Sunday, January 17, 2021

Reasons behind the Recent Significant Bitcoin Price Upsurge

Bitcoin (BTC) the largest cryptocurrency by market capitalization retested 5-digit price region a few hours ago. This price upsurge has been attributed to the recent development initiated by the Fed Chairman Jerome Powell.

Jerome Powell reportedly came out in support of anonymous transaction of digital currencies in his recent contribution to the House of Representatives Committee on Financial Services.

Since the comment was published, virtually all the cryptocurrencies in the market, including Bitcoin (BTC) have experienced positive price trend.

Recap of Fed Chairman Jerome Powell’s Statement about Cryptocurrency

The Fed Chairman Jerome Powell made a clear policy reversal in his statement on privacy and cryptocurrencies.

In his argument, he said that the government has no interest in knowing the payment details of everyone, stating that is “not something that would be particularly attractive in the context of the U.S.”

Obviously, these comments are contrary to President Donald Trump’s hostility towards anonymous cryptocurrency transactions. Howbeit, Powell’s comments indicate that policy shake-up regarding cryptocurrency in the United States is imminent.

Another statement in favor of digitalizing the US Dollar is also attributed to the Fed Chairman Jerome Powell. While speaking with the Committee on Financial Services, he said “we are working hard on it”.

Ever since Facebook showed up with the proposed launch of Libra, it has become a notable objective to create the digital version of the US Dollar.

Bitcoin (BTC) and Other Cryptocurrencies in the Market

The cryptocurrency market is amassing gains massively at the moment. The development mentioned above has been envisaged as the propelling force behind the sudden price upsurges.

Bitcoin (BTC) has perfectly led the market price uptrend as expected. Its sovereignty over other cryptocurrencies has most times forced them to tend to its price trend.

At the time of filing this report, BTC is trading at $10,322.23, with about a 6% price upsurge in the last 24 hours. Other digital tokens such as Tezos (XTZ), Cardano (ADA), Ethereum (ETH), Ripple’s XRP and others alike are also displaying magnificent price trend in the market.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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