Stellar Price Plunges by 2.29%, Congress/Regulators Checkmate Digital Assets

Tron and Stellar have been locked head-on in recent trade sessions with XLM having the upper hand so far. Now, the price of Stellar has maintained its position above its old rival, Tron. The coin has extended its position over the Tron protocol. Congress and federal regulators have grown concerned about the crypto and blockchain technology. Facebook’s Libra has brought the entire space into the spotlight.

Scrutiny is now higher than ever as regulators look to use a firm model in their operations. Let’s briefly see how the price of Stellar has performed in recent trade sessions.

Stellar Price is trading at $0.084001 at Press Time

Stellar is currently listed as the number 10 largest digital asset by CoinMarketCap. The coin has done better in recent days. Looking closely at the chart, we can see that the price of Stellar increased by 2.92%. It is currently sitting at $0.084001 with a 24 hour trading volume of $114.432 million and a circulating supply of 19,616,918,413 XLM per CoinMarketCap data.

The coin is likely going to stay on the good side in coming days if all factors stay favorable in the coming days and weeks.

Stellar is a Viable Option for Users Who Depend on Ripple Services

Many crypto proponents consider Stellar Lumens as a viable choice for users who depend on the services provided by the Ripple network. Remember that Jed McCaleb, who serves as the CTO of the Stellar Foundation, has his supply of Ripple’s XRP tokens in millions. Which according to the Stellar executive will be sold if the price of the digital asset soars to the moon in a future date.

Incidentally, McCaleb is also one of the founders of Mt. Gox, a now-defunct exchange that was immensely popular just a few years back. Denelle Dixon, who serves as the CEO of Stellar.org also recently met with lawmakers in Washington. This was regarding the status of Stellar and other cryptos. She was engaged in discussions with many politicians/congressmen, who are of the impression that they had much on their plate and can’t handle Stellar and other cryptos.

Dixon Believes Libra Has brought more Exposure to Crypto Space

Facebook’s Libra Coin has actually brought widespread exposure to the entire crypto space, according to Dixon. If regulators are looking to hamper the cryptographic offering from Facebook, there will be new barriers for Bitcoin and the rest of virtual currencies. Innovation is going to be stifled. Adoption will halt and this isn’t something that the major players in the industry want to look forward to. They want better days for digital assets.

Dixon has tagged the U.S Congress as a busybody. And this speaks volumes of her character. Instead of blaming the lawmakers, she said it is actually the responsibility of crypto developers and other stakeholders in charge of the process to make sure the U.S lawmakers understand the growing technology better.

According to the Stellar executive, the main difference between an app and a protocol is currently still a subject of discussion or something debatable. Dixon also stated that we can expect other meetings to be held in the near to distant future. This will help the digital asset ecosystem flourish.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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