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Cryptocurrency market is in the red after Congressional hearings on ICOs and cryptocurrencies

Yesterday, March 14, the House Financial Committee held a hearing entitled «Examining the Cryptocurrencies and ICO Markets». California Representative claimed that cryptocurrencies are used only to fund terrorism. But other Representatives urged the Congress to properly study the subject before rushing into regulations. Tom Emmer – who is also a member of the Congressional Blockchain Caucus, advised the Congress to not install a «new policeman to invade this space and perhaps frustrate the development». He further added that «I realize there has to be some regulation, but it’s the balance. And I’ve heard from the panel we have regulation in place but we just need clarity».

Cryptocurrency market reacts at Congressional hearings in the next way: almost all cryptocurrencies are in the red.

Bitcoin is trading at $8 243 (-9,30%) at press time. Ethereum is down about 10% and trading at $612,33. Ripple is down about 8% and trading at 0,716185 at press time.

 

Total market capitalization is $329 612 749 259 at press time.