The post Jerome Powell Confirms US Banks Can Serve Crypto Customers: Market Reacts Positively appeared first on Coinpedia Fintech News
While addressing media persons, Federal Reserve Chair Jerome Powell confirmed that US banks can provide services to cryptocurrency customers. His statement has sparked extreme excitement in the cryptocurrency market, especially the Bitcoin market. In the last 24 hours, BTC has experienced a surge of at least 2.7%. Here is everything you should know about the development.
US Banks Can Work With Crypto, Says Fed Chair
Eliminating confusion around whether US banks are capable of serving crypto customers, US Federal Reserve Chairman Jerome Powell clarified that there exist no restrictions preventing banks from offering services to cryptocurrency users.
Risk Management is Key, Warns US Fed Chair
While clarifying the stand of the Federal Reserve on the sensitive issue of whether US banks can service crypto customers, Powell warned that banks must properly understand and handle the risks involved with cryptocurrencies.
Crypto Market’s Reaction to the US Fed Chair’s Statement
There are enough reasons to believe that the cryptocurrency community has welcomed the statement enthusiastically. The way major cryptos have reacted after the announcement is a notable one.
In the last 24 hours, the entire crypto market has witnessed a rise of 1.3%. In the last seven days, Bitcoin has registered an increase of 2.8%. Importantly, in the last 24 hours alone, the market has grown by 2.7%.
At the start of this month, the BTC market was at $93,636. On January 6, it reached $102,230.78. Between January 7 and 9, the market experienced a correction of 9.34%. On January 17, the market recovered from the fall. On January 20, it reached a monthly peak of $109,735.24. Currently, the market stands at $105,200 – at least 4.31% below the peak.
In the last 24 hours, Ethereum has surged by 1.7%, Solana by 3.3%, Cardano by 1.5%, TRON by 1.2% and Chainlink by 4.8%.
Federal Reserve Chair Jerome Powell’s statement confirming that US banks can serve crypto clients has sparked optimism in the market. Bitcoin and other major cryptos have reacted positively, reflecting increasing confidence in regulatory clarity. If risk management is handled well, this could open doors for greater institutional adoption and mainstream crypto integration in the financial system.