Bitcoin reversed earlier losses after Jerome Powell, the Federal Reserve chairman, reiterated the central bank's tendency to stick with its infinite quantitative easing policies during the second day of his testimony to Congress.
The benchmark cryptocurrency ended Wednesday 1.71 percent higher to $49,737.82, having fallen by up to almost 22 percent in the previous two sessions. It opened Thursday on an upside note, rising to $50,888 in the early Asian session. Other high-cap tokens, including Ethereum and Binance Coin, also surged higher.
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