The price of Bitcoin and other cryptocurrencies rose in the first week of October. The cryptocurrencies price rallied on 6th October, on Wednesday hit the highest level since mid-May. Along with this price rally, Bitcoin and other cryptocurrencies made a great comeback with the trade at about $55,000.
This rally has provided relief to both personal and institutional crypto investors to dive into the investment in cryptocurrencies.
What resulted in the crypto price rally?
The rally is the result of a series of developments in Washington D.C. The Treasury secretary Janet Yallen and Chair Gary Gensler stated that they have no plans to impose restrictions on cryptocurrency trading.
Chief investment officer, Matt Hougan of Bitwise Asset Management said that the regulatory uncertainty is keeping investors out of the crypto market and every time we get close to regulatory clarity, this price really happens. He also added regulatory clarity being the primary driver of the next great bull market in crypto.
With the amendments of clear regulations for crypto along with bitcoin and other cryptocurrencies price rally, many people are enthusiastically looking towards holding crypto.
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