On his second day of testimony before Congress, U.S. Federal Reserve Chair Jerome Powell said recent data shows "modest further progress" on inflation. Equity markets interpreted the statement positively. However, major cryptocurrencies failed to be moved by the central banker's dovish tones.

Stocks ticked higher after Powell's Capitol Hill statement. The S&P 500 climbed 0.26% in early trading, and the Nasdaq increased by 0.42%. On the other hand, Bitcoin remained stuck within its tight 24-hour range between $57,500 and $59,000, unmoved by any risk-on sentiment in equity markets.

"More good data would strengthen our confidence that inflation is moving sustainably towards our 2% goal," Powell added, indicating that the Fed is looking for continued positive trends before changing the …