Bitcoin breaches $30k mark after Jerome Powell expressed confidence on cryptocurrency

Bitcoin breached the $30,000 mark for the first time since April. As per CoinMarketCap, Bitcoin was trading at $30,423 on Thursday. This is a gain over 21% in the last seven days and 5.87% in the last 24 hours.

This comes after Jerome Powell in his statement to the U.S congress said that the crypto industry "appears to have some staying power". However, Powell also added that the U.S Federal Reserve needs a robust role to oversee the cryptocurrencies.

"We do see payment stablecoins as a form of money, and in all advanced economies, the ultimate source of credibility in money is the central bank. We believe it would be appropriate to have quite a robust federal role", Powell said while addressing the twice-yearly hearing on monetary policy.

Meanwhile, the second biggest digital token by market cap Ethereum was trading at $1,927, up 6.5% in the last 24 hours and 16.82% in the last week.