Major surges in cryptocurrencies and Bitcoin touch $70,000

Arabic - The cryptocurrency market witnessed significant gains, with Bitcoin rising more than 9% to touch the $70,000 mark before trimming its gains.

This came after US President Donald Trump called on Congress to pass the “Clarity Act” to regulate the cryptocurrency market, urging a version he described as fair, in contrast to the currently stalled legislation in the Senate.

Trump’s call came a day after the Securities and Exchange Commission (SEC) proposed new rules granting certain cryptocurrency issuances exemptions from securities laws to facilitate token issuance and fundraising.

Meanwhile, SEC Chair Paul Atkins said the proposal the agency submitted yesterday would provide the regulatory clarity and certainty needed to raise capital within the United States.