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Bitcoin, Ethereum Gain All-Time High as SEC Confirms no Plan To Ban Cryptocurrency

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Bitcoin, Ethereum, Dogecoin traded all-time high after the U.S. SEC Chair Gary Gensler disclosed that HEC is not considering the China-like cryptocurrency ban policy in the US. SEC chair confirmed that the approach of SEC is quite different than the approach of China. China has recently started the crackdown against cryptocurrency exchanges and prohibited the exchanges from offering any crypto-related services in China.

Bitcoin traded above the $50,000 level on Tuesday night as the global cryptocurrency market capitalization surge 3.2% to $2.22 trillion. Ethereum grew 3.29% over 24 hours to $3,522.44. For the week, ETH has surged 23.76%. On the other hand, Dogecoin surged 1.95% at $0.25 over 24 hours. Over a seven-day period, DOGE has surged 25.77%.

Furthermore, the SEC chair disclosed that the authorities were working on two tracks. One track is to work with other financial regulators under current authorities to bring investor protection to cryptocurrency markets. On the other hand, the second track is on pinpointing the gaps that SEC can fill with Congress’ help.

Earlier, the KuCoin Cryptocurrency exchange has disclosed that it has decided to no longer offer its services to mainland China. The exchange has provided an option to its clients that they can withdraw their assets before the deadline which is December 31, 2021. The decision of the exchange came after the authorities of Mainland China ordered exchanges not to offer any crypto-related services to China’s clients.

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