Bitcoin rose to its highest level since August, as the market shrugged off a tougher regulatory stance from U.S. regulators.
The value of the entire cryptocurrency market rose more than $84.8 billion in the 24 hours before 3:39 a.m. ET.
"We are gaining in momentum here and any bad news is being shrugged off, typical signs that the market believes the worst is over." Yuya Hasegawa, an analyst at Japanese crypto firm Bitcoin Bank, said there is a shift from so-called altcoins, or alternative coins, to bitcoin in the wake of the regulatory action.
"The current regulatory environment surely looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to bitcoin, since bitcoin is the only cryptocurrency that is labeled 'commodity' by the SEC chair. Consequently, bitcoin's market dominance is on the rise."that the agency views bitcoin as a commodity rather than a security. Commodities are assets like gold whereas stocks are considered securities. They are regulated differently.
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