BitcoinOn Wednesday, the stock index climbed to an almost five-month peak above $55,000. This was in addition to its gains from Tuesday’s volatile October trading.  

It cryptocurrencyCoin Metrics reports that the price of last traded was $6 higher, at $54,270 EtherThe price also increased by about 3%, to $3.576

Bitcoin reached $55, 499 during the earlier session. Bitcoin is now up 13% in the week, and up 87% over the entire year.

This rally is occurring amid small developments in Washington, D.C., which have given some comfort for institutional investors looking to get into cryptocurrency. At a House Financial Services Committee hearing on Tuesday, Gary Gensler (chair of Securities and Exchange Commission) stated that he doesn’t plan to ban cryptocurrency and it is up to Congress to decide whether or not to.

Gensler’s statements mirror those of Jerome Powell, Federal Reserve chairman and who stated Friday that he had no plans to ban crypto currencies.

SEC approval is also needed for the bitcoin futures ETF. Investors have been waiting since last month.

Investor concerns over rising rates, higher inflation and debt limits, as well as the state of the economy and the debt limit, were driving stocks to fall. Bitcoin hasn’t proved itself to be a safe haven asset – its price has tanked with the stock market several times before – but many still see it that way and it was holding up amid Wednesday’s equity market turmoil.

Jim Cramer, CNBC’s “Squawk on The Street” Wednesday morning stated that Janet Yellen’s discussion was a reason for bitcoin to be bought. It’s not as valuable as crypto if you understand what she is saying.

Tuesday was a day when Yellen warned of inflationary pressures in the U.S. could last for several monthsThe U.S. should be fully accountable for its actions. expect a recessionIf the limit on debt is not lifted in two weeks,

According to Lisa Shalett of Morgan Stanley Wealth Management chief investment officer on “Squawk On the Street”, cryptos are “a mixture between a commodity or a currency.” Thus, the volatility has been almost four times greater than that of stocks.