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Fed effect on Bitcoin: Up 10 percent in one day

The cryptocurrency market has been boosted by the US Federal Reserve Governor’s remarks that there will be ‘no bans’. Bitcoin and Ethereum gained 10 percent in one day.

 

Bitcoin today reached its biggest daily gain since July. In parallel, other digital currencies rose.

Bitcoin, which stood at 43,800 yesterday, has now reached 47,880, up up 10 percent on the day. Bitcoin also closed the third quarter up 25 percent, despite closing September down 7.6 percent.

Ethereum gained 10 percent in one day to trade at $3,268. It was the largest daily increase since September 22nd.

POWELL EFFECT
The rise in Bitcoin was due to speeches by US Federal Reserve President Jerome Powell.

Powell’s answer to the question “Do you intend to ban or limit the use of cryptocurrencies, as we have seen in China?” during a congressional hearing, stirred up the market. Powell said they had “no intention” of banning cryptocurrencies. Powell also noted that fixed coins need regulation.

CHINA BANS IRAN LIFTS BAN
Last week, bans on cryptocurrency exchanges in China shook the market and cryptocurrencies fell.

Huobi and Binance, the largest cryptocurrency exchanges operating in China, withdrew from the market following the ban. Huobi said it would close users’ accounts by the end of the year.

In addition, the ban imposed by former President Hassan Rouhani on May 26th on cryptocurrency mining has ended, according to a written statement from the Iranian Electricity Generation and Distribution Company today. Iran banned Bitcoin mining for a while due to increased electricity consumption in the summer.

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