Bitcoin surges to its highest level since mid-May, retakes $1T market cap

The world's largest digital token by market cap, bitcoin (BTC-USD +8.1%) soars on Wednesday after Securities and Exchange Commissioner Gary Gensler said on Tuesday that the U.S. will not ban cryptocurrencies. The second largest coin, ethereum (ETH-USD +4.0%), is also rising but not to the same degree that BTC is. In the past five sessions, BTC (+6.8%) outperforms ether (ETH-USD) (+5.1%), in addition to a M/M basis, according to the chart below. Bitcoin's (BTC-USD) market cap also crossed back over $1T on Tuesday as the price of one BTC rose to an intraday high of $55.6K. In a macro lens, it may very well be a coincidence, but "bitcoin prices moved sharply higher exactly at the same time as short-dated T-bill yields (those maturing after October 18, when Yellen has said Treasury funds will run out) spiked, and embedding a 'default premium'," Exanta Data Founder Jens Nordvig wrote in a tweet.