The price of Bitcoin continued to rise on Thursday, peaking at above the $10,000 mark - a height last seen more than two weeks ago. The cryptocurrency markets have been rallying in recent days, as investor fears about potentially crippling government regulation have appeared to subside amid a host of more positive news.
Investors and cryptocurrency enthusiasts had at least some of those fears allayed by the recent Senate Banking Committee hearing on cryptocurrencies and blockchain technology. Many in the industry were impressed by the general level of knowledge on display at the hearing and the generally positive remarks offered by SEC Chair Jay Clayton and CFTC Chairman Christopher Giancarlo.
As Reuters noted today, the digital currency market has also benefited from a general improvement in sentiment about risk assets like stocks:
“The first digital currency was also affected by the risk-off mood that permeated financial markets since the beginning of the year, undermining views that bitcoin’s price moves are generally uncorrelated to other asset classes. Sentiment on risk assets such as stocks and bitcoin has since improved.”
Other major digital currencies also saw their prices rise on Thursday, with Ethereum, Litecoin, and Ripple all trading higher on the day.