Following Federal Reserve Chair Jerome Powell's positive remarks about the longevity of cryptocurrencies as an asset class and the increasing interest of Wall Street institutions in adopting the technology, the cryptocurrency market is experiencing a significant rally.
Fed's Powell has said: crypto appears to have staying power as an asset class.
6/21/2023
Bitcoin has surged by 8% and surpassed the $30,000 threshold for the first time since mid-April. Ethereum's Ether has also seen a gain of over 5%, reaching $1,877, its highest value since last June, as reported by CoinGecko.
Powell's comments during his testimony before lawmakers, stating that "crypto appears to have staying power as an asset class," have contributed to the market's upward movement. He further expressed the Federal Reserve's perspective on stablecoins, considering them a form of currency.
Powell also mentioned that while inflation is still far from reaching the desired level of 2%, the central bank's policies may be adjusted as inflation gradually declines.
In the midst of this market surge, notable firms such as Fidelity, Charles Schwab, and Citadel Securities have entered the digital asset space through the non-custodial crypto exchange EDX. Additionally, BlackRock has submitted an application for a Bitcoin-based exchange-traded fund (ETF), inspiring other major financial institutions to follow suit and file their own petitions for similar ETFs.
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