Bitcoin approaches $1 tn market cap as BTC gains 20% in one week

Following a market-wide resurgence, Bitcoin soared above $50,000 for the first time since early September this week, rising as high as $51,839 in the early hours of Wednesday morning.

One of the key sentiments that helped BTC soar today was the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, statement that his agency does not have the power or the desire to ban cryptocurrency.

During a hearing before the House Committee on Financial Services on Tuesday, Gensler stressed that banning crypto does not come under the SEC’s authority, declaring, “That would be up to Congress.”

Hence, BTC is currently trading at $51,115, up 1.88% on the day and up 20.99% in the last seven days, according to CoinMarketCap data.

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