Bitcoin rallied above $ 50,000, surpassing the key psychological level as bullish momentum returns after last week’s selloff.
The digital token rises more than 6% this Wednesday and is trading above $ 51,500, reaching the highest level in a week. The cryptocurrency has been volatile. Prices fell 21% last week and have rebounded with the broad rally in stocks.
The changes in bitcoin and Ethereum give “the impression that they are a general barometer of risk perception,” said Steen Jakobsen, chief investment officer at Saxo Bank.
On Tuesday, prices fell 2.9% after Gary Gensler, nominee for chairman of the U.S. Securities and Exchange Commission, said that ensuring crypto markets are free from fraud and manipulation is a challenge for the company. agency.
“While bitcoin reacted quickly to his comments, Gensler was very positive about bitcoin and cryptocurrencies. I hope the new Administration will help foster innovation in blockchains, cryptocurrencies and digital assets, rather than stifle them, ”said John Wu, president of blockchain firm Ava Labs.