After the so-called Cryptocalypse, it looks like the most important digital coins – and not only – are on their way up. The cryptocurrency prices growth is dominated by Bitcoin, which is now worth about $11,500, while just one week ago it was struggling to get over $8,000.
But BTC is not the only coin performing very well over the past days. Litecoin, for example, registered a price increase of more than 50% in the last seven days, trading now at more than $240, while Ethereum also recorded a small increase and hit $950. Finally, let’s not forget about Ripple, which is now getting closer to $1.14.
New regulations, coming in the near future?
According to a report from Metro, the bounceback comes as a result of US lawmakers’ announcement regarding some potential new rules or laws to govern the digital money market, as it has proven more than once that it’s incredibly volatile.
Both major parties, the Republican and the Democrats, consider that an immediate action is needed, in order to address investors the risks posed by cryptocurrency both investors and the overall financial sistems.
They aren’t alone in this attempt, as free-market Republican conservatives declared that a regulation is absolutely needed, if the conclusion is that cryptocurrencies can be a threat to the United States’ economy.
‘There’s no question about the fact that there is a need for a regulatory framework,’ said Republican Senator Mike Rounds, a Senate Banking Committee member.
Another important lawmaker supporting direct oversight of digital assets is Democratic senior member of the House Financial Services Committe Carolyn Maloney.
“A lot of people don’t realize there’s nothing backing these virtual currencies,’ she said.
The number of scams is also growing!
It’s already been a few years since cryptocurrencies made their debut, but they actually made it to the mainstream recently, as Bitcoin exploded by the end of December. Obviously, this also attracted a lot of scams, promising investor returns of over 1,000 percent in just a few weeks.
‘We have to look carefully at all of the cryptocurrencies and make sure individuals don’t get taken advantage of,’ said Representative Tom MacArthur, a House Financial Services Committee Republican.