Investing.com – Ripple’s XRP rebounded strongly from a two-sell off despite the ongoing threat of regulation while bitcoin eased slightly from highs amid reports suggesting that France and Germany are set to propose measures to regulate bitcoin.
“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.
This added to the ongoing threat of regulation in the crypto-industry after China and South Korea were reported to be preparing a set of regulatory measures aimed at curbing or even banning cryptocurrency-related activity.
Despite the potential of a ban, investors returned to the market as the total cryptocurrency market cap rose more than 20% to nearly $600 billion from a low of around $478 billion on Wednesday, triggering a rebound in both large cap coins and smaller “altcoins.”
Ripple XRP rose to $1.62 up 34.84% but remained well below its all-time high of $3.28 on the poloniex exchange. While Ethereum, the second largest cryptocurrency by market cap, rose 3.81% to $1048.
Bitcoin, rose 9.59% to $11,709 after coming under heavy pressure in a two sell off that wiped off more than $50 billion from its market cap.