It has been a crazy week for cryptocurrency’s with the price of Bitcoin dipping to $6000.
However, the end of the dip appears to be in sight with the price of Bitcoin increasing by 13% over a 24 hour period to just over $8000.
Alt-coins also followed suit with Ethereum moving back up to the $800 range.
The boost was the result of the US Senate’s bullish approach to the cryptocurrency market this week.
Chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo urged the Senate to embrace cryptocurrencies.
“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one,” Giancarlo stated.
“It’s important to remember that if there were no Bitcoin, there would be no distributed ledger technology.”