Cryptocurrency Market Recovers Above $2T As BTC, ETH Recover

The cryptocurrency market recovers above $2 trillion with both Bitcoin and ETH recovering in value, especially BTC testing its $44,000 price levels again so let’s read furhter in today’s latest crypto news.

Bitcoin surged 4.7% in the past day and hit an intraday high of $44,207 during the early hours on Tuesday with the overall cryptocurrency market recovering $90 billion in the past 24 hours. The leading crypto is now up 14% over the past two weeks and it helped the broader market recovery. Ethereum as the second biggest crypto in terms of market cap posted 8.2% gains in the day and it is now changing hands at $3104. Binance Coin spiked 8.5% over the past day to a value of $428 while SOL from the Solana blockchain surged 11.4% to reach a price $103.

The latest price action brought the market cap back above $2 trillion which was last tested on Thursday, February 10.  The market is rebounding on the back of the news of Canada’s governemnt decision to invoke the 1988 Emergency act which is an attempt to cut funding to truck drivers dubbed the Freedom Convoy that protested against the local COVID-19 restrictions.

Canada’s Prime Minister Justin Trudeau and members of his cabinet, including Deputy Prime Minister and the Minister of Finance Chrystia Freeland, addressed the nation saying that the move will allow the governemnt to take further steps including freezing bank accounts of the protesters:

“We cannot and will not allow illegal and dangerous activities to continue,” pointing to “serious challenges to law enforcement’s ability to effectively enforce the law.”

These measures enable the Canadian government to expand money laundering and antiterrorism powers to contrl the online crowdfunding platforms which helped finance the protests. The credit card processors and fund-raising companies will be required to report Freedom Convoy-related campaigns to FINTRAC which is Canada’s anti-money laundering agency. Freeland noted:

“These changes cover all forms of transactions, including digital assets such as cryptocurrencies. The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the Proceeds of Crime and Terrorist Financing Act.”

This is about following the money. This is about stopping the financing of these illegal blockades. We are today serving notice: if your truck is being used in these protests, your corporate accounts will be frozen. pic.twitter.com/AJ73zdDMy5

— Chrystia Freeland (@cafreeland) February 15, 2022

The police will be authorized to exchange information with banks about protesters and their personal accounts could be frozen. The insurance companies will be required to revoke insurance on the vehicles used in blockades as Freeland noted. Including crypto in these events shines a light on the tech’s prime value which is censorship resistance.