Powell's Mixed Tone on Inflation Sparks Crypto Market Surge

Bitcoin and the overall crypto market experienced an upward tick as U.S. Federal Reserve Chair Jerome Powell expressed reserved optimism about the American economy. Powell acknowledged the impact of the pandemic on the economy and the uncertainty surrounding it. He stated that the Federal Open Market Committee is committed to bringing inflation down to 2% and will maintain a restrictive monetary policy until confident in achieving that objective. Bitcoin is currently trading at $38,728, up nearly 3% in the past 24 hours, while the total crypto market cap has increased by around 2%.