Crypto stocks surged following a dovish speech from Federal Reserve Chairman Jerome Powell, who indicated potential interest rate cuts. Coinbase (COIN) saw a rise of over 6% to around $319, while software firm MicroStrategy (MSTR) increased nearly 65%, reaching $354. Ethereum and Bitcoin also experienced significant gains, with ETH surging from $4,300 to $4,600 and Bitcoin jumping above $114,700 shortly after Powell's address. This upward trend in cryptocurrency pricing was reflected in the broader market, including increases in the Dow Jones and Nasdaq indices. Stocks of Bitcoin miners like CleanSpark and Riot Platforms also rose, with CleanSpark up 5% and Riot up nearly 9%. The speech by Powell, amidst ongoing pressures from political figures, suggests a favorable environment for risk assets, including tech and cryptocurrency stocks, particularly as the Fed shifts from aggressive rate hikes to potential cuts.

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