Cryptocurrencies surged ahead on Friday as global markets cheered the dovish comments from a Fed official that spotlighted the potentially disinflationary trends in the U.S. economy. The repricing of Fed rate hike expectations, the easing in bond yields, the massive inflows to U.S.-listed Bitcoin and Ethereum Spot ETF products as well as the heavy liquidation of crypto short positions catalyzed an emphatic rally in the cryptocurrency markets.

Overall cryptocurrency market capitalization has jumped more than 4 percent overnight to $2.73 trillion. Bitcoin touched a high of $82,262 and Ethereum rose to a high of $2,545.62 during the past 24 hours.

Recent comments from Fed Governor Waller about giving disinflation a chance, reverberated…