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The cryptocurrency market experienced a significant boost as both Bitcoin and Ethereum witnessed substantial gains over the past 24 hours. This surge in value was fuelled by positive remarks from Federal Reserve Chair Jerome Powell, who emphasized the longevity of cryptocurrencies as an asset class and supported its adoption by Wall Street institutions. Bitcoin surged by 8%, surpassing the $30,000 mark for the first time since mid-April. Additionally, Ethereum's Ether saw a 5% increase, reaching $1,877, its highest value since June of the previous year, according to CoinGecko.
Powell's statements during his testimony before lawmakers further catalyzed the market's upward trajectory. He conveyed that cryptocurrencies possess staying power, and although inflation remains relatively high, the central bank's policies will eventually adapt as inflation recedes. The positive sentiment drove prominent financial firms such as Fidelity, Charles Schwab, and Citadel Securities to venture into the digital asset space with EDX, a non-custodial crypto exchange. Furthermore, BlackRock's application to list a Bitcoin-based ETF inspired other major institutions to follow suit.
The surge in cryptocurrency value was not limited to Bitcoin and Ethereum. Other cryptocurrencies within the top ten in terms of market capitalization, excluding stablecoins, also experienced notable gains of at least 2%. Cardano's ADA witnessed an impressive surge of over 7%, while Solana's SOL enjoyed an approximate 5% increase.