The cryptocurrency market gets a breather as most currencies rise

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The crypto market received a break from the fall on Wednesday as most of the cryptocurrencies rose again after taking a deep dive. On Monday, Bitcoin (BTC) also rose again after falling below $40,000.   

The cryptocurrency rose around 250 points on Wednesday, taking the price of Bitcoin over $42,000 again. Rising 3% in the last 24-hours, Bitcoin trades at $43,134.40, up by 439.60 points on January 12, at 12:24 pm UTC.  

Earlier, Bitcoin had sunk to $39,916.60 on Monday, January 10.  

The other significant cryptocurrencies also traded in the green, with many rising around 10% in the last 24-hours.   

Federal Reserve’s Chairman Jerome Powell’s testimony in front of the Senate while his renomination hearing has been accredited for the rise in the cryptocurrency prices. On Tuesday, Jerome also mentioned cryptocurrency and said that a report on the cryptocurrencies would also be rolled out very soon. He also noted that ‘Stable coins could co-exist with a digital token from the central bank.’  

However, a big reason for the jump in the crypto market could be that soon Tesla might accept dogecoin for payments and purchases. Elon Musk, the Tesla CEO, is very well known as the ‘doge father,’ which could also be a reason for the sudden rise of cryptocurrency prices.   

Dogecoin also went up 1% after the news broke, while Ethereum (ETH) rose 5.23% but still couldn’t cover the loss for the last 7-days. After Fed’s Jerome Powell’s speech, stable coins like Tether, USD Coin, and Binance USD traded better than normal.   

At the time of writing, Cardano (ADA) rose around 10% and trades at $1.25. Solana also rose about 5% and traded at $142.12. Shiba Inu was also up 5% in the last 24-hours.

Regulating the crypto market may be the task ahead, but it has shown its potential as many companies have accepted digital currencies with open arms.

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