Speaking at the Bank for International Settlements (BIS) summit, Powell stated that private digital currencies have so far not been a "good store of value," commenting that their regulation is "not where it needs to be yet." He went on to say that "work is not motivated by other developing private sector currencies like Bitcoin."
Bitcoin decreased by 5.30 percent in the last 24 hours to 54,639.44 dollars, after fluctuating between 54,288.16 and 58,471.48 dollars, while the weekly gain of the currency was calculated at 0.31 percent. Bitcoin's total market volume was at 1.0 trillion 17 billion dollars.
Ethereum, the second-largest unit of the crypto currency markets, also fell by 4.84 percent in the last 24 hours to 1,701.56 dollars, while its weekly loss was 2.86 percent; the market volume of the unit also decreased to 195.53 billion dollars.
Binance Coin, the third largest unit of the crypto currency markets, fell by 3.23 percent in the last 24 hours to 259.85 dollars, with a weekly gain of 4.70 percent; the market volume of the unit also decreased to 39.95 billion dollars.
With increasing corporate purchases, the total market capitalisation, which exceeded the 1.5 trillion dollar limit for the first time in history on February 15, was at 1 trillion 703 billion dollars in the early hours of Tuesday.
While the value of 79 units decreased from the highest volume of 100 units in the last 24 hours in the crypto money markets, seven of the top 10 units was among those that fell.
Bitcoin accounted for 59.6 percent and Ethereum for 11.5 percent of the total market volume in 36,705 markets where 8,915 cryptocurrencies were traded, while the 24-hour trading volume in all markets was at 131 billion dollars.