- The market for digital currencies was on a tear Tuesday afternoon after two major US regulators addressed members of the Senate on cryptocurrency.
- Bitcoin picked up more than 12% in afternoon trading, and the cryptocurrency market added $40 billion in value.
- Regulators are taking a "do no harm approach" to the crypto market, while monitoring activity in the ICO market closely.
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Cryptocurrency comes storming back after a blockbuster regulatory hearing on Capitol Hill
Bitcoin and the digital currency market came roaring back after the top financial regulators in the US addressed the Senate in a hearing on cryptocurrency.
Lawmakers pressed the two top financial regulators during a morning hearing on cryptocurrency — and now the market for digital currency is storming back.
The price of bitcoin, which has had a bearish start to the year, soared past $7,700 during Tuesday's trading session. At the time of writing, the coin was trading up 12% against the US dollar at $7,756 — a more than $1,700 increase from its daily low set early Tuesday morning. Meanwhile, the market for digital currencies picked up more than $40 billion in market capitalization over the last 10 hours.
Tuesday's rally ramped up soon after Jay Clayton, the head of the Securities and Exchange Commission, and the chairman of the Commodity Futures Trading Commission, addressed members of the Senate
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Clayton and
The news was well received by one crypto executive.
Bitcoin has had a rough start to 2018, hit by fears of a regulatory crackdown and slipping Asian volumes. The market for digital currency has shaved more than $480 billion of value since hitting an all-time high above $800 billion at the beginning of January.
This post has been updated.
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