Bitcoin rose 5 percent yesterday to $10,300, which is a five-month high, after comments from Federal Reserve Chair Jerome Powell about exploring a government cryptocurrency; “Every major central bank is currently taking a deep look,” Powell said at a Congressional hearing on Tuesday. “I think it’s very much incumbent on us and other central banks to understand the costs and benefits and tradeoffs associated with a possible digital currency.”; there are many reasons for the rise with fears about coronavirus on conventional assets and the upcoming bitcoin halving event; “Bitcoin started rising during the market sell-off triggered by coronavirus,” Gavin Smith, CEO of cryptocurrency group Panxora, said in an email to Business Insider. “The underlying driver is the bitcoin halving event in May.” Business Insider
