By Frances Yue
Bitcoin rose more than $1,700, or 3%, Wednesday morning New York time, recouping some of the losses suffered the previous day following Federal Reserve Chairman Jerome Powell’s hawkish remarks.
Bitcoin /zigman2/quotes/31322028/realtime BTCUSD +2.87% recently traded at $58,695, up 3.3% over the past 24 hours. Ether /zigman2/quotes/108573964/realtime ETHUSD +4.58% has recorded a 3.2% gain over the past 24 hours, recently trading at $4,717.
Powell said he doesn’t expect the Federal Reserve’s wind-down of its asset-buying program to be a “disruptive event” in financial markets, as he and Treasury Secretary Janet Yellen testified on Wednesday for a second day, this time in front of the House.
On Tuesday, Powell told a Senate panel that it was appropriate for the Fed to consider speeding up the taper of asset purchases and said it was time to retire the word “transitory” when describing inflation.