Bitcoin and its crypto-brothers on Tuesday received improbable assurances from US trade regulators, which ended in a complete reversal after a stock market crash.

The Commodities and Future Trading Commission and the US Securities Exchange Commission held a highly anticipated hearing on Tuesday, focusing on their position vis-à-vis crypto-currencies, initial offerings and Blockchain technology

Indeed, the global cryptocurrency market experienced a liquidation spiral that saw Bitcoin reach levels below $ 7,000, a figure unmatched for more than five months

The President of the CFTC, Christopher Giancarlo, and SEC President Jay Clayton, made very influential statements about the current position vis-à-vis the crypt as a whole.

With a dominant feeling of fear, uncertainty, and doubt, a negative stance on the part of the two bodies that hold the future of the traditional cryptocurrency trade could have been a knell.

But the two bodies unveiled balanced and positive feelings towards crypto-currencies and Blockchain technology

Giancarlo delivered an optimistic address saying "he's n & # 39; there was no bitcoin, there would be no distributed technology. "

He also stated in his written testimony that crypto-currencies are there to say and that regulation should feed the sector while protecting investors.

"Virtual currencies mark a paradigm shift in the way we think about payments, traditional financial processes and economic activity. Ignoring these developments will not make them disappear, nor do they Is a responsible regulatory response.The evolution of these assets, their volatility and the interest that they attract from a growing millennial population requires serious consideration. "

Clayton echoed the sentiments of the CFTC presidency, but he also produced a speech that lent credence to the cryptocurrency industry for adding a new paradigm to the financial system:

"Distributed Ledger and Other Emerging Technologies Can Influence and Enhance Financial Markets and the Financial Services Industry."

Clayton égalemen t emphasized the importance of equitable regulatory frameworks that will create an environment that will benefit all stakeholders.

"We simply said that we should embrace the pursuit of technology. progress, as well as new and innovative capital raising techniques, but not to the detriment of the principles that undermine our well-founded and proven approach to protecting retailers and markets. "

The markets react favorably

The global reaction following the audience has had a positive effect on the cryptocurrency markets.

Bitcoin et al. Ethereum had seen from the data of CoinMarketCap, the value of growth was 20%, and the rest of the cryptocurrency market was in the green.

This latest development provided the first feeling positive for more than a fortnight China has reiterated its zero tolerance for cryptocurrency, India's regulatory position has been ill taken and a number of traditional banks have ruled out purchases cryptocurrency with credit cards, but with regulators such as the CFTC and the SEC promising to create environments conducive to the growth and development of legitimate cryptocurrencies, fears have been appeased

We see if this is the beginning of a new wave of positive value growth for the cryptocurrency space.

Developments have had a number of high profile experts posting optimistic predictions in response.

Canadian Twitter user Armin van Bitcoin said the Mayer multiple signaled a strong buy signal for Bitcoin:

Smart Investors #bitcoin capitulate on the basis of a long-term trend s. Mayer's Multiple is a good example, using 200 DMA to derive its formula. The multiple is currently reporting a $ BTC purchase. Questions? 🚀🌖 200 DMA: $ 6,858

Current Price: $ 8,425

Multiple Mayer: 1,228 pic.twitter.com/IPRzWiCCuw – Armin van Bitcoin ⚡ (@ArminVanBitcoin) 8 February 2018

Software engineer Pierre Rochard quoted Xapo CEO Wences Casares in a tweet that focused on patience in the world of cryptocurrencies

"If I'm impatient, it's not the problem of Bitcoin. Bitcoin has all the patience in the world. "- @wences Extreme property.It is the leadership.🤝 Forward and High! The greatest days of Bitcoin are ahead – Pierre Rochard ( @pierre_rochard) February 8, 2018

Business Insider's Frank Chaparro shared his story about the Winklevoss twins, who published bullish sentiments about Bitcoin after the SEC and the CFTC heard this week.