ANY - Bitcoin erases some of week's losses as Fed Chair Jerome Powell talks crypto

Bitcoin (BTC-USD +6.5%) climbs to $43.9K on Thursday after Federal Reserve Chairman Jerome Powell said he has no intention of banning cryptocurrencies, but stablecoins need more regulatory oversight, CoinDesk reports, citing his testimony before the House Financial Services Committee meeting. The world's biggest token by market cap has been bouncing off $40K-41K support level almost everyday since Sept. 21. BTC may be off by 7.3% on a M/M basis, but it's still up over 300% Y/Y. When Powell was asked about stablecoins, he compared them to money market funds or bank deposits, while Securities and Exchange Commission Chair Gary Gensler likens stablecoins to poker chips at Wild West casinos. Senator Cynthia Lummis also recently said stablecoins must be 100% backed by cash and cash equivalents. Crypto-related stocks are mostly up, including: Riot Blockchain (RIOT +5.1%), Marathon Digital (MARA +5.2%), Hut 8 Mining (HUT +8.0%), Bitfarms (BITF +4.1%), Silvergate (SI +1.7%),

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Bitcoin erases some of week's losses as Fed Chair Jerome Powell talks crypto