Following the worst monthly loss since May, bitcoin soared, climbing in a short amount of time to its highest daily advance since July. Other crypto currencies also rose in a surprise rebound following the steepest monthly drop since May. Early in New York trade, the biggest cryptocurrency rose as much as 10 percent to $47,884 per unit of value.
Ethereum, Litecoin, and EOS all saw significant gains, with the Bloomberg Galaxy Crypto Index jumping as high as 8.3 percent at one point. As a result of growing concerns about increased regulatory pressure in China and the United States, bitcoin fell 7.6% in September last year. Traders speculated on a number of potential explanations for the increases, while also pointing out that the fractionalized market leaves digital assets susceptible to unpredictable price fluctuations.
Some referred to remarks made by Federal Reserve Chairman Jerome Powell early Thursday morning, while others highlighted price levels that were carefully monitored by technical experts.
“We might be seeing the beginning of some de-correlation with conventional markets here,” said Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno Pte. “We could be seeing the beginning of some de-correlation with traditional markets here,” he added.
“Though it’s too soon to tell. However, it seems that the overall storyline, which did not play out throughout last year, is beginning to take form. Particularly in light of a great deal of uncertainty about the United States debt limit, the Chinese crackdown, and other issues. Cryptocurrency seems to be in the midst of its own bull cycle, with prices rising.”
According to Powell, who spoke at a Congressional hearing on Thursday, he has “no intention” of prohibiting the use of cryptocurrencies. He did, however, mention that stablecoins could be a good option for regulatory purposes. Despite a drop in the month of September, Bitcoin saw a 25 percent increase in the third quarter. This is in contrast to a decrease of 41% in the previous three months of the year.
Meanwhile, Bitcoin Depot, the world’s biggest and fastest-growing cryptocurrency ATM network, said today that it has reached a new milestone, adding that the business now runs more than 5,000 Bitcoin ATMs throughout the United States and Canada as of today.
In the past six months, the business has more than quadrupled the number of kiosks it has installed, demonstrating its commitment to provide quick and safe access to cryptocurrency transactions for communities all over North America, particularly for the underbanked.
With 5,000+ crypto ATMs, Bitcoin Depot has reached a new and significant milestone, after the company’s five-year anniversary and a long-term relationship with Circle K, says Brandon Mintz, President and CEO of Bitcoin Depot.
“There is no question that the cryptocurrency market has piqued the attention of the general public, and the demand from consumers and retail industry titans continues to rise. Because of this, we will have a better chance of exposing Bitcoin Depot ATMs to people who are looking for easy access to alternative financial services and cryptocurrencies.”
Throughout the years, significant collaborations and honors (such as being named to the Inc. 5000 list) have served to demonstrate Bitcoin Depot’s development and success. The company’s recently announced exclusive collaboration with Circle K, one of the world’s largest convenience and gasoline stores, is a testament of its success and the company’s ongoing growth of BTC ATMs into the general public market.
Having such a large presence in North America shows the growing popularity of cryptocurrencies as well as Bitcoin Depot’s position as a trusted network that provides safe, simple, and quick digital asset transactions to its customers.
