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Author Topic: Bitcoin Soars to Nearest Two Weeks Amid Fed Chairman's Comments  (Read 517 times)

duck of fx

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Bitcoin Soars to Nearest Two Weeks Amid Fed Chairman's Comments

Bitcoin surged Friday (Oct. 1) to its highest level since around mid-September. This was partially driven by seasonal factors. and comments on bitcoin from Federal Reserve Chairman Jerome Powell.

Bitcoin rose 9.3 percent to $47,910 after hitting a high of $48,236.08 in Friday trading.

Powell's comments were one factor in bitcoin's rise. In a statement to Congress on Thursday (Sept. 30), Powell said: Fed has no intention of banning cryptocurrencies.

Some analysts stated that October is always a bright month for cryptocurrencies. While September is a month where cryptocurrencies tend to perform poorly.

Ulrik K.Lykke, founder of ARK36, a crypto-asset hedge fund, stated: “The digital asset market benefits from both seasonal factors and positive fundamentals in the overall market.”

“Digital assets tended to be strong in Q4 and the expectation that this trend will continue this year has also supported the market. It is likely that we will see bitcoin hit a new record high in Q4 and it is also indicative of a continued strong market trend.”

ether money Bitcoin, which often follows Bitcoin, jumped 10.1% to $3,301.



Samurott

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Is this true



 

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