Bitcoin climbs to highest in nearly 2 weeks

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

In testimony to Congress, Powell said the Fed had no intention of banning cryptocurrencies, in response to a question from House Representative Ted Budd. Some analysts also said October is typically a bullish month for digital assets, with September historically bearish.

The largest cryptocurrency was last up 9.3 per cent at $47,910, after hitting a high of $48,236.08. If gains are maintained, bitcoin would be on pace to post its largest daily percentage gain since mid-June. Smaller coins ether and XRP, which tend to move in tandem with bitcoin, were up 10.1 per cent at $3,301 and 8.5 per cent at $1.0326, respectively. (Reuters)