Bitcoin extended its rally Wednesday, climbing above $55,000 for the first time in five months.
Bitcoin rose as high as $55, 499 earlier in the session. It's up up 13% this week alone and now 87% for the year.
The rally comes amid a series of small developments in Washington, D.C. that have provided some comfort to institutional investors keen to jump into cryptocurrencies. On Tuesday, Securities and Exchange Commission chairman Gary Gensler said in a hearing of the House Financial Services Committee that he has no plans to ban cryptocurrency, and that a ban would be up to Congress.
Gensler's comments mirror those made by Federal Reserve chairman Jerome Powell, who also said Friday that he has no plans to ban cryptocurrencies.At the same time, stocks were falling as investor concerns about rising rates, higher inflation, the state of the reopening and the debt limit.
"The Janet Yellen discussion on air yesterday was a major reason to buy bitcoin," Jim Cramer said on CNBC's 'Squawk on the Street' Wednesday morning. "If you parse what she's saying and it becomes true, the dollar doesn't seem to be as valuable as crypto."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
U.S. oil futures build on 7-year highs as supply picture tightensOil futures rise Tuesday, with the U.S. benchmark extending a rise that saw it close at a nearly seven-year high the previous session after the Organization...
Les mer »
Bitcoin prices top $50,000 for the first time in four weeksThe whirlwind ride for bitcoin continues. The price of the world's most valuable cryptocurrency soared above $50,000 Tuesday morning — the highest level in nearly four weeks.
Les mer »
UK stocks drop over 1% as inflation worries weigh; Tesco jumpsLondon's blue-chip stocks fell on Wednesday pressured by fears of higher inflation, while supermarket retailer Tesco topped the index on raising annual outlook and strong first-half results.
Les mer »
Big bank bosses and the AARP join Biden's push to raise the debt ceiling with 12 days before deadlinePresident Joe Biden will on Wednesday escalate his call for Congress to address the debt limit in a meeting with Wall Street's top CEOs.
Les mer »
Biden to meet CEOs of J.P. Morgan, Intel, Nasdaq as White House warns failure to raise debt limit could set U.S. back decadesPresident Joe Biden is scheduled to meet with a group of top U.S. business leaders on Wednesday amid a brawl over raising the U.S. debt limit, as the White...
Les mer »
Bitcoin rises 5% to $51,711Bitcoin rose 5.01% to $51,711.21 at 22:01 GMT on Tuesday, adding $2,469.07 to its previous close.
Les mer »