Bitcoin started the fourth quarter of the year on the rise, increasing on Friday, by nearly 10% amid growing confidence among speculators that the crypto-asset will continue to post gains despite mounting regulatory pressure.
The largest digital asset by market capitalization jumped to $47,742, helping push other cryptocurrencies such as Ether and Litecoin higher. Thursday’s comments were interpreted by Federal Reserve Chairman Jerome Powell, as a sign that the US might take a lighter regulatory stance.
During the Treasury and Federal Reserve’s Epidemic Response Monitoring Session, Powell confirmed that the United States has no plans to ban Bitcoin and cryptocurrencies.
“We may be seeing the beginning of de-linking from traditional markets here,” said Vijay Ayar, head of Asia Pacific at crypto exchange Luno Pte. “The cryptocurrency appears to be in its own upside cycle and continue to rise,” Bloomberg reported.
Despite dropping 7.6% in September, Bitcoin posted a 25% gain in the third quarter. This compares to a 41% decrease in the previous three months.