Bitcoin extended its rally Wednesday, climbing above $55,000 for the first time in five months.
Bitcoin rose as high as $55, 499 earlier in the session. It's up up 13% this week alone and now 87% for the year.
The rally comes amid a series of small developments in Washington, D.C. that have provided some comfort to institutional investors keen to jump into cryptocurrencies. On Tuesday, Securities and Exchange Commission chairman Gary Gensler said in a hearing of the House Financial Services Committee that he has no plans to ban cryptocurrency, and that a ban would be up to Congress.
Gensler's comments mirror those made by Federal Reserve chairman Jerome Powell, who also said Friday that he has no plans to ban cryptocurrencies.At the same time, stocks were falling as investor concerns about rising rates, higher inflation, the state of the reopening and the debt limit.
"The Janet Yellen discussion on air yesterday was a major reason to buy bitcoin," Jim Cramer said on CNBC's 'Squawk on the Street' Wednesday morning. "If you parse what she's saying and it becomes true, the dollar doesn't seem to be as valuable as crypto."
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