Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Crypto Market Recovers as SEC Launches Meetups with Sector

Published 03/12/2019, 08:43 AM
© Reuters.
BARC
-
GOOGL
-
META
-
GOOG
-
BTC/USD
-
XRP/USD
-
ETH/USD
-
LTC/USD
-

Investing.com - Cryptocurrency prices were higher on Tuesday amid a lack of a clear trigger, although optimists took heart from an announcement the U.S. Securities and Exchange Commission will host a series of meetups with crypto and fintech companies across the country.

The meetings, organized by the regulator’s hub for innovation, aims to help the SEC gain insight into the industry.

Entrepreneurs and others will be able to ask SEC staff about clarification on federal securities laws and if their companies and products, including digital assets, fall under their purview.

The SEC is currently reviewing more than one application to list exchange-traded funds dealing in cryptocurrencies. Its approval would greatly expand the accessibility of crypto assets for mainstream investors. It has refused all applications so far.

Bitcoin rose 1% to $3,891.10 as of 8:43 AM ET (12:43 GMT) on the Investing.com Index.

Cryptocurrencies overall recovered to $134 billion at the time of writing, compared to $133 billion on Monday.

Ethereum gained 1.7% to $134.30 and XRP inched up 0.35% to $0.31064 while Litecoin was jumped 3.7% to 0.3111.

In other news, the digital coin reportedly being worked on by Facebook could generate as much as $19 billion in annual revenue for it by 2021, Barclays (LON:BARC) analyst Ross Sandler wrote in a note to clients - although he said $3 billion was his base case. The $19 billion figure assumes that Facebook could use a new payments function to wring as much out of users as Alphabet (NASDAQ:GOOGL) does through Google Play.

“Merely establishing this revenue stream starts to change the story for Facebook (NASDAQ:FB) shares in our view,” Sandler said.

The social media giant is reportedly working creating a coin for global payments for use through its messenger app “WhatsApp.” The 'stable coin' will be linked to the U.S. dollar, making it less volatile than digital currencies on a public blockchain.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.