Cryptocurrency Bitcoin jumped yesterday, Wednesday, to exceed $55,000 and reach its highest level since mid-May.
According to Arab Net, regulatory concerns eased this week after both Treasury Secretary Janet Yellen and Securities and Exchange Commission Chairman Gary Gensler said they had no plans to impose restrictions on cryptocurrency trading.
The popular cryptocurrency was trading up 7.6% at $54873.02, according to Coin Metrics. Ether, which is also in second place, rose 2.8% to $3,575.73.
Bitcoin surged to $55,499 earlier in the session. It is up 13% this week alone and 87% this year.
The rise comes amid a series of small developments in Washington, DC, that have provided some relief for institutional investors eager to jump on the crypto ship.
