Powell's Remarks on Crypto and Rates Shake Wall Street and Markets

The cryptocurrency market is surging after Federal Reserve Chair Jerome Powell said that it has "staying power" as an asset class and as Wall Street institutions move forward in their efforts to adopt the technology. Bitcoin is up 8% and crossed the $30,000 mark for the first time since mid-April. Ethereum's Ether gained more than 5% to $1,877, the highest since last June. Fidelity, Charles Schwab, and Citadel Securities entered the digital asset space with non-custodial crypto exchange EDX. BlackRock submitted an application for a Bitcoin-based ETF last Thursday.