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$55,530 on price index CoinGecko on Wednesday morning before falling back to its current price of just under $54,000.has hit $55,000 for the first time since mid-May, as the "Uptober" price boom continues. The largest cryptocurrency by market cap peaked at
It continues a run of upward momentum that saw $50,000 just yesterday. The top cryptocurrency last saw levels of $55,000 on May 12 before it crashed after a tweet by Elon Musk announcing that his EV company Tesla had stopped accepting Bitcoin for purchases.cross
What's driving Bitcoin's upward momentum?
In recent days, Bitcoin's price has recovered following a comment by Federal Reserve chair Jerome Powell that the U.S. has "no intention" of following China in banning cryptocurrencies.
But even before that, Bitcoin's price had shown signs of shrugging off its summer doldrums.
A September announcement by the Chinese government reiterating that crypto-related business activities are "illegal" had only a short-term impact on the price of Bitcoin. With Chinese miners busily relocating their operations overseas, and new mining operations springing up in the U.S. and elsewhere, mining revenue reached $40 million per day in early October.
As crypto privacy advocate Edward Snowden framed it, China's latest Bitcoin ban announcement "just made Bitcoin stronger."