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Jerome Powell Confirms US Banks Can Serve Crypto Customers: Market Reacts Positively
The Federal Reserve Chair, Jerome Powell, has recently addressed media representatives and made a significant announcement. He confirmed that there are no restrictions in place that would prevent US banks from offering services to cryptocurrency users. This declaration has sent shockwaves through the crypto market, sparking optimism and enthusiasm among investors and enthusiasts alike.
Powell emphasized that while there are no explicit bans on US banks serving crypto customers, these institutions must be cautious and take necessary steps to effectively manage the risks associated with cryptocurrencies. The Federal Reserve Chair’s remarks have been met with positivity by the cryptocurrency community.
The market has responded to Powell’s announcement with a surge in prices. In the last 24 hours alone, the entire crypto market has witnessed a rise of 1.3%. Bitcoin, Ethereum, Solana, Cardano, TRON and Chainlink have all seen significant gains.
Bitcoin, which began this month at $93,636, reached an intra-month high of $102,230.78 on January 6. Following a brief correction between January 7 and 9, the market experienced a recovery by January 17. The cryptocurrency then peaked at $109,735.24 on January 20 before returning to the current value of $105,200 – a drop of approximately 4.31% from its peak.
Ethereum has gained 1.7%, Solana surged 3.3%, Cardano increased by 1.5%, TRON grew by 1.2%, and Chainlink witnessed an impressive 4.8% increase.
The Federal Reserve Chair’s remarks have instilled confidence in the market, allowing for greater institutional adoption and mainstream integration of cryptocurrency into the financial system.
Source: coinpedia.org
