Cryptocurrencies higher across the board after nearly two weeks of losses
February considered a seasonally strong month for specuative assets as investors appear ready to increase exposure to risk
Cryptocurrency was trading higher early Wednesday morning for all of the major coins.
Bitcoin was trading at $38,450, up 0.86%, while Ethereum and Dogecoin were trading at approximately $2,765 (+1.33%) and 14.4 cents (+1.92%), respectively.
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The cryptocurrency market has now been higher for the past two days after about two weeks of losses brought on by worries over impending higher interest rates from the Fed.
Major cryptocurrencies were trading higher Wednesday morning. (iStock)
Bitcoin started February, a seasonally strong month for speculative assets, in positive territory, as investors seemed ready to increase their exposure to risk assets, Coindesk reported.
In other cryptocurrency news, The booming cryptocurrency sector’s complaints that Washington has gone too far in cracking down on its unregulated products are getting tested in a key lawsuit targeting Ripple Labs Inc. and its digital coin, XRP.
The lawsuit, which the Securities and Exchange Commission filed in the waning days of the Trump to decide, for instance, whether Ripple can argue regulators should have clearly announced which digital assets they oversee, rather than using enforcement actions to bring the industry to heel.
The SEC says Ripple illegally raised almost $1.4 billion by selling XRP in violation of investor-protection rules, while its co-founder and chief executive, whom it also sued, reaped hundreds of millions of dollars in trading gains. The company says XRP is used for making international payments and isn’t an investment to be overseen by the SEC. Some XRP sales occurred before the SEC first said in 2017 that many cryptocurrencies should follow laws written to shield investors from fraud and misleading hype.