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Ethereum prices jumped more than 4% today (June 15) thanks to comments from the Securities & Exchange Commission (SEC).
Yesterday, the U.S. financial agency's director of corporate finance made statements at the Yahoo Finance "All Markets Summit: Crypto" that made the crypto community feel bullish about ETH.
"Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions," William Hinman said.
Here is a recap of the top five cryptocurrencies by market cap as of 12:30 p.m. EST:
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$15,042,891,294||$875.35||1.25%|
Now, let's take a closer look at today's Money Morning cryptocurrency insight, the most important cryptocurrency updates you need to know…
Money Morning Cryptocurrency Insight
Companies are adding "blockchain" to their names in hopes of attracting new investors trying to play the $284 billion market.
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The Top Cryptocurrency Stories for June 15
- Today's uptick in ETH prices comes after months of speculation that the SEC may rule that Ethereum is an equity. Investors had previously grown concerned after a top official at the SEC said that "every ICO" is a "security." But the nature of the network means that no single person is in charge of making key decisions about its operations.
- Billionaire venture capitalist and Bitcoin investor Tim Draper is back with an updated Bitcoin price forecast. The operator of one of the market's largest cryptocurrency funds projects that Bitcoin will hit $250,000 by 2022.
- Finally, Bitcoin bull Tom Lee offered his insight into the recent pullback of Bitcoin prices. The co-founder of Fundstrat didn't blame hacking events, geopolitics, or ongoing regulatory efforts abroad. Instead, he pointed to the recent expiration of Bitcoin futures on the Chicago Mercantile Exchange and the Chicago Board Options Exchange.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.