Bitcoin rally pushes prices above $ 57,000

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Bitcoin surged 3% on Monday (October 11) following a two-week price hike that now pegs the cryptocurrency at over $ 57,000, the highest level in more than five months, according to the reports. Ether gained 2%, topping $ 3,500.

A 12% gain would put Bitcoin at its high of around $ 65,000 and comes as U.S. watchdogs have indicated that the U.S. has no plans to ban digital currency as regulations and monitoring implications are taken into account. Ned Davis Research (NDR) said the news could have given investors a sense of security to move forward with their investments.

See also: Crypto regulation and possible executive order, Show top-down approach

Bitcoin could be seen as the preferred inflation hedge if the dollar and real rates rise, said Pat Tschosik, senior portfolio strategist at NDR.

While bitcoin is known to be volatile, overall the cryptocurrency is up 31% this month and 98% for 2021 so far. Ned Davis said bitcoin has corrected on average every 40 days, and other experts predict the current rally will lead to the next high.

Katie Stockton, of Fairlead Strategies, said the current rally follows a break above resistance since early September, which was targeting the all-time high, so we would view any resulting consolidation as temporary.

Read more: White House Executive Order for Crypto Direction

As the largest digital asset in the world, bitcoin has overcome many issues that could have delayed it in the longer term, but is now at a crossroads, with number tracking being its best week since August.

The Biden administration is considering an executive order regarding cryptocurrencies that would constitute a whole-of-government approach to digital currency oversight, PYMNTS reported. The proposed plan would ask federal agencies to come up with recommendations regarding relevant areas of crypto.

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