XCP Price Rises After Counterparty Denies Receiving SEC Letter

Journalist:
November 5, 2014

Last week, rumors surfaced that the United States Securities Exchange Commission (SEC) had sent inquiry letters to various companies who have released securities on crypto 2.0 platforms. Some investors became anxious that the SEC was targeting the platforms themselves. This uncertainty led to a brief drop in the price of Counterparty’s native currency, XCP.

However, Counterparty responded that the SEC has not contacted them and that since their platform is open-source, they are not responsible for how people use it. Since Counterparty’s clarification, the XCP price has increased more than 50%.

Also Read: Overstock Chooses Counterparty for Decentralized Stock Exchange; XCP Price Rises

XCP Price Rises After Counterparty Denies Receiving SEC Letter

The SEC rumors caused the XCP price to dip. After hovering around 1,000,000 satoshis for several weeks, the XCP price dropped to below 800,000 satoshis on October 28. The XCP price remained below 950,000 satoshis for several days. However, Counterparty public responded that no one on the platform’s development team had received a letter from the SEC (this does not mean companies utilizing the platform had not been contacted by the agency).

The XCP price has risen more than 50% in the past week. The current XCP price is 1,314,936 satoshis. Chart from CoinGecko

Since then, the XCP price has increased more than 50%. By November 1, the XCP price had crossed the 1,000,000 satoshi threshold. Over the next two days, the XCP price rose another 200,000 satoshis. At press time, the XCP price was 1,314,936 satoshis. Counterparty’s market cap is $11,645,654, ranking it 8th among cryptocurrencies in total market cap.

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Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.

Images from Counterparty and Shutterstock

Tags: Counterparty
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.