Crypto Market Bullish: Bitcoin Gains 6.49% In 5 Days, Ether Up By 8% In 1 Day

Cryptocurrency markets are booming again for the past one month. On July 16, till 5.59 pm UTC, Bitcoin was quoted at US$ 21,237.10 surging by 1.97%. Bitcoin has surged by 4.26% in the last 1 month and surged by 6.49% in the last 5 days. Yesterday, the asset closed at US$ 20,827.50.

Along with Bitcoin, other major crypto coins are also on the verge of gaining. Ether was quoted at US$ 1,327.34, gaining by 7.66%%. Yesterday, Ether closed at US$ 1,232.89. Litecoin was quoted at US$ 54.06, gaining sharply by 4.44%, Dogecoin was quoted at US$ 0.0642 gaining by 2.02%, and Cardano was quoted at US$ 0.4521 gaining by 2.36% today, till last traded.

Compliance by crypto companies

Additionally, to boost the crypto market, the US Securities and Exchange Commission Chair Gary Gensler in an interview with Yahoo Finance said that he could turn a few laws for the crypto companies which will encourage compliance. the crypto market is still now suffering from 'contagion risk following the massive sell-off that saw $2 trillion wiped off crypto's overall market cap since reaching record highs last year.' Gensler additionally called on crypto companies to begin the compliance process, as many firms in the space are remaining 'non-compliant',

Crypto News: Celsius Network

Commenting on the present market situation, analyst Anna Golubova told Kitco News, "After the Terra blockchain collapse in May, the contagion risk has brought many crypto lenders to their knees. The latest company to file for Chapter 11 bankruptcy is Celsius Network. The crypto lender provided a high yield to customers who deposited their cryptocurrency. As of June, Celsius was able to amass more than $20 billion in assets by offering an 18% yield to depositors."