A recent increase was experienced in the market price/trend of the two popular giant Cryptocurrencies; BTC and ETH in the past 24 hours. The improvement/change in the market was said to have been triggered/influenced by a comment from two top-ranking Federal officials.
The United States Fed Governor, Waller J. Christopher, and the chairman of the Security Exchange Commission, Gary Gensler were the main subjects for the increase. Which caused a bull action of a 5% increase in Bitcoin (BTC) and an 11% increase in Ethereum (ETH) price and a reduction in the market FUD to 100bps.
Cryptocurrency Market Reaction To The Governor’s Comment
Speculations from experts and Federal official forecasts that the 100bps will be narrowed down to approximately 75bps. The US Fed Governor, Waller J. Christopher stated the possibility of pushing up to 100bps due to the upcoming policy meeting that will be heard July 26-27.
The 5% and 11% increase recorded in BTC and ETH markets is believed to have been triggered or seen as a market reaction to the Governor’s comment. However, the comment did not only take a toll on the crypto market but also on the United States Stock Market.
Moreover, Fear, uncertainty, doubt, and pressure are still taking on traders, buyers, and, holders as the U.S CPI data jumped high last week. Although, a large percentage of the reserve board members are against raising the interest rate by 100bps. Governor Christopher stated that getting the prices down is his mission.
Few hours after the statement made by Governor Christopher, all cryptocurrencies bulled after long days of bearing. The market has a total cap of $926.60 Billion, which amounts to a 3.68% increase in the last 24 hours.
Giant cryptocurrencies; BTC made a bull to $290,789 and ETH to $1214 with a very solid trading volume.
Security Exchange Commission Declares Support for Bitcoin And Ethereum
Mr. Gary Gensler, the Security Exchange Commission Chairman declared that the commission will help BTC and ETH. The declaration was made in the early hours of today, the 15th of July 2022. The chairman stated that to help the coin market, the commission will relax some laws and regulations for crypto firms, traders, and other parties.
He stated that the laws will be put at ease, not to allow corruption and fraud in the space. The laws are made to allow compliance and interest in the crypto space. Gary noted that the commission may however subject to use its vested power to regulate disclosure and investor protection.
Conclusively, Mr. Gary stated that his imaginations are to foster a healthy relationship between the commission and crypto companies and companies. Allowing both parties to fully utilize their potential, and decrease risks for investors in the market.