Since the beginning of August, the global cryptocurrency market has seen a continuous increase in the price as a pioneer currency, the price of Bitcoin (BTC) has risen to over $ 6500. The rise in the price of Bitcoin has positively influenced the recent price boost even among the altcoins. To the extent that the market is experiencing a general bullish momentum, very few cryptocurrencies have recorded double-digit daily returns since August 15 when the price rally has slowed. Of these countable coins, Icon (ICX) has consistently shown double-digit daily returns for the past week.
One of the main reasons that money is recording significant gains is the latest move by the South Korean National Assembly to hold an extraordinary session to discuss the impact of initial coin offerings (ICOs) and cryptocurrencies in the country. The session of 20 August saw the legislator of the Party of Democracy and Peace Kim Kyung-jin and the Freedom Party legislator Korea Song Hee-kyung, members of the scientific committee, of ICT, broadcasting and communications of the National Assembly bring to the National Assembly a report on the general state of the cryptocurrency trade in South Korea. The report will see the commissions find any internal and external threat to the systems of these cryptographic exchanges.
In addition, lawmakers will also decide on the proposal to isolate Jeju Island as a global zone for the development and creation of blockchain projects.
"An extraordinary session of the National Assembly has been initiated During the short session, standing committees and political parties will discuss measures to promote the blockchain and cryptocurrency industry and will create a guideline on Initial tokens (ICO) will also discuss the proposal to designate Jeju Island as a special area for global blockchains and cryptocurrencies. "
Icon projects are one of the most respected blockbusters in South Korea and recent news will come as good news for the project and since then caused a bullish run on the platform.
The numbers on the chessboard
Icon (ICX) is currently trading at $ 0.769628 USD, an increase of 10.15% in the last 24 hours. In addition to WaltonChain (WTC) which recorded a 16% daily increase, ICX was the only cryptocurrency to record double-digit daily returns in the first 50 charts according to Coinmarketcap. The rapid price increase is surprising, as the rest of the market has suffered a slight drop in prices.
Although the currency has seen its daily volume traded, it has hit $ 30 million as a result of the reversal of the ICX market. The volume traded was the highest volume recorded on Coinmarketcap since the beginning of August. However, this figure is still far from the record high recorded in March for $ 473 million of ICX traded.