Investing.com – Ripple’s XRP and bitcoin rose sharply on Tuesday amid signs of fresh capital inflows into the crypto-market despite the looming threat of regulation from Asia.
The total cryptocurrency market cap rose roughly 5% to $535 billion from a low of around $505 billion seen in Tuesday's session, which followed reports that the South Korean government will propose a corporate and local income tax on the country’s digital currency exchanges this year of up to 24.2%.
Also supporting sentiment on cryptos were signs of renewed institutional demand for bitcoin, the largest cryptocurrency by market cap, after Adena Friedman, the CEO of the Nasdaq stock exchanged confirmed earlier reports that the index is considering adding a bitcoin futures product.
Ripple XRP rose 17.21% to $1.383 well below its all-time high of $3.28 on the poloniex exchange. While Ethereum, the second largest cryptocurrency by market cap, rose 3.24% to $1,001.60.
Bitcoin, rose 7.05% to $11,072 after falling below $10,000 earlier in the session.