Bitcoin exceeds $ 55,000 for the first time in five months

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Bitcoin broke above $ 55,000 for the first time since Wednesday May, after SEC Chairman Gary Gensler said on Tuesday that the United States had no plans to ban cryptocurrency.

Bitcoin BTCUSD, + 6.58% registered a gain of 9.3% in the last 24 hours, recently trading at $ 54,528. Ether ETHUSD, + 2.46% is trading at $ 3,600, up 4.93% in the last 24 hours.

Cryptocurrencies have received a boost from major US institutions confirming that they will not ban the use of cryptos after China continually clamped down on the digital currency space, wrote Daniela Hathorn, analyst at the DailyFX market analysis company by email.

The rise looks healthier this time around, as momentum gradually built up from the $ 40,000 area without facing a rejection before breaking through $ 50,000, as it has done several times before. Hathorn wrote.

Bitcoin hit a record high of around $ 64,889 in April, according to data from CoinDesk.

Matt Blom, global head of sales and trade at crypto exchange Eqonex, wrote in his Tuesday notes that bitcoin ignored the impact of the latest ban in China, like all the bans that came before it.

When asked by North Carolina Representative Ted Budd on Tuesday whether the United States would implement crypto bans similar to China’s, Gensler told Congress, I think our approach is really very different. .

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