Cryptocurrency recovered optimism among investors, after having tough days caused by the uncertainty of the regulatory situation in China and in the United States.

Cryptocurrency markets had a very positive week, with a fast paced recovery of what we saw back in the past few weeks.  As a reference of what we saw generally with most cryptocurrencies, Bitcoin boosted more than 15% last week, making it all the way up to a maximum value of $49,228. In the meanwhile, most of the other alternative coins also grew significantly.

There are many reasons that led cryptocurrency markets to have this huge rally. First, Federal Reserve’s chairman, Jerome Powell, ruled out that the U.S. government had intentions to ban cryptocurrency as the Chinese government did in the past few days. This generated optimism among crypto enthusiasts, even Powell also stated that it may be necessary to regulate stable coins in the future. If that was not enough for enthusiasts, Nayib Bukele, president of El Salvador, made an announcement in his Twitter account, announcing that they just started mining Bitcoin using geothermal power from volcanoes, generating around $269 in BTC. Even though Bukele affirmed they are still in a testing and installation process, the volcano is now officially operating. There is no doubt that these innovations in Bukele’s government could bring very interesting things for cryptocurrency in the future, as well for El Salvador’s economy. Nevertheless, we also have some bad news, as Coinbase, one of the biggest crypto exchanges in the world, has disclosed that a group of hackers made it to steal crypto funds from around 6,000 user accounts. This was generated because they made it to steal their SMS authentication one-time passcode, so remember to keep your accounts safe! Bitcoin started this week in red, making a small pullback after the huge rally we saw in the past few days. Even though, BTC is going back up to $49,000 after it accomplished to break a resistance near $48,800. If the rally continues, we could see a strong movement up to around $52,000. BTC/USDT (TradingView Chart) Ethereum by its part, is having a very similar behavior as Bitcoin. It made a small pullback falling around $3,350. Nevertheless, the pullback stopped after ETH’s price bounced in a suppot zone and it is heading back up to around $3,450. ETH/USDT (TradingView Chart) Remember to be aware of crypto markets as October may be a very interesting month with high volatility, with very important news that may be critical for the future of cryptocurrency. Without further ado, we wish you an amazing week.