Bullish Trend in Cryptocurrencies Bitcoin Crosses $30,000

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MUMBAI: US Federal Reserve Chairman Jerome Powell's statement to Congress that the crypto industry appears to have staying power and BlackRock's filing for a Bitcoin ETF sent the crypto market soaring on Thursday, with the main crypto Bitcoin surging past $30,000 for the third day in a row. It crossed the highest level since April.

We see payment stablecoins (a type of crypto currency) as a form of money, and the central bank in every developed country remains the source of credibility for money. We believe that a strong government role would be appropriate, said Jerome Powell during two days of testimony before the Senate Banking Committee. The US central bank needs to have a strong role in overseeing cryptoassets. On the other hand, the US Bitcoin ETF filing by investment company BlackRock is also supporting cryptoassets.

In the past seven days, major crypto Bitcoin has surged more than twenty percent to $30,400, its highest level since April. Apart from this, the price of another major crypto Ethereum also increased to 1925 dollars. Other cryptos such as Cardano, Dogecoin, Solana also saw a shine.

The total market cap of crypto-assets has also continued to rise, and in the last twenty-four hours rose by five percent to cross $1.19 trillion.

After the 2021 peak of $69,000, Bitcoin is seen to have crossed the $30,000 level for the second time.

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