Fed Chair Jerome Powell’s No Crypto Ban Statement makes Bitcoin (BTC) Price Jump to US$49,200

The bulls on Sunday made the Bitcoin (BTC) price jump above the US$49,000 level after the Federal Reserve’s Chairman Jerome Powell confirmed that they have no intention to ban cryptocurrencies. Since trading at a low of US$40,890 on September 29, 2021, and hovering below US$48,200 for quite some time, the price of Bitcoin BTC managed to move above the US$49,000 level and hit an intraday high at US$49,242. Fed chair Jerome Powell’s comment was a welcome relief for the market after the week started with the renewed regulatory crackdowns in China.

The positive sentiment prevailing in the cryptocurrency market also helped many coins in the top-200 list to make significant gains. The major altcoins that made significant gains on Sunday include Terra (LUNA), Secret Network (SCRT), Shiba Inu (SHIB), Tezos (XTX), and Axie Infinity (AXS).

The price of Terra (LUNA) increased by more than 23.34% within a day. Its price jumped from its low at US$37.52 on October 2, 2021 to an all-time high (ATH) at US$46.09 on October 3, 2021. Secret Network (SCRT) also witnessed a more than 20.3% increase in its price on Sunday. SCRT price also hit an all-time high (ATH) at US$3.07.

Other altcoins that made significant gains in their prices included Shiba Inu (SHIB), Tezos (XTX), and Axie Infinity (AXS). While SHIB prices increased by 13%, XTX and AXS prices increased by 12.4%.

After this bullish performance, the global market capitalization of the cryptocurrency market stands at US$2.161 trillion. Currently, the dominance rate of Bitcoin (BTC) in the overall crypto market is 41.4%.

 

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