Bitcoin rallied on Wednesday, soaring above $55,000 and hitting its highest level since mid-May. Regulatory fears have eased this week after both Treasury Secretary Janet Yellen and SEC chair Gary Gensler noted that they have no plans to impose restrictions on cryptocurrency trading. Earlier, China had announced a complete ban on cryptocurrencies causing bitcoin to fall. Now the bitcoin has recovered pretty well and is on its way to reach a new all-time high.
Bitcoin has rallied more than 32% in the past seven days.
Bitcoin has rallied more than 32% in the past seven days to the highest since May, adding to gains this month on mounting institutional interest. Today, the world’s leading and most popular cryptocurrency surged over 7% to trade at $55,109 after rising above the level on Wednesday. Other cryptocurrencies were performing mixed over the last 24 hours. The second-largest crypto by market capitalization, Ether was hovering around $3,551, up over 1.5%. Cardano, XRP, dogecoin prices tumbled, whereas Stellar surged over 9% and Shiba Inu was up 78%.
Bitcoin is up 89% this year so far.
The current bitcoin rally has come after cryptocurrencies remained under pressure post-China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of bitcoin as an optional legal tender. Bitcoin is up 89% this year, though, still away from its record of nearly $65,000. Positive regulations have also helped the bitcoin rally this week. As reported earlier, SEC chairman Gary Gensler said that they have no plans to ban cryptocurrencies like China. Institutional investment in bitcoin has seen a massive jump this year as several major firms invested in the leading cryptocurrency.