This is the primary time the flagship cryptocurrency’s value has pushed above $50,000 since September 7, 2021, the day El Salvador became the first country in historical past to just accept the cryptocurrency as authorized tender.
Immediately after, Bitcoin plummeted to a low of $40,000 by September 21, earlier than recovering to its present value.
What’s driving Bitcoin’s resurgence?
Several components have helped push Bitcoin again above the marquee $50,000 barrier.
Earlier this week, Federal Reserve chair Jerome Powell said the U.S. wouldn’t take the identical crypto stance as China, which has banned each cryptocurrency buying and selling and mining.
“Is it your intention to ban or limit the use of cryptocurrencies, like we’re seeing in China?” Powell was requested throughout a current hearing of the House Committee on Financial Services. Powell merely replied “No.”
And regardless of the most recent reiteration of China’s crypto ban, the value of Bitcoin has remained resilient with miners enjoying millions in revenue regardless of the Chinese authorities’s anti-crypto sentiment.
On September 24, the Chinese authorities launched new particulars about its crypto ban, reiterating that crypto-associated enterprise actions have been unlawful. The information hit Bitcoin onerous, with the flagship cryptocurrency falling by almost 5% inside an hour of the information breaking earlier than embarking on a steep restoration.
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