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Bitcoin price back above US$20,000, Ether jumps as U.K. votes to regulate crypto

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Bitcoin traded above US$20,000 for the first time in nearly three weeks in Asian trading on Wednesday morning. The rest of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, also rose after the UK parliament voted to regulate cryptocurrencies as financial instruments.

See related articles: ‘British Crypto Hub’ Top Advocate Rishi Sunak Becomes Prime Minister

quick facts

  • Bitcoin climbed 4% to $20,091 in the 24 hours ending 8:15 a.m. in Hong Kong, reaching a three-week high of $20,348. Data from CoinMarketCapEther surged to $1,562 before jumping 8.8% to $1,406. Or in line with the levels before the networks merged in mid-September.

  • That comes after the UK House of Commons, the lower house of parliament, voted on Tuesday to regulate crypto-assets as financial instruments as part of the proposed Financial Services and Markets Bill. The bill now goes to the Senate, the Senate, to be voted on before becoming law.This is because Rishi Sunak the country’s new prime minister When he was Minister of Finance, he has a record of commenting in favor of cryptocurrencies.

  • Cardano recorded its biggest gain in CoinMarketCap’s top 10, rising 11.3% to US$0.40 after reaching a two-week high of US$0.4142. Solana also saw a significant gain, rising 8.9% to her US$30.91, and her two-week high as high as US$32.19.

  • BNB, the native token of the BNB smart chain operated by Binance, the world’s largest cryptocurrency exchange, surged 3.8% to $285, surpassing the world’s second-largest stablecoin circle, breaking market cap. That’s why it’s number 4 on our list. $45.6 billion.

  • “Cryptocurrency volatility has been very low compared to the NASDAQ and S&P over the past two months, suggesting that cryptocurrencies are less sensitive to macro pressures.” Investing in Cryptocurrencies. “As a result, we are seeing strong buy-side pressure, with cryptocurrencies, and especially Ethereum, showing potential for a turnaround in momentum. “

  • US stocks also rose on Tuesday. The Dow Jones Industrial Average was up 1.1%, the S&P 500 Index was up 1.6% and the Nasdaq Composite was up 2.3%.

See related articles: HNWI, Family Office Drives Crypto Adoption Across Asia: KPMG, Aspen Digital Report

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