After plummeting to the same level in September, Bitcoin rallied above $50,000 on Tuesday. This was due to fears over regulation in China and the U.S.

BitcoinThe price rose up to about $50,000. This was above a critical psychological resistance level. The last time it traded, the price was 2% higher at $50,339.18. The current price is up 14% for October, and 72% year-to-date.

Bitcoin broke the $50,000 mark for the last time in September when it became legal tender in El Salvador. Since Friday, cryptocurrencies are rallying as investors. bet on a fourth-quarter runIt is. Bitcoin spent the majority of its third quarter hovering around the $30,000 mark as investors worried about U.S. regulations. It did however finish strong.

The rally comes on the heels of comments made last week by Federal Reserve chairman Jerome Powell, who said in a House Committee on Financial Services hearing that he has “no intention to ban” cryptocurrencies in the U.S. the way China repeatedly has.

Wall Street has supported the return with bullish comments. Bank of America called digital assets “too big to ignore”.

According to the report, Bitcoin has risen more than 2x from its 2017 high of $47,000 in 2017. As individuals adopt Bitcoin, corporate managements do due diligence. Regulators work to create a platform that can bring digital assets into mainstream. At $887 billion in aggregate, Bitcoin remains the most valued digital asset. Supply/demand dynamics and scarcity are the key value drivers. There have been 21 million coins, with 19,000,000 already mined. ETF approval timing is possible.