In February, SEC chairman Jay Clayton presaged that his agency would investigate the virtual currency market during his testimony before the Senate Banking Committee. On Wednesday, news broke that the SEC had subpoenaed more than a dozen technology companies and advisors involved in ICOs to learn how they’re structured. Initial coin offerings (ICO) have raised $1 billion during the first two months of 2018, and they raised a whopping $6 billion in 2017.
The United States Congress said it will continue to investigate digital currencies and blockchain in light of the tremendous impact they could have on the economy and on national security.
For the week, four out of the five currencies followed were positive with only one negative, but by less than 5%. This is an improvement over the previous week when they all were down for the week. Overall, the market is showing signs of life but it hasn’t been completely reborn yet. With an overall market cap of $455bln, it’s up a whopping 0,04% from last week.
Bitcoin’s market dominance is back to around 40%, the highest it’s been all year. Bitcoin is attempting to break out to a new trend high. Last week bitcoin was up $863.9 or 8.5% to close at $11,029.99.
Ethereum really is beginning to look much more solid and its value has risen this past week in total its gain has been some 0.22%.
Ripple has not fared so well, its value has dropped by a not so insignificant 4.05% over the last seven days.
There are many people impressed with the volatility of Bitcoin Cash, even though the whole idea of that bitcoin fork was not to be used as a way of investing rather than using it to buy goods and services, however its value has risen in the past seven days by 1,3%.
Litecoin performed well this week and had gained 3,3%