Bitcoin is on a roll. The bull is strong and there’s no stopping. The leading cryptocurrency jumped by over 6% in a matter of hours to mitigate the minor loss in value.
Bitcoin prices bounced back sharply after dropping below the $45,000 mark. BTC prices went down to $44,000 and some had started casting doubt about the strong bullish predictions.
However, the BTC price bounced back and in a matter of hours, the leading tokens were once again exchanging ownership at $46,300.
While there’s no clear evidence of how and why the prices jumped abruptly, experts are linking it to senators in the US who have actively been voicing their concerns about the ambiguity in the latest crypto tax reporting regulations.
Other tokens have replicated the BTC sentiments and have witnessed an increase in prices. Ether prices jumped moderately by 2.5% and the largest altcoin by market cap is exchanging ownership at around $3,200.
Experts predict a sustained bull run in the market and Bitcoin hitting the $48,000 mark over the weekend. The cumulative crypto market cap stood at 1.93 trillion.