XCP Price Rises After Counterparty Denies Receiving SEC Letter
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%.
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).
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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Images from Counterparty and Shutterstock
