The United States releases new crypto bill
The United States House Financial Services Committee has released the third draft of a stablecoin bill for crypto regulation.
How the Fab Five Fared
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone up 13.03% in aggregate. The best performer of the bunch was Bitcoin Cash, which went up 30.79% and currently is sitting near $349.25 USD . In terms of the worst performer, that would be XRP, which reported a day-over-day return of 2.87% — a move that puts its price around $0.217609 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.
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Key Technical Moves
Bitcoin, Bitcoin Cash and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:
- Trend traders rejoice! All five coins are in a clear, solid uptrend over the past two weeks. Opportunity to buy pullbacks within this trend on shorter timeframes?
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 705,983 transfers added was about 106% greater than the transactions recorded on Bitcoin, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum’s transaction fee is less than Bitcoin’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $1,021,230,592 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.32% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, bouncing between 66.32% to 69.22% over the past two weeks.