Bitcoin at its highest level in 2 weeks

The price of the digital currency Bitcoin rose, on Friday, to its highest level since mid-September, supported by several factors, including seasonal factors, in addition to statements by the President of the US Federal Reserve, Jerome Powell, last Thursday.

In a speech to the US Congress, Powell said, in response to a question from Representative Ted Budd, that the Federal Reserve had no intention of banning digital currencies.

Analysts say that October is usually a positive month for digital assets, while September in previous years was considered a negative period for the sector.

The most powerful digital currency, Bitcoin, rose, in the latest trading, by 9.3% to $ 47,910. And if it maintains that, it will be on track to achieve its biggest daily percentage gain since mid-June.

The two weaker currencies, Ether and XRP, which are affected by Bitcoin's moves, rose 10.1% to $3,301 and 8.5% to $1.0326, respectively.

“The digital asset market is benefiting from the seasonal effect,” said Ulrich Leakey, founder of the ARK36 fund, noting that Powell’s comments represent “one factor in the positive Bitcoin price movement.”

Joseph Edwards, head of research at Enigma Securities in London, said higher trading volumes in general is a potential driver for these Bitcoin moves. Trading operations often affect spot prices in the bitcoin markets, according to Reuters.