Bitcoin Price Jumps After Powell Says U.S. Has No Plans to Ban Crypto

Bitcoin and other cryptocurrencies jumped suddenly Friday, a day after Federal Reserve Chairman Jerome Powell said the U.S. didn’t have plans to ban cryptocurrencies.

Bitcoin rose 10.8% from its 5 p.m. ET value on Thursday to $48,109.69, its highest level in almost a month. Ether, the second-largest cryptocurrency by market value, also gained 10.8% to $3,293.01 over the same period.