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- Although bitcoin is a cryptocurrency, most of the crypto regulators consider bitcoin as a commodity.
- Bitcoin and Ethereum showed a growth rate in this week’s crypto market.
- Dogecoin recovered 70% in the past seven days.
John Boozman, the United State Senator from Arkansas, commented that bitcoin is considered a commodity more than cryptocurrency. He said that US federal courts and the Securities and Exchange Commission (SEC) see cryptocurrency as a commodity. John advised the Commodity Futures Trading Commission (CFTC) to regulate the crypto market.
“Bitcoin, although a cryptocurrency, is a commodity. It is a commodity in the eyes of the federal courts and in the opinion of the Securities and Exchange Commission (SEC) chairman. There is no dispute about this.”
Boozman and other US Senators introduced the Digital Commodities Consumer Protection Act (DCCPA) in August to give more power to the crypto regulators. In 2022 the US legislation introduced three bills to recognize the CFTC as a primary regulator of the crypto industry.
The executive director of the Blockchain Association, Kristin Smith, stated, “we now have three different bills, the Lummis Gillibrand bill, the House bill, the Digital Commodity Exchange Act that all say CFTC is the place to go.”
Senator Boozman commented on DCCPA that “our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space.”
This Week Crypto Price Market Saw A Modest Recovery In The Price Of Bitcoin And Ethereum
The major leading cryptocurrencies, Bitcoin and Ethereum, have raised their market value nicely even though the FTX crash continues in the crypto market. As per the Coin Market Cap, bitcoin rose to 2.7% and currently trading at $17,033 (USD). And the second largest cryptocurrency, Ethereum, rose to 6.7%, trading at $1,261 (USD).
According to The Coin Republic, these Crypto assets recovered their market price on Wednesday when Jerome Powell, US Federal Reserve chair, commented that smaller interest rates would hike. “It is likely that restoring price stability will require holding at a restrictive level for some time. History cautions strongly against prematurely loosening policy,” Jerome Powell added.
The United States central bank has raised interest rates by 75 basis points – four times – in a bid to tame record-high inflation. Analysts predict a future interest rate rise by 50 basis points or 0.50 percent. Following Powell’s comment, the US currency dipped on Wednesday. The US stocks rallied, with the S & P 500 up to 200 DMA. Meanwhile, the Dow 30 index was back into the bull market, nearly 20% up compared to September.
Meanwhile, Dogecoin, the popular memecoin, has recovered 40% from the past seven days, currently trading at $0.1048. Total market capitalization was increased by 10% to $808 billion (USD). The new Twitter CEO Elon Musk’s tweet helped Dogecoin to raise its price despite FTX’s bankruptcy. And the remaining cryptocurrencies, Uniswap rose 12% to %6.12 (USD), Chainlink rose 11% to $7.59 (USD), and Polygon rose 8.4% to $0.922 (USD).
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
