Since the start of August, the overall cryptocurrency market has seen a continued rise in price as the pioneer coin, Bitcoin (BTC) price revamped to above $6500. The soar in Bitcoin’s price has positively affected the recent push in price amongst altcoins too. In as much as the market is experiencing a general bullish momentum, very few cryptocurrencies have experienced double digit daily returns since August 15th when the rally in price slowed. Of these countable coins, Icon (ICX) has constantly showing double digit daily returns for the past week.
One of the major reasons the coin is experiencing major gains is the latest move by the South Korean National Assembly to hold an extraordinary session to discuss the impact of initial coin offerrings (ICOs) and cryptocurrencies in the country. The August 20th session saw , Democracy and Peace Party lawmaker Kim Kyung-jin and Liberty Korea Party lawmaker Song Hee-kyung, who are members on the Science, ICT, Broadcasting, and Communications Committee of the National Assembly, bring to the National Assembly a report on the overall state of cryptocurrency exchanges in South Korea. The report will see the committees find any internal and external threat to the systems of these crypto exchanges.
Furthermore, the legislators will also decide on the proposal to seclude Jeju Island as a global zone for the development and creation of blockchain projects.
“An extraordinary session of the National Assembly has kicked off. During the short session, standing committees and political parties will discuss measures to promote the blockchain and cryptocurrency industry and create a guideline on initial coin offerings (ICOs). They will also discuss the proposal to designate Jeju Island as a special zone for global blockchain and cryptocurrencies.”
Icon projects is one of the most respected and followed blockchains in South Korea and the recent news will come as good news to the project and has since caused a bullish run on the platform.
Numbers on the board
Icon (ICX) is currently trading at $0.769628 USD, representing a 10.15% increase in the last 24 hours. Apart from WaltonChain (WTC) which recorded a daily increase of 16%, ICX was the only cryptocurrency to record double digits daily returns on the top 50 charts according to Coinmarketcap. The rapid increase in price comes as a surprise as the rest of market faced small drops in price.
Notwithstanding, the coin saw its daily volume traded hit $30 million USD as the market of ICX reversed. The volume traded was the highest volume recorded on Coinmarketcap since the start of August. However, this figure is still way off the all-time high recorded back in March at $473 million USD worth of ICX traded.