Federal Reserve Chair Jerome Powell
Here’s everything you need to know about this important development.
Powell’s statement cleared up confusion about whether U.S. banks can legally offer services to cryptocurrency users. He made it clear that there are no restrictions preventing banks from providing these services. This reassures both financial institutions and cryptocurrency users.
However, Powell also warned that banks must understand and manage the risks involved with cryptocurrencies. While the opportunity for banks to serve crypto clients is open, it’s important that they take the necessary precautions to handle potential risks.
The cryptocurrency community has warmly welcomed Powell’s statement, and the response from major cryptocurrencies reflects this. In the last 24 hours, the entire crypto market saw a 1.3% rise. Bitcoin, in particular, surged by 2.7%, showing the market’s positive sentiment.
Bitcoin’s market has experienced significant ups and downs this month. At the start of January, it was valued at $93,636. On January 6, it reached $102,230.78, but between January 7 and 9, Bitcoin saw a correction of 9.34%.
By January 17, Bitcoin recovered, and on January 20, it hit a monthly high of $109,735.24. Currently, Bitcoin is valued at $105,200, about 4.31% lower than its peak.
The positive momentum isn’t just limited to Bitcoin. Other major cryptocurrencies have also experienced notable gains in the past 24 hours. Ethereum is up by 1.7%, Solana has increased by 3.3%, Cardano by 1.5%, TRON by 1.2%, and Chainlink by 4.8%
Jerome Powell’s confirmation that U.S. banks can serve crypto clients has sparked a wave of optimism across the market. This development signals more regulatory clarity and growing confidence in the cryptocurrency sector.
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