Bitcoin was trading 4.05% higher on Friday morning.
The price was just above $45,000 per coin, while rivals Ethereum and Dogecoin were trading around $3,119 (+4.59%) and 20.6 cents (+2.61%) per coin, respectively, according to Coindesk.
During a two-hour meeting Thursday with members of the House Financial Services Committee, U.S. Federal Reserve Chairman Jerome Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight.
The meeting was designed to serve as a forum for representatives to ask Treasury Secretary Janet Yellen and Powell about the Treasury Department’s and Federal Reserve’s pandemic response, but featured several questions about cryptocurrencies, Coindesk reported.
Powell’s remarks come two days after he asked Congress for consultation and legislative support to develop the digital dollar, the report said. Crypto community members have speculated the establishment of a U.S. A U.S. central bank digital currency, or CBDC, would lead to bans on private crypto, as was recently seen in China, but Powell’s remarks suggest otherwise.