In the wake of Jerome Powell’s speech on Thursday, Bitcoin BTCUSD +4.19 percent and other cryptocurrencies surged, as investors digested the likelihood of a recession in the United States.

On CoinDesk’s website, Bitcoin’s value has grown to $20,675 in the previous 24 hours. Ethereum ETHUSD +6.64% was up 1.7 percent, while Solana rose 2.3 percent.

Due to Powell’s testimony before Congress, digital assets surged throughout the session. The Federal Reserve’s “strong commitment to bringing inflation back down,” as well as Powell’s promise to delay interest rate rises if growth and inflation decline, brought some optimism to investors, according to the reports.

“Bitcoin remains a shadow to US stocks and pared losses after Fed Chair Powell pledged to be nimble, prompting traders to believe they might not be too aggressive with tightening once they believe the economy has significantly weakened,” wrote Edward Moya, senior market analyst at Oanda, following Powell’s remarks:

There will be many options expirations in the crypto market on Friday, which might influence pricing.

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