Bitcoin Prices Shoot up By $2,000 in One Day


Bitcoin, the most popular cryptocurrency in the industry by market capitalization has increased in value by almost $2,000 in one day according to many different exchanges. The currency traded at around 10% up from the previous day, according to CoinDesk, one of the primary index trackers in the market. The jump is one of many that investors expect to see in the coming days following such a massive drop in price. The gains in the market come from a Senate Banking Committee hearing that occurred on Tuesday, February 6th, resulting in better than expectation regulation.

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The committee had a meeting regarding how they could effectively regulate the cryptocurrency market with the investors in mind. This is something that many did not expect them to take into consideration, so what could have been a negative event for the price of cryptocurrency, could end up being just the opposite. Before the hearing occurred, Bitcoin managed to fall below $6,000, which led many investors throughout the market to dump their crypto assets in an attempt to try and save their money. As of Wednesday morning, many cryptocurrencies in the space were up by as much as 10% at least.

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Neo managed to gain the most value, up around 45% for today. Over the past 24 hours, the largest fifteen cryptocurrencies by market capitalization were up by an average of double digit gains. Bitcoin still remains down 17% for the month of February and around 40% lower for the year thus far. Many investors expect this to change now that this heated regulatory match may be paused for a short period of time. The hopes are high that any regulation that is made will be done with the investors in mind, helping to build a better platform for all.


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