Bitcoin, Ethereum surge as Powell says it has 'tayed power'

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Bitcoin, Ethereum surge as Powell says it has 'tayed power'

The rise of Bitcoin and Ethereum lifted all boats as markets steeped up relatively over the last 24 hours.

The cryptocurrency market is rallying after Federal Reserve Chair Jerome Powell said it has'stayed power' and Wall Street institutions move forward in their efforts to adopt the technology.

Bitcoin is up 8% and crossed the $30,000 mark for the first time since mid April. Ethereum's ETHER gained more than 5% to $1,877, the highest since last June.

The market market swell comes on the heels of Powell's comments that 'crypto appears to have staying power as an asset class,' as he testified before lawmakers Wednesday.

Powell also said that inflation has a 'long way to go' before falling to a level of 2%, but that the central bank's policy is likely to adjust as inflation tapers down.

Despite the market surge, powerhouse firms such as Fidelity, Charles Schwab, and Citadel Securities entered the digital asset market with non-custodial crypto exchange EDX. BlackRock's application for a Bitcoin-based ETF was submitted Thursday.

BlackRock applied for listing a Bitcoin ETF, prompting other major financial institutions to also file their own petitions.

The top ten cryptocurrencies, excluding stablecoins, are all gaining by at least 2%, including a rise of more than 7% by Cardano's ADA and an almost 5% gain by Solana's SOL.