Bitcoin has just crossed the psychological $50,000 barrier again. This is a milestone we haven’t seen in a month.
Bitcoin price back above $50K
Today marks the first time since September 7, 2021 that the Bitcoin price is back above the $50,000 mark. September 7 was the day that El Salvador became the first country in history to accept the digital currency as legal tender. However, on September 8, the BTC price started to crash hard, dropping to a low of $40,000 on September 21.
What is driving the Bitcoin comeback?
Several factors helped push Bitcoin back above the $50,000 mark. For example, Jerome Powell, chairman of the Federal Reserve, said last week that America will not take an anti-crypto stance. This is in contrast to China, which has banned both trading and mining cryptocurrencies.
“Is it your intention to ban or restrict the use of cryptocurrencies, as we are seeing in China?” Powell was asked during a hearing of the House Committee on Financial Services. Powell simply replied, “No.”
Furthermore, the resilience that BTC is showing despite the crypto ban in China is a very positive sign. Miners are still making millions a day and the network remains strong. It seems more and more that governments can no longer inflict so much damage on digital currencies.