Bitcoin topped $104,000, up 3% on day. Crypto stocks jumped in afternoon trading. Riot Platforms rose 5%; Coinbase rose 4%; MARA Holdings rose 3%; MicroStrategy rose 2%.

Fed chairman Powell is asked about cryptocurrency risks and whether he is worried that speculation about the asset class may hurt people. He says the Fed’s role when it comes to crypto is to look at the banks, and for now banks are able to serve crypto customers.

He adds that they are “not against innovation” and they “certainly” don’t want to take actions that would cause banks to terminate customers who are “perfectly legal just because of excess aversion” related to supervision.