Federal Reserve Chair Jerome Powell, during his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on June 25, confirmed that crypto assets are no longer fringe—but evolving into a legitimate, mainstream sector. His remarks boosted the broader market by 0.10%, with Bitcoin jumping more sharply by 1.38%, reaching around $108K in early trading.

Powell Acknowledges Industry Maturation

In his semi-annual report, Powell addressed crypto regulation and responded to Senator Cynthia Lummis, often called the “Crypto Queen,” on whether language in the Federal Reserve Act—suggesting decentralized tokens are unsafe—might be revised. Powell stated that past instability and fraud in crypto gave regulators reason for caution. However, the sector has matured considerably, and both the Fed and public understanding have evolved accordingly.

Although Powell didn’t commit to changing the Act at that moment, he emphasized that the digital asset landscape is progressing and becoming more integrated into mainstream finance.

Market Metrics Show Bitcoin Strength

Following Powell’s endorsement, Bitcoin’s price demonstrated strong upward movement. It traded between $105,360 and $108,168, landing near $107,364 at reporting time—a 1.25% gain from the previous day and a 3.05% rise over the week. However, trading volume dropped 14.25%, settling at $51.05 billion.

Bitcoin’s market cap climbed 1.39% to $2.13 trillion, while BTC dominance rose to 65.72%—its highest level since January 2021. The derivatives market also echoed bullish sentiment; total Bitcoin futures open interest increased 4.85%, reaching $73.31 billion. Over the last 24 hours, $71.39 million in BTC positions were liquidated, including $60.46 million in short squeezes and $10.93 million in long liquidations.

Summary

• BTC jumped ~1.4% on Powell’s comments recognizing crypto’s growing legitimacy, hitting morning highs near $108K.
• Volume dipped 14%, dollar trading totaled $51B.
• Market share for Bitcoin rose to 65.7%, its strongest since early 2021.
• Futures activity reflected bullish positioning and short squeeze activity.

With Powell’s testimony signaling increased regulatory openness and concrete signs of market strength, Bitcoin appears poised for further stability—or possibly another bull run.

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