EOS climbs 4% after SEC gives Block.one the all clear

EOS has now broken back through the $3.00 price point, after an impressive rally earlier today. EOS initially climbed to as high as $3.09 earlier this morning following a sudden 4% surge, after which it cooled off slightly, retracting back to $3.03.

EOS has been on a slow and steady uptrend since July 24, and has been one of the best performers in the last few days, frequently leading the market in terms of growth. The cryptocurrency is now in the green across all short-term timeframes—up 8.5% in the last seven days and 4% in the last 24 hours.

Over this period, the price of EOS has risen considerably when measured in Bitcoin (BTC), climbing from 0.000319 BTC/EOS up to 0.000364 BTC/EOS—equivalent to a 14% rise against Bitcoin.

However, scaling back slightly further it is clear that things aren't so positive, since EOS is still down 6% for the month and 50% for the pass three months.

This recent rally has been driven by news of Block.one's recent settlement with the US Securities and Exchange Commission (SEC). Earlier today, Block.one published a press release stating it will be paying a $24 million fine over its its 2017 ICO, which the SEC claimed was an unregistered securities offering. This will barely affect Block.one, since it raised $4 billion during its year-long ICO.

The SEC has typically been much harsher on ICOs. It cracked down on ParagonCoin, putting it deep in the red due to legal fees associated with dealing with the SEC. And its ongoing lawsuit with Kik over its Kin ICO, has cost the company millions, resulting in it cutting its staff from 100 to 19 and closing the Kik messaging app. It's not surprising, then, that Block.one's relatively minor fine hasn't rattled EOS investors.