This Week In Cryptocurrency - Friday, April 5

Bitcoin Wants to Pump…You Up!

The good times keep on rollin’ in. The market was fairly quiet this week. Well, quiet until late Monday when it rocketed up more than 10 percent overnight. And this pump wasn’t followed by a dump, either. The total market cap continued to climb through the remainder of the week, finishing over 22 percent higher than last Friday.

(Click on image to enlarge)

Cryptocurrency Market Stats (4/5/19) 

If you were an altcoin without double-digit growth this week, you were doing something wrong. Out of the top 100 coins (excluding stable coins), only three coins were in the red over the last seven days. How about our three leaders, though?

Bitcoin, most likely the catalyst for this rally, surged ahead 22.56%. It now sits above $5,000.

Ethereum was close behind with a 17.19% gain. Its price is now comfortably above $160.

XRP came in at third, jumping up 16.83%. The price is floating right around $0.35.

Domestic Cryptocurrency News

SEC Gives Some Guidance: On Wednesday, the SEC released a Framework for “Investment Contract” Analysis of Digital Assets, but the contents left some community members disappointed. Rather than provide any legally-binding guidance, the framework only “represents Staff views and is not a rule, regulation, or statement of the Commission.”

Additionally, the document doesn’t outline anything that the SEC hasn’t already explained. It effectively walks through the different pieces of the Howey Test and describes how they may apply to cryptocurrencies and initial coin offerings (ICOs). The framework wording implies that a good chunk of digital assets aren’t doing so well with this test.

So, in other words, your “utility” token is still probably a security in the eyes of the SEC.

SEC Gives the Go Ahead: In the second piece of SEC news this week, the organization issued its first “no-action” letter, permitting an ICO to sell tokens. The recipient, TurnKey Jet, Inc. (TKJ), wrote to the SEC on Tuesday asking if the commission would take action if they held an ICO. The 13-page letter outlined several aspects of the business including the token sale details, need for blockchain, and internal analysis of the Howey Test.

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