Bitcoin is up 10%, surpassing $ 47,500 for the first time since mid-September. BTC was followed by other major cryptocurrencies. The growth was driven by some positive news for the market.
After the gloomy news about the impending default of the Chinese developer China Evergrande and the expansion of the ban of the People’s Bank of China (PBOC) on digital assets, the cryptocurrency market should have been at the mercy of “bears” for a long time. However, the statement of the chairman of the US Federal Reserve (FRS) Jerome Powell (Jerome Powell) brought some optimism to the mood of traders.
Powell said that the US is not going to impose a ban on cryptocurrencies, as China did, but will focus on regulating stablecoins. The lifting of the ban on mining in Iran, which lasted more than three months in the country, reinforced the hope for the market recovery and its further growth.
The long-awaited positive was reflected in the bitcoin rate – in just half a day, it jumped from $ 43,350 to $ 47,886. Other cryptocurrencies in the top ten by market capitalization followed bitcoin. Ether recovered more than $ 300, returning to $ 3278. The SOL coin showed good growth, jumping to $ 156.23. Binance’s internal token (BNB) rose to $ 417, while DOT rose to $ 31.40. LINK also stood out, reaching $ 26.18.
The total capitalization of the cryptocurrency market again exceeded $ 2 trillion, of which bitcoin accounts for about $ 890 billion, that is, 43.2%.
Today, the cryptocurrency market has entered the “green zone”, despite the noticeable decline in US stock indices and gold yesterday. Traders are pessimistic about the prospects for economic development due to the weakening of the US dollar, as well as due to a sharp increase in the cost of gas in Europe and the United States, which raises concerns about the rise in consumer prices. This is a rather rare case when there is a significant uncorrelation of the cryptocurrency market with traditional financial assets.
Analyst Michael van de Poppe believes that Bitcoin is entering a “bull cycle” and will continue to rise. He
wrote on Twitter: “Goodbye Bears,” reiterating his optimistic attitude. And Bitmain co-founder Jihan Wu sees the new bans in China as just a short delay before the next wave of cryptocurrency growth.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
