Cryptocurrencies surge in response to SEC and Fed

Securities and Exchange Commission (SEC) Chairman Gary Gensler has said he has no plans to ban cryptocurrencies.

The total crypto market capitalization has grown by more than $ 300 billion in the past 7 days, weeks after resisting Chinese crackdown. The top three cryptocurrencies by market cap, bitcoin, ethereum, and Binance Coin, have gained more than 20% each since last week, while the Shiba Inu meme coin has soared by + 340% over the same period. After Elon Musk’s tweet, showing his Shiba Inu dog “Floki”.

This resurgence follows comments from the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, who said he had no plans to ban cryptocurrencies and that the ban would fall to Congress. Gensler’s comments on cryptocurrencies are a reiteration of the statement by Federal Reserve Chairman Jerome Powell, who said last Friday that a cryptocurrency ban is not on the agenda.

In the Crypto ETF space, 21Shares Crypto Basket Index ETP, WisdomTree Bitcoin ETP, and VanEck vectors Ethereum ETN have gained more than 20% each since the beginning of October.

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