echoed relief across the crypto community. He clarified that “current offers and sales of ether are not securities transactions.” Meanwhile, SEC Chair Jay Clayton joined the chorus by opining that Bitcoin is also outside the securities classification chase. Can we get a collective cheer for regulatory clarity?

EOS Rockets to the Top

Among the top cryptocurrencies, EOS has outdone them all, skyrocketing by 13% to trade at $11.41. This comes after a successful year-long $4 billion crowdsale—the largest ICO ever—and the release of its open-source blockchain protocol, EOSIO. With positive voting around launching the EOS mainnet reaching a threshold, things are looking greener for EOS investors.

Market Dynamics and What Lies Ahead

Total market capitalization for all cryptocurrencies is now hovering around $290 billion, bouncing back from an intra-weekly low of $271 billion. Tom Lee from Fundstrat Global Advisors noted that Bitcoin’s previous declines could correlate with CBOE and CME futures expirations. But despite his bullish outlook, he pointed out worries regarding weak inflows in 2018 and roadblocks for institutional investors. Luckily, Coinbase has stepped onto the scene, opening up its Index Fund for accredited U.S. investors, featuring prominent cryptocurrencies like BTC, ETH, LTC, and BCH. Is this the fountain of institutional money we’ve been waiting for?

The Final Word

So, here’s to hoping that this current market trend continues and that crypto enthusiasts can finally breathe a sigh of relief, together. After all, we’ve seen enough ups and downs to last a lifetime—especially in the wild west of the crypto world!