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Cryptocurrency bitcoin hits highest level in almost 2 weeks

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In the futures market, bitcoin traded at -883. net short position of

Bitcoin rose to its highest level since mid-September on Friday, fueled by seasonal factors as well as overall supportive comments from US Federal Reserve Chairman Jerome Powell on Thursday.

In Congressional testimony, Powell said that the Fed had no intention of banning cryptocurrencies, in response to a question from House Representative Ted Budd.

Some analysts also noted that while October is generally a bullish month for digital assets, September has historically been a bearish period for the sector.

Ulrik K., founder of crypto asset hedge fund ARK36. “The digital asset market is benefiting from both seasonal impact as well as generally positive market fundamentals,” Lyke said.

“Q4 has often seen strong performance and the expectation that the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially in the case of on-chain data.” In Bitcoin, a strong bull market indicates the potential to continue.”

He cited Powell’s comments on Thursday as a factor in the positive price action of bitcoin.

The largest cryptocurrency gained 9.3 percent to $47,910 after hitting a high of $48,236.08. If the gains are sustained, bitcoin will be on pace to post its biggest daily percentage gain since mid-June.

Smaller coins ether and XRP, which move in tandem with bitcoin, were up 10.1 percent at $3,301 and 8.5 percent at $1.0326, respectively.

Joseph Edwards, head of research at Enigma Securities in London, also said that increasing volumes on crypto derivatives exchanges could do the trick. Derivatives trading often affects spot prices in the bitcoin markets.

In the futures markets, bitcoin showed a net short position of -883, its smallest since mid-August, data from the Commodity Futures Trading Commission released on Friday showed.

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