Bitcoin rallies above $55,000 for first time in five months

Bitcoin rose above $55,000 for the first time since May Wednesday, after the SEC chairman Gary Gensler said Tuesday that the U.S. had no intention to ban cryptocurrency. “Cryptocurrencies have been getting a boost from key US institutions confirming they will not ban the use of cryptos after China has continuously clamped down on the digital currency space,” Daniela Hathorn, analyst at market analytics company DailyFX wrote through email. Bitcoin reached an all-time high at around $64,889 in April, according to CoinDesk data.


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